06:31 AM EDT, 05/08/2024 (MT Newswires) -- Grocery Outlet ( GO ) reported fiscal Q1 adjusted earnings late Tuesday of $0.09 per diluted share, down from $0.27 a year earlier.

Analysts polled by Capital IQ expected $0.18.

Net sales for the fiscal quarter ended March 30 was $1.04 billion, up from $965.5 million a year earlier.

Analysts surveyed by Capital IQ expected $1.02 billion.

The discount food retailer said it now expects fiscal 2024 adjusted EPS of $0.89 to $0.95, down from its previous outlook of $1.14 to $1.20. Analysts polled by Capital IQ expect $1.05.

Net sales for the fiscal year are still projected to be $4.30 billion to $4.35 billion. Analysts surveyed by Capital IQ are looking for $4.35 billion.

Grocery Outlet ( GO ) shares were down 15% in recent Wednesday premarket activity.