Grocery Outlet’s stock is on the rise after a $1 billion quarter

Shares of Grocery Outlet Holding Corp.
GO,
-0.21%
advanced 5% in extended trading Tuesday after the retail chain reported quarterly results that topped analyst revenue and earnings estimates. Grocery Outlet reported fiscal second-quarter net income of $24.5 million, or 24 cents a share, compared with net income of $20.1 million, or 20 cents a share, in the year-ago quarter. Adjusted earnings were 26 cents a share. Net sales were $1 billion, compared with $897.7 million a year ago. Analysts surveyed by FactSet had expected on average net earnings of 32 cents a share on revenue of $980.2 million. Shares of Grocery Outlet are up 13.5% this year, while the broader S&P 500 index
SPX,
-0.42%
has improved 17%.