Grocery Outlet Rallied 8% Last Week, Now Has to Hold Gains as Market Reopens Tuesday
Grocery Outlet shares rose 8.4% last week to $8.02, boosted by a 7% jump Tuesday, but remain far below their 52-week high of $19.41. Nasdaq will close Monday for Memorial Day, delaying the next trading session to Tuesday. The company reported a 3.6% sales increase but a 1% drop in comparable-store sales and lower margins. Store closures and weak basket size continue to concern investors.