Sprouts Farmers Market, Inc. has appointed Curtis Valentine as CFO of the company, effective Jan. 1, 2024. Valentine is currently Sprouts’ SVP of finance and will succeed Lawrence (“Chip”) Molloy, who previously announced his intention to retire as CFO at the end of 2023.
“We are delighted to elevate Curtis from our deep bench of finance talent to be our chief financial officer,” said Jack Sinclair, CEO of Sprouts. “Curtis and Chip have worked closely together for the last two years, and I believe there is no one better suited for the role to ensure a seamless transition as we continue to execute on our strategy and deliver value to our shareholders.”
Valentine brings more than 15 years of financial and retail experience to the CFO role, having served as a leader in Sprouts’ financial organization for over eight years. Prior to joining Sprouts, Valentine served in financial management roles across multiple business units for seven years at PetSmart, Inc., the pet retailer. He earned a bachelor of science degree from Bowling Green State University in Ohio and a master of business administration degree from the W.P. Carey School of Business at Arizona State University.
[Read more: "Costco CEO Stepping Down"]
“I’m honored to serve Sprouts as its new chief financial officer,” said Valentine. “I look forward to continuing to work with our executive leadership team, our board of directors, and all of our talented team members in my new role to drive the initiatives that support our strategy. With our strong financial positioning and growth trajectory, I could not be more excited about the future opportunities for all of our stakeholders.”
In addition to its new leadership announcement, the specialty retailer also released results for the 13-week third quarter ended Oct. 1. Net sales totaled $1.7 billion; a 7.6% increase from the same period in 2022. Comparable store sales grew 3.9%. Sprouts reported a diluted earnings per share of $0.64 and adjusted diluted earnings per share of $0.65. This is compared to diluted earnings per share of $0.61 in the same period in 2022.
"We are pleased to report another solid quarter at Sprouts, with continued increases in both traffic and comparable store sales," said Sinclair. "Our results signal the alignment of our 31,000 team members across merchandising, marketing, supply chain, and operational initiatives — propelling our strategy forward."
Sprouts opened 10 new stores in Q3, resulting in 401 stores in 23 states as of Oct. 1.
Phoenix-based Sprouts Farmers Market is No. 51 on The PG 100, Progressive Grocer’s 2023 list of the top food and consumables retailers in North America.