By Rob Curran
Grocery Outlet Holding named Chairman Eric Lindberg as interim president and chief executive, replacing RJ Sheedy, and tweaked growth projections for the balance of the year.
Lindberg will immediately step into Sheedy's executive role, and the latter also stepped down from the board. The Emeryville, Calif., discount grocer said it has launched a search for a permanent replacement.
According to the company's Web site, Sheedy ascended to the chief executive role in January 2023, and has served as president since January 2019. He joined Grocery Outlet in 2012.
For the third quarter, Grocery Outlet targeted sales of $1.1 billion, and same-store sales growth of 1.2%. The firm reiterated previous third-quarter earnings projection.
For 2024, Grocery Outlet expects to top its previous sales projection in a range between $4.3 billion and $4.5 billion. The company now anticipates adjusted Ebitda below the low end of its previously-targeted range of between $252 million and $260 million.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
October 30, 2024 06:21 ET (10:21 GMT)
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