Sprouts Farmers Market named Jack Sinclair its new CEO and board member, effective June 24, 2019. Back inside, the large kitchen boasts a butcher block-topped island, newer stainless appliances, a walk-in pantry and windowed breakfast nook. In addition, because our results for the third quarter of 2020 were impacted by the COVID-19 pandemic, this presentation will also include certain comparisons to results in the third quarter of 2019. I'm excited to have him as a partner and key member of our leadership team. View Weekly Specials. WebSeasoned retail veteran Jack Sinclair has picked up pricey new guard-gated digs in Santa Barbara Countys exclusive Carpinteria enclave. I'm excited to share some highlights. See if you qualify for a free subscription to our industry leading paper magazine. How do I improve my health and feel better, which is likely why we received 20,000 RSVPs. Records show the CEO of Sprouts And then, can you just, obviously again, we're not in normal times, but can you just remind us on when you are and or what you're seeing now in terms of the comp waterfall, specifically. Prior to joining Walmart, Mr. Sinclair spent 14 years at Safeway PLC in London from 1990 to 2004, where he held several senior management positions that included responsibility for operations, merchandising and marketing for over 450 Safeway supermarket and convenience store locations throughout the United Kingdom. I think we understand it well. Get the latest scoop directly in your inbox. And then I will return to provide details relating to improved quarter activities and updates on key elements of our strategy. That focus has led Sinclair and his team at Sprouts to think deeply about what a specialty grocer should be an effort that follows a rocky period for the format, and that's made more difficult by the myriad challenges brought on by the pandemic. What does that do to the consumer? The grocer has been conducting a search for a new CEO since Amin Before joining Walmart, Sinclair spent 14 years at Safeway PLC in London, where he oversaw operations, merchandising and marketing for more than 450 Safeway supermarkets and convenience stores in the United Kingdom. From 2007 to 2015, Jack was the executive vice president of the U.S. Kristen Blum has served as a member of our board of directors since August 2016 and was appointed chairperson of The Sprouts Healthy Communities Foundation, our non-profit foundation focused on health and wellness related causes, in 2019. Just the data once we get them open, it kind of been a crazy time for everybody. Let me talk about the marketing position and maybe Jack can comment on October and the traffic in terms of what's been happening. And as long as you guys think about it that way. For the third quarter, net sales totaled $1.5 billion and comparable store sales were down 5.4%, compared to the same period last year. The emergence of new challenges will force grocery retailers to adapt their strategies and operations. And it has gone from five to two the consolidation of the shop around the conventional grocers has probably helped that enable them to hold those comps better than ours over that period of time. We see that as a fairly key differentiator. Sprouts Farmers Market, Inc. (NASDAQ:SFM) Q3 2021 Earnings Conference Call November 4, 2021 5:00 PM ET, Susannah Livingston - VP of IR and Treasury, Good day and thank you for standing by. The new locations will have an even stronger emphasis on fresh fruits and vegetables than current Sprouts stores, which are distinguished by their centrally positioned produce section, and will place less emphasis on often-costly design features, like meat, seafood and deli counters. He has served as a board member of FMI The Food Industry Association since 2020 and was appointed to the Los Angeles branch board of directors of the Federal Reserve Bank of San Francisco in January 2021. Before joining the ultra-discounter, Sinclair was executive vice president of Walmart's U.S. grocery division, and earlier ran operations, merchandising and marketing for Safeway in London. Lawrence Chip Malloy will serve as interim CFO until a permanent successor can be found. Those are the dates for these two new format stores. Additionally, our changing promotional approach resulted in a loss of coupon clippers. During the quarter we opened 3 new stores, relocated 1 and remodeled 1. All rights reserved. He came to Sprouts from 99 Cents Only Stores, where he served as chief merchandising officer and later CEO. Dirt is a part of Penske Media Corporation. Lastly, we expect to open 9 new stores in the fourth quarter and 6 new store openings to shift early next year due to difficulties in securing certain equipment from third parties because of supply chain delays. Good Catchs innovative plant-based breaded seafood line just launched nationwide with sprouts. The cash investment to build is approximately 20% less by taking out the expensive deli fixtures and simplifying other areas like proteins with smaller square footage comes lower cost to operate be that in rent expense, improved string or other operational efficiencies like self-checkout. She has also served as a director of GuideWell Mutual Holding Corp. since 2018. Please. Jack Sinclair, our chief executive officer, brings more than 35 years of experience in retail and grocery to Sprouts since joining the company in June 2019. He was previously chief executive officer of 99 Cents Only Stores LLC, a premier discount retailer with over 350 locations in the United States, since 2018. We really appreciate your interest in our company and we look forward to continue the dialogue and helping to make this whole exciting venture come alive. As you start to see while it's getting squeezed in the marketplace, what does that do to a secondary or tertiary shop or a secondary or tertiary item? [Operator Instructions] Please be advised that todays conference is being recorded. Grocery Division of Walmart, Inc., where he led all aspects of Walmarts U.S. grocery business at its more than 4,000 stores, which generated substantial growth under his leadership through a focus on local assortment and fresh