Grocery Outlet Holding Corp. (NASDAQ:GO) Q1 2022 Results Conference Call May 10, 2022 4:30 PM ET

Company Participants

Arvind Bhatia - VP, Investor Relations

Eric Lindberg - Chief Executive Officer

RJ Sheedy - President

Charles Bracher - Chief Financial Officer

Conference Call Participants

Robbie Ohmes - Bank of America

Kate McShane - Goldman Sachs

John Heinbockel - Guggenheim

Michael Kessler - Morgan Stanley

Krisztina Katai - Deutsche Bank

Mark Carden - UBS

Mike Baker - D.A. Davidson

Karen Short - Barclays

Operator

Greetings, and welcome to Grocery Outlet First Quarter 2022 Earnings Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

And now I'd like to turn the conference over to your host, Arvind Bhatia, Vice President of Investor Relations. Please go ahead.

Arvind Bhatia

Thank you. Good afternoon, everyone, and thank you for joining us on today's call to discuss Grocery Outlet's First Quarter 2022 financial results. Joining me on today's call are Grocery Outlet's Chief Executive Officer, Eric Lindberg; President, RJ Sheedy; and Chief Financial Officer, Charles Bracher.

Following our prepared remarks, we will open the call for questions. This conference call is being webcast live, and a recording will be available via telephone playback for approximately 2 weeks. It will also be archived in the Investor Relations section of our website. Participants on this call will make forward-looking statements, including our outlook for fiscal 2022 and future performance.

These forward-looking statements are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. A description of these factors can be found in this afternoon's press release as well as in our periodic reports we file with the SEC, all of which may be found on our website at investors.groceryoutlet.com or on sec.gov.

We undertake no obligation to revise or update any forward-looking statements or information. These statements are estimates only and not a guarantee of future performance. During our call, we will also reference certain non-GAAP financial information, including adjusted items. Reconciliations of GAAP to non-GAAP measures as well as the description, limitations and rationale for using each measure may be found in the supplemental financial tables included in this afternoon's press release and our SEC filings and the Investors tab for our website.

With that, it is my pleasure to turn the call over to Eric.

Eric Lindberg

Thanks, Arvind. Good afternoon, everyone, and thank you for joining for our discussion of our first quarter results. We are very pleased with our first quarter performance and the continued advancement of our long-term growth strategies. We delivered strong top line growth as comparable store sales increased 5.2%, well ahead of expectations. While average ticket was a primary driver of comp growth, we saw increasingly positive year-over-year traffic trends throughout the quarter. Traffic was also up sequentially compared to Q4.