Sprouts Farmers Market, Inc. (NASDAQ:SFM) Q1 2022 Results Earnings Conference Call May 4, 2022 5:00 PM ET

Company Participants

Susannah Livingston - Vice President of Investor Relations & Treasury

Jack Sinclair - Chief Executive Officer

Chip Molloy - Chief Financial Officer

Conference Call Participants

Mark Carden - UBS

Scott Mushkin - R5 Capital

Charles Grom - Gordon Haskett

Karen Short - Barclays

Edward Kelly - Wells Fargo

Krisztina Katai - Deutsche Bank

Rupesh Parikh - Oppenheimer

Thomas Palmer - JPMorgan

Robert Ohmes - BofA Securities

John Heinbockel - Guggenheim

Charles Cerankosky - Northcoast Research Partners

Operator

Hello. Thank you for standing by, and welcome to Sprouts First Quarter 2022 Earnings Conference Call. At this time, participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Susannah Livingston, Vice President, Investor Relations and Treasury. Please go ahead.

Susannah Livingston

Thank you, and good afternoon, everyone. We are pleased you have taken the time to join Sprouts on our first quarter 2022 earnings call. Jack Sinclair, Chief Executive Officer; and Chip Molloy, Chief Financial Officer, are with me today.

The earnings release announcing our first quarter 2022 results, the webcast of this call and quarterly slides can be accessed through the Investor Relations section of our website at investors.sprouts.com. During this call, management may make certain forward-looking statements, including statements regarding our expectations for 2022 and beyond. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For more information, please refer to the risk factors discussed in our SEC filings along with the commentary on forward-looking statements at the end of our earnings release issued today. Our remarks today include references to non-GAAP measures. For a reconciliation of our non-GAAP measures to the comparable GAAP figures, please see the tables in our earnings release.

With that, let me hand it over to Jack.

Jack Sinclair

Thank you, Susannah, and good afternoon, everyone. We are pleased with solid first quarter results and believe it is a sign that many of the strategic changes we've made over the past couple of years are beginning to materialize. The turn to positive comp sales supported by positive comp transactions, while at the same time, maintaining stable gross margins was extremely encouraging. During the quarter, we successfully attracted new health enthusiasts and innovation seeking customers by continuing to focus on providing both the freshest produce at great prices along with a wide variety of differentiated attribute-based products. This was especially important during the all-important New Year's resolution season.