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    Andrew Paul Wolf

    Research Analyst at CL King & Associates

    Andrew Paul Wolf is Senior Vice President and Senior Equity Analyst at CL King & Associates, specializing in food distribution and restaurant sector research. He covers companies such as SpartanNash Co, Performance Food Group Co, and Red Robin Gourmet Burgers, actively participating in earnings calls and sector events with a strong industry reputation. Wolf began his Wall Street career in 1993 at Merrill Lynch & Co., held senior analyst positions at BB&T Capital Markets and Loop Capital Markets, and joined CL King in November 2021 following a stint as CFO at Savor Street Foods. He is a Chartered Financial Analyst (CFA), holds an MBA from Babson College, is FINRA-registered under CRD# 2632807, and brings over 28 years of industry experience.

    Andrew Paul Wolf's questions to SpartanNash (SPTN) leadership

    Andrew Paul Wolf's questions to SpartanNash (SPTN) leadership • Q1 2025

    Question

    Andrew Wolf from C.L. King & Associates asked about the differences in the competitive environment between the wholesale and retail segments and whether store remodels are still successfully driving sales of value-added products.

    Answer

    President and CEO Tony Sarsam stated that the go-to-market strategy for independent grocers is similar to retail, noting a market-wide increase in promotional activity. He affirmed that remodels continue to perform very well, with shoppers responding positively to expanded fresh and service offerings, which validates the company's differentiated strategy. EVP & CFO Jason Monaco added that growth in private label and high-margin health-focused products are also key opportunities.

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    Andrew Paul Wolf's questions to SpartanNash (SPTN) leadership • Q2 2024

    Question

    Andrew Paul Wolf sought clarification on the wholesale sales slowdown, asking if it was driven by dollar stores or primarily Amazon. He also asked about the strategy behind lowering prices on 6,000 items and the outlook for M&A, including the quality of opportunities and any preference between wholesale and retail.

    Answer

    EVP and CFO Jason Monaco confirmed the wholesale decline was "largely driven by Amazon." President and CEO Tony Sarsam explained the pricing strategy involves leveraging higher-margin improvements in fresh perimeter categories to fund competitive price reductions on key center-store items to gain share. On M&A, Mr. Sarsam expressed bullishness, stating he is seeing more high-quality opportunities and is open to acquisitions in both the wholesale and retail segments that are the right strategic fit.

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    Andrew Paul Wolf's questions to US Foods Holding (USFD) leadership

    Andrew Paul Wolf's questions to US Foods Holding (USFD) leadership • Q1 2025

    Question

    Andrew Paul Wolf asked for clarification on the expected case growth contribution from acquisitions for the full year. He also inquired about the sales mix of healthcare and hospitality and the drivers behind the surprising strength in the hospitality segment.

    Answer

    CFO Dirk Locascio clarified that the contribution from acquisitions will be negligible for the remainder of the year, as the large IWC acquisition has now lapped. He stated that healthcare and hospitality combined represent over 25% of the business. The strength in hospitality is driven by a deliberate strategy to diversify beyond lodging into new areas like recreation, where the team has successfully won new accounts.

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    Andrew Paul Wolf's questions to US Foods Holding (USFD) leadership • Q4 2024

    Question

    Andrew Wolf of CL King asked for details on the 'Pronto penetration' initiative, including the drivers of the 20% sales uplift and its economics. He also sought to clarify the organic versus acquisition contribution to the 2025 independent case growth guidance.

    Answer

    CEO David Flitman explained that the Pronto penetration pilot targets existing customers with more frequent deliveries of fresh items, competing with specialty suppliers and showing a 20% case growth uplift in pilot markets. He confirmed they are carefully managing profitability and avoiding cannibalization. CFO Dirk Locascio clarified that acquisitions contribute to the independent growth target, but the larger drivers are continued share gains and an expected improvement in the macro environment.

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    Andrew Paul Wolf's questions to US Foods Holding (USFD) leadership • Q3 2024

    Question

    Andrew Wolf asked for more details on the Pronto small-truck delivery business, specifically its incremental growth contribution and the strategy for penetrating existing broadline customers.

