Sprouts Farmers Market Appoints Dave McGlinchey as Chief Merchandising Officer, Reports Solid Q2
PHOENIX, AZ - Sprouts is kicking off August with a series of auspicious announcements—entering a new market, reporting solid financial results, and adding an experienced grocery executive—Dave McGlinchey—as the company’s new Chief Merchandising Officer.
McGlinchey brings more than 20 years of grocery merchandising and leadership experience to Sprouts in both mass and conventional grocery. Before joining Sprouts, McGlinchey served as SVP of Merchandising and Marketing for Shaw’s and Star Market. Prior to that, he also served in a number of leadership roles at Stop & Shop/Giant Food, including SVP of Merchandising Support and VP of Grocery Merchandising.
“Dave’s experience and passion for delivering consistent, coordinated, and sustainable merchandising strategies across all categories will continue to position Sprouts as a driving force for making innovative natural and organic brands affordable and accessible for everyone,” said Jim Nielsen, President and Chief Operating Officer, in a press release.
According to that press release, McGlinchey will report to Nielson in his new role—a new executive team role created to advance Sprouts' commitment to leadership in the fresh, natural, and organic industry.
Sprouts also reported the results of its second quarter fiscal 2018. The retailer shared the following highlights from the 13-week period ending July 1st, 2018:
- Net sales of $1.3 billion; a 12% increase from the same period in 2017
- Comparable store sales growth of 2.0% and two-year comparable store sales growth of 3.4%
- Net income of $42 million; a 2% increase from the same period in 2017
- Diluted earnings per share of $0.32; a 10% increase from the same period in 2017
- Raised the low end of 2018 EPS guidance
“Double-digit sales and EPS growth in our second quarter reflects the strength of Sprouts’ differentiated business model and our solid execution across new and existing markets,” said Amin Maredia, CEO, in a separate press release. “Our planned 2018 investments in our team members and technology, which increased this quarter, will strengthen our customer service, generate operational efficiencies and support our long-term growth.”
Additionally, the retailer announced that August 15th will mark the grand opening of Sprout’s Mill Creek store—the first Sprouts location in the state of Washington.
For more fresh-focused retail news, keep reading AndNowUKnow.
