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Sprouts Adds New Chief Merchant; Q2 Results Impress
Dave McGlinchey ascends from SVP role to helm all of Sprouts' merchandising initiatives. Dave McGlinchey ascends from SVP role to helm all of Sprouts' merchandising initiatives; retailer posts 12% quarterly sales gain.
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Sprouts Farmers Market has promoted Dave McGlinchey to chief merchandising officer, a new role on its executive team.Photo courtesy of Sprouts Farmers Market
Sprouts Farmers Market has promoted Dave McGlinchey to chief merchandising officer, a new role on its executive team.
McGlinchy joined the Phoenix-based retailer in 2017 and most recently was the chain’s SVP of merchandising, leading a number of ongoing initiatives to improve customer experience in stores and build the chain’s reputation as a destination for convenient meals as it builds out deli, meat, bakery and seafood departments.
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McGlinchy will report to Sprouts’ president and COO, Jim Nielsen, who said, "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."
McGlinchey has more than 20 years of grocery merchandising and leadership experience in both mass and conventional grocery. Before joining Sprouts, he was SVP of merchandising and marketing for Shaw’s and Star Market and previously held multiple roles at Ahold’s Giant and Stop & Shop brands.
In financial results also announced early Thursday, Sprouts said sales improved by 12% to $1.3 billion on new stores and a 2% comp increase for the second quarter, which ended July 1. Net income was $42 million or 32 cents a share, which met analyst expectations.
The company said gross profits improved by 11%, but gross margin as a percent of sales was down by 10 basis points to 28.8% of sales. The company said the results gave it confidence to narrow its previously announced guidance for earnings growth for the fiscal year, raising the low end by 2 cents to a range of $1.24 to $1.28 per share.
Shares of Sprouts were trading higher by nearly 10% early Thursday.
