GO - Grocery Outlet Holding Corp. (GO) Q1 2024 Earnings Call Transcript
2024-05-07 22:15:18 ET
Grocery Outlet Holding Corp. (GO)
Q1 2024 Earnings Conference Call
May 07, 2024, 16:30 PM ET
Company Participants
Christine Chen - Head of IR
RJ Sheedy - President and CEO
Lindsay Gray - Interim CFO and SVP, Accounting
Conference Call Participants
Robby Ohmes - Bank of America
Krisztina Katai - Deutsche Bank
Oliver Chen - TD Cowen
Mark Carden - UBS
Corey Tarlowe - Jefferies
Joe Feldman - Telsey Advisory
John Heinbockel - Guggenheim
Jeremy Hamblin - Craig-Hallum
Leah Jordan - Goldman Sachs
Presentation
Operator
Greetings, and welcome to the Grocery Outlet First Quarter 2024 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Christine Chen, VP of Investor Relations. Thank you. You may begin.
Christine Chen
Good afternoon and welcome to Grocery Outlet call to discuss financial results for the first quarter for the period ending March 30, 2024. Speaking from management on today's call will be RJ Sheedy, President and Chief Executive Officer; and Lindsay Gray, Interim Chief Financial Officer and SVP of Accounting. Following prepared remarks from RJ and Lindsay, we will open the call for questions. Please note that this conference call is being webcast live and a recording will be available via telephone playback on the Investor Relations section of the Company's website.
Participants on this call may make forward-looking statements within the meaning of the federal securities laws. All statements that address future operating, financial, or business performance or the Company's strategies or expectations are forward-looking statements. These forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from these statements. Description of these factors can be found in this afternoon's press release as well as the Company's periodic reports filed with the SEC, all of which may be found on the Investor Relations section of the Company's website or on sec.gov.
RJ Sheedy
Good afternoon, everyone, and thank you for joining us.
We will be speaking to you today about our business results, progress, and ongoing impact of our systems transition, strategic growth initiatives, and outlook for 2024. Our sales and customer growth remained strong during the first quarter as we continued to deliver unbeatable value with an exciting treasure hunt experience.
We're delivering continued increases in traffic and sales and our business fundamentals are healthy. Our low first quarter margins were the result of both expected and unexpected impacts from our systems transition. We've made good progress since our last call resolving known issues and have ended the IO commission support program as planned....
Grocery Outlet Holding Corp. (GO) Q1 2024 Earnings Call Transcript