SFM - Sprouts Farmers Market Inc. (SFM) Q4 2023 Earnings Call Transcript
2024-02-22 20:52:13 ET
Sprouts Farmers Market, Inc. (SFM)
Q4 2023 Earnings Conference Call
February 22, 2024 05:00 PM ET
Company Participants
Susannah Livingston - IR
Jack Sinclair - CEO
Curtis Valentine - CFO
Conference Call Participants
John Heinbockel - Guggenheim Partners
Mark Carden - UBS
Leah Jordan - Goldman Sachs
Rupesh Parikh - Oppenheimer
Ken Goldman - JPMorgan
Scott Mushkin - R5 Capital
Mike Montani - Evercore ISI
Bill Kirk - Roth MKM
Kendall Toscano - Bank of America
Krisztina Katai - Deutsche Bank
Kelly Banial - BMO Capital Markets
Presentation
Operator
Good day, and thank you for standing-by and welcome to the Sprouts Farmers Market Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today Susannah Livingston, Vice-President, Investor Relations and Treasurer. You may begin.
Susannah Livingston
Thank you and good afternoon, everyone. We are pleased you are joining Sprouts on our fourth-quarter and full-year 2023 Earnings Call. Jack Sinclair, Chief Executive Officer; and Curtis Valentine, Chief Financial Officer are with me today. The earnings release announcing our fourth-quarter and full-year 2023 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 statements. 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 the comparable GAAP figures.
With that, let me hand it over to Jack.
Jack Sinclair
Thanks, Susannah, and good afternoon. As we review our year-end accomplishments, I'm once again pleased with our performance and encouraged about our future. We grew sales 7% for the year while maintaining our stable margin with a slight expansion in 2023. Moreover, our adjusted diluted earnings per share rose 19%, demonstrating attractive profit growth.
Our strategic approach and specialty positioning allow us to focus on a highly profitable slice of the $1.6 trillion food-at-home space instead of competing with everyone for every customer. And we believe these results clearly indicate that this strategic shift is resonating with our target customers. We are becoming a leading specialty food retailer....
Sprouts Farmers Market, Inc. (SFM) Q4 2023 Earnings Call Transcript