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    Andrew Paul Wolf • CL King & Associates

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

    Andrew Paul Wolf's questions to US Foods Holding Corp (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 Krispy Kreme Inc (DNUT) leadership

    Andrew Paul Wolf's questions to Krispy Kreme Inc (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 Inc (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 J & J Snack Foods Corp (JJSF) leadership

    Andrew Paul Wolf's questions to J & J Snack Foods Corp (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 Corp (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 Corp (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 BJ's Restaurants Inc (BJRI) leadership

    Andrew Paul Wolf's questions to BJ's Restaurants Inc (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 Winnebago Industries Inc (WGO) leadership

    Andrew Paul Wolf's questions to Winnebago Industries Inc (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 Inc (UNFI) leadership

    Andrew Paul Wolf's questions to United Natural Foods Inc (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 Performance Food Group Co (PFGC) leadership

    Andrew Paul Wolf's questions to Performance Food Group Co (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 Chefs' Warehouse Inc (CHEF) leadership

    Andrew Paul Wolf's questions to Chefs' Warehouse Inc (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 Hain Celestial Group Inc (HAIN) leadership

    Andrew Paul Wolf's questions to Hain Celestial Group Inc (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 SpartanNash Co (SPTN) leadership

    Andrew Paul Wolf's questions to SpartanNash Co (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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