Lamb Weston Holdings, Inc.
Q4 2022 Earnings Call
Jul 27, 2022, 10:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, and welcome to the Lamb Weston fourth quarter and fiscal 2022 earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Dexter Congbalay.
Please go ahead, sir.
Dexter Congbalay -- Vice President of Investor Relations
Good morning, and thank you for joining us for Lamb Weston's fourth quarter and fiscal 2022 earnings call. This morning, we issued our earnings press release, which is available website lambweston.com. Please note that during our remarks, we'll make some forward-looking statements about the company's expected performance. These statements are based on how we see things today.
Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in our SEC filings for more details on our forward-looking statements. Some of today's remarks include non-GAAP financial measures. These non-GAAP financial measures should not be considered a replacement for and should be read together with our GAAP results.
You can find the GAAP to non-GAAP reconciliations in our earnings release. With me today are Tom Werner, our president and chief executive officer; and Bernadette Madarieta, our chief financial officer. Tom will provide some key highlights for fiscal 2022 as well as an overview of the current operating environment. Bernadette will then provide details on our fourth quarter results and our fiscal 2023 outlook.
With that, let me now turn the call over to Tom.
Tom Werner -- President and Chief Executive Officer
Thank you, Dexter. Good morning, and thank you for joining our call today. We delivered solid results in fiscal 2022, and I want to thank all my Lamb Weston colleagues for navigating through this difficult and volatile environment these past two years. We've worked together as a focused team to weather pandemic, supply chain and macroeconomic headwinds while continuing to support our customers, improve our operations and execute on our long-term strategic objectives.
Specifically, in fiscal 2022, we delivered a record year of $4.1 billion in sales, driven by a combination of favorable price mix and volume growth as restaurant traffic and demand for fries continued to recover from the depths of the pandemic. We implemented pricing actions across each of our sales channels to mitigate some of the highest input and transportation cost inflation that we've experienced in 40 years. This helped to drive year-over-year gross margin expansion in the second half of the year, and we expect to realize a carryover benefit of these pricing actions in fiscal 2023. We simplified our portfolio by eliminating SKUs, drove productivity savings and work with our customers to secure product specification changes to offset much of the cost and operational impact of a historically poor potato crop.