Grocery Outlet Holding Corp.
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Case Overview
Status: | Status: Investigating |
Company Name: | Company Name: Grocery Outlet Holding Corp. |
Ticker: | Ticker: GO |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP is investigating potential claims against Grocery Outlet Holding Corp. (“Grocery Outlet” or the “Company”) (NASDAQ: GO). The investigation concerns whether Grocery Outlet and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
On May 7, 2024, Grocery Outlet issued a press release announcing its financial results for the first quarter of 2024. Among other items, Grocery Outlet reported non-GAAP earnings per share of $0.09, missing consensus estimates by $0.09. The Company disclosed that “[g]ross margin decreased by 180 basis points to 29.3%”, stating that “the Company experienced disruptions as a result of the implementation of new technology platforms in late August 2023” and that “[s]uch disruptions are estimated to have negatively impacted gross margin by 210 basis points in the first quarter.” On this news, Grocery Outlet's stock price fell $5.02 per share, or 19.38%, to close at $20.88 on May 8, 2024.
On May 7, 2024, Grocery Outlet issued a press release announcing its financial results for the first quarter of 2024. Among other items, Grocery Outlet reported non-GAAP earnings per share of $0.09, missing consensus estimates by $0.09. The Company disclosed that “[g]ross margin decreased by 180 basis points to 29.3%”, stating that “the Company experienced disruptions as a result of the implementation of new technology platforms in late August 2023” and that “[s]uch disruptions are estimated to have negatively impacted gross margin by 210 basis points in the first quarter.” On this news, Grocery Outlet's stock price fell $5.02 per share, or 19.38%, to close at $20.88 on May 8, 2024.