Grocery Outlet Chief Financial Officer Charles Bracher has announced his resignation from the Emeryville, Calif.-based company.
Bracher has served as the retailer’s CFO for the past 11 years and said he was leaving to pursue another opportunity.
Shares of Grocery Outlet dropped 3.5% in premarket trading following Bracher’s resignation, which is effective March 1.
Bracher will work with Lindsay Gray, Grocery Outlet’s SVP of accounting, to help with the transition. If the position is not filled by March 1, Gray will serve as interim CFO.
“It has been a privilege to serve as Grocery Outlet’s CFO for the past 11 years as we have opened over 250 stores and grown net sales by nearly $3 billion,” Bracher said. “I am proud to have been a part of exceptionally talented leadership, finance, and accounting teams, and I am confident in Grocery Outlet’s strategy to deliver long-term value to shareholders.”
Grocery Outlet has reaffirmed its outlook for the fourth quarter and guidance for fiscal year 2023.
Grocery Outlet is coming off a third quarter where it hit the $1 billion mark in net sales, a 9.3% increase year-over-year. For FY 2023, the grocer is looking at net sales of $3.95 billion, a 7% to 7.5% increase in comparable store sales, and a gross margin 31.2%. Adjusted EBITDA is projected to be in the range of $248 million to $250 million.
“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,” said RJ Sheedy, president and CEO of Grocery Outlet. “We are fortunate to have Charles’ support through the transition and I wish him all the best in the next chapter of his career.”
