NANTUCKET TAKES: Early Turnaround, but Still a “Show Me” Story

研报英文原文证据摘录

NANTUCKET TAKES: Early Turnaround, but Still a “Show Me” Story

USA | Discount Retailers

Grocery Outlet EquityJuneResearch18, 2026

FLASH NOTENANTUCKET TAKES: Early Turnaround, but Still

RATING HOLDa “Show Me” Story

PRICE $9.88^

We met with GO mgmt, including Ian Ferry, CFO, and Dorian Bertsch, SVP of

Strategy and Finance, at our Nantucket Conference. Mgmt emphasized the PRICE TARGET | % TO PT $9.00 | -9%

business remains early in its turnaround after several missteps, with a renewed 52W HIGH-LOW $19.41 - $5.66

focus on rebuilding opportunistic mix. Tone was constructive on improving FLOAT (%) | ADV MM (USD) 92.2% | 32.43

value metrics and supply chain capacity. MARKET CAP $970.2M

TICKER GO

^Prior trading day's closing price unless otherwise

Execution Reset Still Early, but Improving. Mgmt acknowledged they should have rebuilt the noted.

opportunistic mix before prioritizing in-stocks and execution. Opportunistic penetration within Price: After-hours trading price

grocery is now improving, with comps responding accordingly. Better alignment between operators

and merchandising, alongside clearer communication and testing, is helping stabilize store-level

execution.

Our Take: The reset appears more grounded, and improving the opportunistic mix is a leading indicator

of better comps. However, we view this as still early innings, with execution consistency and operator

variability likely to drive a multi-quarter "show me" story.

Price Gaps to WMT Remain Critical. Mgmt emphasized they closely manage price gaps to WMT

daily/weekly, targeting parity on everyday items while maintaining a discount on the basket when

including opportunistic items. Importantly, they acknowledged not yet observing a ~major change