    Answer

    CFO Dirk Locascio estimated that about 20% of Pronto's business is incremental, with significant potential for growth beyond the initial ~$1 billion opportunity. CEO David Flitman added that the "Pronto penetration" pilot for existing customers is expanding from 2 to 6 markets after successfully proving it does not cannibalize core business.

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    Andrew Paul Wolf's questions to Krispy Kreme (DNUT) leadership

    Andrew Paul Wolf's questions to Krispy Kreme (DNUT) leadership • Q1 2025

    Question

    Andrew Paul Wolf asked if the $5 million in cybersecurity-related inefficiencies was anticipated in guidance and if the impact is ongoing. He also sought to clarify if the decline in sales per hub was due to dilution from new, lower-volume doors or weakness in core accounts.

    Answer

    CFO Jeremiah Ashukian confirmed the $5 million impact was contemplated in the Q1 guide and the issue is now resolved. He attributed the organic revenue decline to the sale of Insomnia Cookies, consumer softness in the retail channel, and a planned reduction in discount days, which offset growth in DFD points of access.

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    Andrew Paul Wolf's questions to Krispy Kreme (DNUT) leadership • Q4 2024

    Question

    Andrew Paul Wolf requested details on the performance of the McDonald's partnership in 2024 versus expectations and how its results are reflected in the 2025 guidance.

    Answer

    CEO Josh Charlesworth stated the phased rollout is on track and feedback from McDonald's is positive. He noted that initial demand with local marketing was above expectations, but softened more than anticipated when the marketing was removed. The company is now working with McDonald's to maintain awareness during the local rollout phase ahead of a national marketing push. The partnership has also unlocked new expansion opportunities with partners like Costco and Target.

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    Andrew Paul Wolf's questions to Performance Food Group (PFGC) leadership

    Andrew Paul Wolf's questions to Performance Food Group (PFGC) leadership • Q3 2025

    Question

    Andrew Wolf of CL King & Associates followed up on the implied Q4 guidance, asking if the conservatism was driven more by case growth concerns or by pressure on gross profit per case from competition. He also asked about the key drivers for new customer wins in the Convenience segment.

    Answer

    CEO George Holm confirmed the guidance reflects conservatism from field teams dealing with a competitive environment, though the goal remains at least 6% independent growth. CFO Patrick Hagerty added the guidance is prudent. COO Scott McPherson explained that the Convenience value proposition has evolved from 'fresh' to a broader 'food away from home' offering, providing restaurant-quality food, which is now the key driver for new business wins.

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    Andrew Paul Wolf's questions to Performance Food Group (PFGC) leadership • Q2 2025

    Question

    Andrew Paul Wolf asked about the strategy behind the increased pace of hiring salespeople, questioning if it was opportunistic or a more intentional shift. He also inquired whether the growth of foodservice sales into the convenience channel was driven by new programs or more effective selling.

    Answer

    COO Scott McPherson described the hiring as part of an ongoing focus to fuel growth, noting the sales force headcount was up 7%. CEO George Holm added that hiring decisions are made locally to maintain a consistent cadence. McPherson explained that foodservice growth in convenience is a dual-pathway success, driven by both new turnkey solutions offered through the convenience channel and sales from the traditional broadline business.

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    Andrew Paul Wolf's questions to Performance Food Group (PFGC) leadership • Q1 2025

    Question

    Andrew Wolf asked how the combined Cheney and Jose Santiago acquisitions compare to the Reinhart acquisition as a growth catalyst and inquired about the future CapEx budget given the recent spending ramp-up.

    Answer

    CEO George Holm stated that the combined EBITDA of the two new acquisitions is larger than Reinhart's at the time of its purchase. He believes Cheney could be PFG's best acquisition yet due to its potential to enhance existing distribution centers in the Southeast. CFO Patrick Hatcher explained that the higher CapEx reflects multiyear projects, including some catch-up from post-pandemic delays. He expects spending to taper but will continue to fund growth, including automation in new facilities.

