Dive Brief:
- Grocery Outlet CFO Charles Bracher plans to leave his position on March 1, 2024, the discount grocer announced Monday.
- The retailer plans to appoint Lindsay Gray, its senior vice president of accounting, as interim CFO if it does not find a permanent replacement for Bracher before he steps down.
- Bracher is leaving the chain as it remains on a growth trajectory and looks ahead to ultimately having over 4,000 locations — more than eight times its current store count.
Dive Insight:
Grocery Outlet highlighted its rapid expansion during the time Bracher has served as CFO.
The company has opened more than 250 stores and increased its net sales by almost $3 billion since Bracher became CFO in August 2012, according to the company. The California-based chain currently counts about 460 stores, all of which are independently operated, and topped $1 billion in quarterly net sales earlier this year for the first time in its history.
Grocery Outlet has stores in nine states, opening its first Ohio location in November.
“Charles has been a remarkable leader throughout his tenure at Grocery Outlet, playing a significant role in several phases of growth and evolution, including the successful completion of our IPO in 2019,” RJ Sheedy, president and CEO of Grocery Outlet, said in a statement.
The discount chain disclosed that Bracher will be departing early next year to “pursue another opportunity.” Bracher will serve as a consultant to Grocery Outlet for an undisclosed period to support the company’s transition to a new financial leader, the retailer said.
Before joining Grocery Outlet, Bracher held multiple posts at cosmetics company Bare Escentuals, including serving as CFO. Earlier in his career, he worked in Goldman Sachs’ investment banking division.
Grocery Outlet on Monday also reaffirmed its guidance for the fourth quarter and fiscal 2023. The company — which has been confronting financial headwinds attributed to efforts to modernize digital systems — expects net sales for the year of about $3.95 billion and anticipates that comparable store sales will rise between 7% and 7.5%. Grocery Outlet posted a comparable-store sales jump of 6.4% in its most recent quarter, down from 9.2% during the second quarter.
