Grocery Outlet Holding Corp. (GO) Morgan Stanley Global Consumer & Retail Conference 2025 December 3, 2025 1:30 PM EST
Company Participants
Jason Potter – President, CEO & Director
Conference Call Participants
Simeon Gutman – Morgan Stanley, Research Division
Presentation
Simeon Gutman
Morgan Stanley, Research Division
Hi, everyone. It’s Simeon Gutman, Morgan Stanley’s hardline, broadline and food retail analyst. It is my pleasure to welcome Grocery Outlet, represented by Jason Potter, President and CEO.
I want to point you to Grocery Outlet’s 8-K for safe harbor language. I’m also going to read our Morgan Stanley disclosure for important disclosures. Please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative.
Question-and-Answer Session
Simeon Gutman
Morgan Stanley, Research Division
Grocery Outlet is now a turnaround story in a way of reengineering growth value proposition engineered by Jason. I will start by asking maybe to level set, you put a press release out this morning to talk about the context of it, and then we will get into our discussion. Thank you.
Jason Potter
President, CEO & Director
Thanks, Simeon. Well, good morning, everyone — I guess, good afternoon. Yes, we put out an 8-K this morning. One of the things that had transpired at the — our last earnings call, I think it was first couple of days in November was obviously the disruption in SNAP benefits. SNAP is a significant part of our business, about 9% of our sales. And at the time, we really didn’t know how to forecast what that might have meant for the quarter.
And so what we had told all the folks we met with was, look, if this doesn’t sort of unwind itself or kind of revert to a normative state in a
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