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    Andrew Paul Wolf's questions to HAIN CELESTIAL GROUP (HAIN) leadership

    Andrew Paul Wolf's questions to HAIN CELESTIAL GROUP (HAIN) leadership • Q3 2025

    Question

    Andrew Wolf asked whether Hain's pricing issues are structural (value equation) or process-related (lack of centralization). He also noted the paradox of the fragmented Meal Prep category outperforming the more focused Snacks category, suggesting a competitive intensity issue.

    Answer

    CFO Lee Boyce stated that the pricing process has become more centralized with clear RGM accountability. Interim CEO Alison Lewis added that RGM is a key capability they are now doubling down on. Regarding the portfolio, Chair of the Board Dawn Zier responded that the strategic review is looking at a broad range of options across the entire portfolio and will report back when appropriate.

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    Andrew Paul Wolf's questions to HAIN CELESTIAL GROUP (HAIN) leadership • Q2 2025

    Question

    Andrew Wolf asked about the extent to which the previously discussed category captain issues impacted snack sales and when they would be resolved. He also inquired about potential copycat products for Flavor Burst and sought more background on the Celestial Seasonings ingredient shortage.

    Answer

    CEO Wendy Davidson confirmed the category captain issue had a material impact at a large retail partner and will be resolved with shelf resets during the third quarter. She noted no one has replicated Flavor Burst and new flavors are launching. She described the Celestial shortage as a short-term 'internal execution mistake' on a long-lead-time ingredient, which has since been resolved. CFO Lee Boyce added that steps were taken to mitigate future risk.

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    Andrew Paul Wolf's questions to HAIN CELESTIAL GROUP (HAIN) leadership • Q1 2025

    Question

    Andrew Wolf asked for commentary on consumer behavior in North America versus Europe, specifically regarding shifts to private label and discount channels, and whether Hain's guidance assumes a continuation of the current environment or an improvement.

    Answer

    Wendy Davidson, President and CEO, detailed that in international markets, consumers shifted to private label and discounters, which Hain was able to partially benefit from due to its own private label presence in certain categories. In the U.S., she described consumer bifurcation, with a focus on price pack architecture and channel expansion to meet varied needs, noting private label is not a significant factor in Hain's U.S. categories. Lee Boyce, CFO, clarified that the company's outlook is a bottoms-up forecast based on controllable factors like promotional shifts, the full recovery of infant formula, and specific brand-building programs, rather than being dependent on broad improvements in the macroeconomic or consumer environment.

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    Andrew Paul Wolf's questions to HAIN CELESTIAL GROUP (HAIN) leadership • Q4 2024

    Question

    Andrew Paul Wolf from CL King & Associates asked for commentary on the fiscal 2025 sales cadence by segment and whether North America was the main driver of the expected back-half acceleration. He also questioned the strategic positioning and scale of the salty snacks portfolio in the mass market.

    Answer

    CEO Wendy Davidson acknowledged significant factors in North America's cadence but noted International also has second-half drivers like promotional timing for Hartley's and new private label contracts. Regarding snacks, she expressed confidence, citing strong velocities with the right assortment, a major new distribution win that will lift ACV from the mid-20s to mid-70s, and the launch of the first Garden Veggie master brand campaign.

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    Andrew Paul Wolf's questions to J&J SNACK FOODS (JJSF) leadership

    Andrew Paul Wolf's questions to J&J SNACK FOODS (JJSF) leadership • Q2 2025

    Question

    Andrew Paul Wolf of CL King & Associates asked for the top-line outlook beyond the theater channel, questioned the effectiveness of the selective pricing strategy against inflation, and inquired about the retail status and pipeline for Dippin' Dots products.

    Answer

    Executive Daniel Fachner expressed optimism for the second half as headwinds from LTO comparisons and input costs fade, despite soft consumer sentiment. Both Fachner and executive Shawn Munsell stated they are confident in their pricing strategy to recover costs, expecting to gain another 80-100 bps in Q3. Fachner also highlighted the early success of Dippin' Dots Sundays, the sole retail item currently, with another product planned for 2026.

