Sprouts Farmers Market, Inc. (NASDAQ:SFM) Q2 2024 Earnings Conference Call July 29, 2024 5:00 PM ET

Company Participants

Susannah Livingston - VP of IR and Treasurer
Jack Sinclair - CEO
Curtis Valentine - CFO

Conference Call Participants

John Heinbockel - Guggenheim Securities
Leah Jordan - Goldman Sachs
Mark Carden - UBS
Rupesh Parikh - Oppenheimer
Michael Montani - Evercore ISI
Ken Goldman - JPMorgan
Robert Ohmes - Bank of America
Kelly Bania - BMO Capital Markets
Krisztina Katai - Deutsche Bank
Edward Kelly - Wells Fargo
Karen Short - Melius Research

Operator

Good day, thank you for standing by. Welcome to the Sprouts Farmers Market Second Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers’ presentation, there'll be a question-and-answer session. [Operator Instructions]

Please be advised that today's conference is being recorded. I would now like to turn the conference over to Susannah Livingston. Please go ahead.

Susannah Livingston

Thank you, and good afternoon, everyone. We are pleased you are joining Sprouts on our Second Quarter 2024 Earnings Call. Jack Sinclair, Chief Executive Officer and Curtis Valentine, Chief Financial Officer are with me today. The earnings release announcing our second quarter 2024 results, the webcast of this call and financial 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 2024 and beyond. These statements involve several risks and uncertainties that could cause results to differ materially from those described in the forward-looking statement. For more information, please refer to the risk factors discussed in our SEC filings and the commentary on forward-looking statements at the end of our earnings release. Our remarks today include references to non-GAAP measures. Please see the tables in our earnings release to reconcile our non-GAAP measures to comparable GAAP figures.

With that, let me hand it over to Jack.

Jack Sinclair

Thanks Susannah and good afternoon everyone. We've seen impressive growth in the second quarter. Our sales grew by 12% compared to the second quarter of 2023, including a 6.7% increase in comparable store sales. And our diluted earnings per share grew by more than 32% from last year's adjusted diluted earnings per share. These results are a direct outcome of consistently executing and evolving our long-term strategy over the past few years.

Our health enthusiast target customers continue to respond positively to our differentiated product assortment and unique shopping experience. As consumer preferences shift towards healthier living, we anticipate there will be even more health enthusiasts in the future than there are today, bolstering our confidence in the long-term potential of Sprouts. As always, the key factor in all of this is our incredible team. Their teamwork and commitment to excellence are the driving forces propelling us forward.