foods. We are extremely excited to have Jack Sinclair as our new chief executive officer following a thorough search and selection process by the board of directors, said Joseph Fortunato, chairman of the board of Sprouts Farmers Market. Jack's mailing address filed with the SEC is 5455 EAST HIGH STREET, SUITE 111, , PHOENIX, AZ, 85054. You've given some answers to this already, but I wanted to explore a little bit more than the commentary about flat or flattish comps in 2022. Jack is a proven chief executive officer with an outstanding track record in grocery and retail merchandising. And then the next stage is how we grow new customers. Learn More on Sprouts Farmers Market's active insiders. Earlier this year, Sinclair laid out a operational planthat includes adjusting its merchandising mix, refining its marketing and locating new stores closer to its distribution centers. Our first question comes from Scott Mushkin with R5 Capital. And you know how do you expect that total impact in 21 to look relative to 22? And I think you'll I think you'll start to see it going in the opposite direction at some point as the economy kind of slows down a bit. Jack Sinclair is 59, he's been the Chief Executive Officer and Director of Sprouts Farmers Market Inc since 2019. There are 7 older and 12 younger executives at Sprouts Farmers Market Inc. The oldest executive at Sprouts Farmers Market Inc is Douglas Rauch, 68, who is the Independent Director. Where does that go? Led by Maria Menounos in collaboration with partners like Ancient Nutrition under ONE, the panel spearheaded topics we're all thinking of today. Shon Boney and Kevin Easler founded Sprouts Farmers Market. what is the extended due date for form 1120? Thanks a lot for taking my questions. I look forward to working with Sprouts board of directors, leadership team and all Sprouts team members to continue furthering that purpose.. Comps should be relatively flat, total sales growth in the low to mid-single digit range and EBIT growth also flat. Sprouts Farmers Market has named former Walmart grocery executive Jack Sinclair (left) as chief executive officer, filling a leadership vacancy arising from the exit of Fundamentally, we've reshaped the margin, as you know, Scott, over the last couple of years and we're in a position where there may be some tweaks we need to do to invest in it. Your line is open. Mr. Sinclair has served as our Chief Executive Officer since June 2019. Dan Sanders was appointed chief stores operations officer in October 2016. From 2007 to 2015, Jack was the executive vice president of the U.S. I do suspect that we'll still be down year-over-year going into the first quarter, but year-on-year, we're aiming towards flat for next year. Grocery, Supermarket and Retail Food Industry News, Go Grocer's 1st store outside Ilinois to open in Milwaukee's historic 3rd Ward next week, NRF reports 5.3% uptick in holiday retail sales, short of its forecast, Richard Wardwell named CEO of Superior Grocers, Grocery stays on upside amid U.S. retail sales decline for December, Target's Brian Cornell: Company culture part of who we are. Your line is open. Our focus remains on adding profitable sales growth, getting more customers in the door and creating more loyalty with our target customers. There'll be people coming on that basis. Thanks for taking a question. The mass channels and the club channels can add on top notch so much for selling the mass channel struggled a little bit to start with. Were going to be putting ourselves in a place where weve got exceptional value in our produce and everyday products.. .checkmark { position: absolute; top: 0; left: 0; height: 25px; width: 25px; background-color: #eee; } The grocer plans to introduce a new store format next year that is 20% smaller than the 30,000-square-foot footprints typical Sprouts stores occupy today, yet is expected to bring in a comparable level of revenue. The Sprouts Healthy Communities Foundation drives lasting change in the health of our communities. WebCurrently, Jack Loudon Sinclair is Chief Executive Officer & Director at Sprouts Farmers Market, Inc. Mr. Sinclair is also on the board of Federal Reserve Bank of San Francisco, Food Marketplace, Inc. and Meltz LLC. /* ----------------------------------------- */ From recipe site integrations to interactive videos, the retailer has embraced partnerships that aim to boost inspiration and ease for at-home cooking. We've been very deliberate making measured investments in this regard and utilizing more of our owned media to share these messages. Fortunato earned his undergraduate degree in Finance at Duquesne University in 1975. And then on in stock levels, you talked about your advantage of working with smaller suppliers. It won't be down as much as it was in the third quarter, call it 70 to 80 basis points in the first -- it's kind of early for next year. The simplicity and smaller size of the new format will significantly reduce our cost to build and operate the stores. The year 2023 seems to be a year of uncertainty for many in the grocery industry, but during NRF's Big Show in New York City, Sprouts Farmers Market CEO As I think about the top-line trajectory from here, I know you've pointed to the past couple of months as sequential improvement. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Our next question comes from Matt Fishbein with Jefferies. During today's call, I'll start with a few highlights. Jack Sinclair is 59, he's been the Chief Executive Officer and Director of Sprouts Farmers Market Inc since 2019. Marc Maron Sarah Cain Split, Your line is open. Just recently, we expanded the ways we shared our wellness expertise with our customers. Meator, rather, meat pricesstarred in stories about rising inflation at the grocery store in 2021. Sprouts also announced that Brad Lukow, interim co-chief executive officer and chief financial officer, has resigned to pursue other opportunities. Quarter we opened 3 new stores, where he served as chief officer. Communities Foundation drives lasting change in the door and creating more loyalty with target! 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