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    Andrew Paul Wolf's questions to J&J SNACK FOODS (JJSF) leadership • Q1 2025

    Question

    Andrew Paul Wolf of CL King & Associates followed up on the gross margin contraction, asking if systemic issues, contractual delays, or trade relations caused the lag in price realization. He also sought clarity on whether the unfavorable mix was driven more by lost churros business or issues within the bakery segment, and asked for the specific profit impact from the peso.

    Answer

    Executive Shawn Munsell clarified that the pricing lag was not a visibility issue but a function of the time required to negotiate and implement increases with customers. CEO Daniel Fachner added that pricing is a sensitive topic and can be subject to contractual lags. Fachner identified two key mix issues: the loss of a high-volume QSR churros promotion and the loss of a seasonal, high-margin pie business with a major retailer. Munsell confirmed the peso's impact on profitability was close to $1 million for the quarter.

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    Andrew Paul Wolf's questions to J&J SNACK FOODS (JJSF) leadership • Q4 2024

    Question

    Andrew Paul Wolf inquired about the production and supply chain inefficiencies mentioned in the press release, seeking to understand factors beyond mix changes and overhead absorption. He also asked about the potential use of AI for demand planning and requested an update on the frozen beverage test at a QSR chain.

    Answer

    CFO Ken Plunk clarified that margin pressure stemmed from deleveraging fixed costs in both distribution and plant operations due to lower-than-expected sales volumes, which necessitated a pullback in production. CEO Daniel Fachner acknowledged that improving demand planning is an area of focus. Fachner also confirmed that the frozen beverage QSR test is expanding into a new market in Florida, with hopes for a broader rollout in 2025.

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    Andrew Paul Wolf's questions to BJs RESTAURANTS (BJRI) leadership

    Andrew Paul Wolf's questions to BJs RESTAURANTS (BJRI) leadership • Q1 2025

    Question

    Andrew Paul Wolf of CL King & Associates asked about the promotional cadence driving the sales mix and sought details on the upcoming pizza platform improvements.

    Answer

    CFO Tom Houdek attributed the mix dynamics to the growing momentum of the Pizookie Meal Deal and lapping certain value cocktails from the prior year. President Lyle Tick added that the company is strategically removing less effective discounts, such as certain value cocktails and instant loyalty rewards, to focus on what works. Regarding the pizza, Tick detailed a comprehensive renovation, including new pans, a new dough recipe, a fresh-packed tomato sauce, 100% whole milk mozzarella, and a modern 'cupping' pepperoni, all while maintaining the same size.

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    Andrew Paul Wolf's questions to Chefs' Warehouse (CHEF) leadership

    Andrew Paul Wolf's questions to Chefs' Warehouse (CHEF) leadership • Q1 2025

    Question

    Andrew Wolf from CL King & Associates asked for commentary on the relative performance across customer segments like fine dining versus upscale casual, and for an analysis of the trend in gross profit dollars per case between the main product categories.

    Answer

    Christopher Pappas, Founder, Chairman and CEO, noted that demand for good restaurants remains strong and they haven't seen a slowdown, though consumer behavior may be shifting in areas like beverage choice. James Leddy, CFO, added that the company achieved strong gross profit dollar growth, and excluding the attrition of a non-core customer, the center-of-the-plate category showed about 7% year-over-year growth in gross profit dollars per pound.

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    Andrew Paul Wolf's questions to Chefs' Warehouse (CHEF) leadership • Q4 2024

    Question

    Andrew Wolf asked for more color on the 13% year-over-year increase in EBITDA per employee, questioning its drivers and sustainability. He also inquired about the performance of large, integrated distribution centers in boosting sales and their capital returns.

    Answer

    CFO James Leddy attributed the productivity gain to strong execution in managing headcount and operating spend, which drove both gross profit dollar growth and operating leverage. CEO Christopher Pappas added that the improvement is a result of long-term investments in people, systems, and facilities maturing, leading to better productivity and market share gains. He noted that newer facilities in Florida and L.A. are performing well with significant capacity for future growth, while the newest Northern California facility can now focus on growth after a complex consolidation.

