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On May 7, 2024, Grocery Outlet reported 1Q 2024 earnings that fell well below expectations and then lowered its guidance for the year. Management attributed the decrease to disruptions resulting from the implementation of new technology platforms in August 2023 and self-imposed commission support, following the system upgrade challenges. Analysts expressed concern at the Company’s slower-than-expected system upgrade, which has caused issues in product and data visibility, as well as operating challenges.
Following this news, GO’s stock price fell by $5.02 per share, or approximately 19.38% to close at $20.88 per share.