Whole Foods FY 2Q17 Earnings Call Notes

posted in: Notes | 0

John P. Mackey – Whole Foods Market, Inc.

Rethinking labor scheduling

“I mean, the main thing we’re going to do be doing is we’re going to be rethinking the way we do our labor scheduling. I mean, Whole Foods Market is in the early stages of labor scheduling technology and where we’ve applied it so far, it’s been amazingly successful with getting the right people, the right number of hours scheduled in, say our customer service area. As we extend that through the whole company, we can get, we think we can upgrade our service while significantly reducing our cost. So that’s going to be one of the major initiatives that we think is going to help reduce our labor cost in our stores, not through laying people off, but just through attrition over time and the appropriate scheduling.”

Gabrielle Sulzberger – Whole Foods Market, Inc.

Five new directors to the board

“First, Ken Hicks. Ken brings an impressive record of successful leadership at Foot Locker and other companies in the retail sector. As the former Chairman, President, and CEO of Foot Locker, he is credited with developing and executing a highly successful turnaround plan. Joe Mansueto is the Founder and Executive Chairman of Morningstar. Joe grew Morningstar from a start-up to a global organization that is one of the most recognized and trusted names in the investment industry. Sharon McCollam is the former CFO of Best Buy and Williams-Sonoma. Sharon has more than two decades of experience as a senior leader in the retail industry. Scott Powers brings an important long-term shareholder perspective to the board. Scott was the President and CEO of State Street Global Advisors and brings decades of experience engaging with the investing community. And finally, Ron Shaich. Ron is the Co-Founder, Chairman, and CEO of Panera Bread Company. The results during Ron’s tenure have been impressive, with Panera delivering total shareholder return of more than 5,000%.”