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    Andrew Paul Wolf's questions to Chefs' Warehouse (CHEF) leadership • Q3 2024

    Question

    Andrew Paul Wolf requested color on the business cadence, asking how much stronger September and October were, and questioned if the path to 2028 margin targets would be linear or back-end loaded.

    Answer

    CFO Jim Leddy confirmed that business progressed nicely after a soft July but declined to provide a monthly breakout. Regarding the long-term margin goal, he referenced the pre-COVID period where the company delivered 20-25 basis points of annual improvement post-investment, suggesting a similar target now, though it may not be linear. CEO Chris Pappas added that efficiency gains will accelerate as more volume is driven through existing, highly-invested capacity.

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    Andrew Paul Wolf's questions to WINNEBAGO INDUSTRIES (WGO) leadership

    Andrew Paul Wolf's questions to WINNEBAGO INDUSTRIES (WGO) leadership • Q2 2025

    Question

    Andrew Paul Wolf asked about the sequential change in dealer inventory, noting the contrast between rising towable inventory and declining motorized inventory, and inquired about the rebate strategy for clearing older motorized units.

    Answer

    President and CEO Michael Happe explained that dealers remain cautious on motorized inventory, which is still viewed as elevated industry-wide. He noted specific brand strategies, including managing Newmar levels down and building the new Grand Design Motorized line. CFO Bryan Hughes added that rebates remain elevated but are applied surgically to help dealers move aged units, with the allowance ratio improving sequentially.

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    Andrew Paul Wolf's questions to UNITED NATURAL FOODS (UNFI) leadership

    Andrew Paul Wolf's questions to UNITED NATURAL FOODS (UNFI) leadership • Q2 2025

    Question

    Andrew Paul Wolf of CL King & Associates asked about the productivity gains from Lean initiatives in the nine newly implemented DCs compared to the initial pilots. He also sought to understand the drivers of both top-line growth and the sequential improvement in gross margin.

    Answer

    President & CFO Giorgio Tarditi explained that lower initial productivity gains in the new DCs are a matter of timing, with expectations still for mid-single-digit improvements as the programs mature. CEO James Alexander Douglas attributed top-line growth to customer success, driven by sharp pricing in conventional and innovation in natural. Tarditi credited the gross margin improvement to reduced shrink, progress in supplier programs, and early benefits from stronger commercial underwriting.

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    Andrew Paul Wolf's questions to UNITED NATURAL FOODS (UNFI) leadership • Q1 2025

    Question

    Andrew Wolf of CL King & Associates questioned the reasons for the gross margin rate contraction in the quarter and asked about the long-term mix of cost-saving drivers between headcount reductions and Lean process efficiencies.

    Answer

    President & CFO Matteo Tarditi attributed the margin contraction to customer/product mix and investments, partially offset by shrink improvements. CEO Sandy Douglas framed the long-term strategy around growth, services, efficiency, and cash flow, with Matteo Tarditi adding that Lean initiatives are focused on both immediate problem-solving and long-term waste elimination to drive value.

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    Andrew Paul Wolf's questions to UNITED NATURAL FOODS (UNFI) leadership • Q4 2024

    Question

    Andrew Wolf of CL King & Associates asked for details on the drivers of the recent volume increase and questioned the difference between current sales growth and the more modest FY2025 guidance.

    Answer

    CEO Sandy Douglas attributed volume improvement to accelerated growth in natural, organic, and specialty, plus expanded business with existing customers. President & CFO Matteo Tarditi explained the FY25 guidance is a pragmatic approach that balances positive volume trends against potential revenue impacts from future network optimization.

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    Andrew Paul Wolf's questions to CRACKER BARREL OLD COUNTRY STORE (CBRL) leadership

    Andrew Paul Wolf's questions to CRACKER BARREL OLD COUNTRY STORE (CBRL) leadership • Q2 2025

    Question

    Andrew Wolf asked how Cracker Barrel positions itself against family and casual dining when analyzing price gaps and questioned the philosophy of closing that price gap as the guest experience improves over time.

    Answer

    CEO Julie Masino explained that they view themselves as a hybrid and analyze competitors across family dining, casual dining, and even QSR. CFO Craig Pommells elaborated on the pricing philosophy, stating that the strategic pricing plan is intentionally staged over the multi-year transformation. Price increases are designed to be commensurate with tangible improvements in the guest experience, aligning what the customer pays with what they receive.

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    Andrew Paul Wolf's questions to CRACKER BARREL OLD COUNTRY STORE (CBRL) leadership • Q1 2025

    Question

    Andrew Wolf followed up on the atypical costs' impact on restaurant-level margins and asked whether recent menu innovation success was due to more attempts or an improved process. He also inquired about the role of new marketing efforts in driving trial.

    Answer

    CFO Craig Pommells clarified that of the atypical costs, $6 million was at the restaurant level, offsetting other impacts. CEO Julie Masino attributed menu success to both a fuller pipeline and a better innovation process focused on 'uniquely Cracker Barrel' items like the popular Pot Roast, which was moved to the everyday menu based on guest feedback. She added that the new CMO is refining the marketing mix and messaging to better target guests and drive trial, integrating efforts across social media, loyalty, and the in-store experience.

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    Andrew Paul Wolf's questions to CRACKER BARREL OLD COUNTRY STORE (CBRL) leadership • Q4 2024

    Question

    Andrew Wolf inquired about the loyalty program, asking how the 6 million members compare to any legacy program and whether they are new or existing customers. He also asked about the long-term penetration goal for the program and if there was a discernible performance difference between traveler and local customer cohorts during the quarter.

    Answer

    CEO Julie Masino clarified that the loyalty program is entirely new, so the 6 million members represent new sign-ups since its launch a year ago. She noted these members have a 50% higher visit frequency. CFO Craig Pommels stated that a firm long-term penetration target has not been set. Regarding customer cohorts, Pommels said the company's recent analysis focused more on income levels, where they saw softness under $60k, rather than on a traveler versus local split.

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    Andrew Paul Wolf's questions to RED ROBIN GOURMET BURGERS (RRGB) leadership

    Andrew Paul Wolf's questions to RED ROBIN GOURMET BURGERS (RRGB) leadership • Q4 2024

    Question

    Asked for details on the Loyalty 2.0 program's transaction growth (new vs. existing users), the primary driver of recent traffic improvements, and clarification on the 2025 free cash flow outlook.

    Answer

    Executives stated that new users drive 25% of loyalty visits and lapsed users drive 20%. They attribute traffic improvements to a combination of factors, including better guest experience and loyalty. They confirmed the free cash flow outlook is traditional, meaning cash from operations is expected to exceed CapEx and cash interest payments, without relying on asset sales.

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    Andrew Paul Wolf's questions to RED ROBIN GOURMET BURGERS (RRGB) leadership • Q3 2024

    Question

    Andrew Paul Wolf asked if Red Robin has seen a recent strengthening in sales trends during Q4, similar to other foodservice operators. He also requested more detail on how operational efficiencies are being measured and how the company ensures these changes do not negatively impact the guest experience.

    Answer

    Executive G.J. Hart confirmed that Red Robin is seeing the same recent strengthening in sales trends. Regarding operations, Hart and Executive Todd Wilson detailed a multi-faceted approach. They are using cohort analysis for labor, relaunching scheduling tools, and closely monitoring guest satisfaction via OSAT scores, online reviews, and loyalty member surveys to ensure service levels are maintained while achieving labor efficiencies.

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    Andrew Paul Wolf's questions to LANC leadership

    Andrew Paul Wolf's questions to LANC leadership • Q2 2025

    Question

    Asked for details on the Texas Roadhouse rolls, specifically about their in-store placement and promotion at Walmart, data on repeat purchases, and the timeline for the end of the Walmart exclusivity period. He also had a housekeeping question about ongoing cost savings from the pension plan termination.

    Answer

    The executive confirmed the Texas Roadhouse rolls are not specially promoted at Walmart but are selling strongly, with a very high repeat purchase rate. The Walmart exclusivity ends in April, with a broader retail rollout beginning then and expanding nationally in August. The CFO added that there will be a modest ongoing P&L benefit from the pension plan termination.

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