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    Andrew Wolf

    Research Analyst at CL King

    Andrew Wolf is Senior Vice President at C.L. King & Associates and a veteran equity analyst specializing in the U.S. services sector, with coverage spanning 32 companies including United Natural Foods. Over his career, he has issued 168 analyst ratings with a success rate of about 41% and an average return per rating of -6.5%, ranking him in the top half of the Wall Street analyst universe for activity. Wolf began his financial career in the early 1990s with roles at Merrill Lynch, BB&T Capital Markets, and Loop Capital Markets, joining C.L. King as Senior Vice President in November 2021. He holds a CFA charter, an MBA from Babson College, and a Bachelor of Commerce in Economics and Finance from McGill University.

    Andrew Wolf's questions to SpartanNash (SPTN) leadership

    Andrew 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 achieving the desired sales of value-added products amid consumer value-seeking.

    Answer

    President and CEO Tony Sarsam explained that the go-to-market approach for independent grocers is similar to retail, with promotional activity up across the market. He confirmed that remodels have performed very well, with shoppers responding positively to expanded fresh offerings and new services. EVP & CFO Jason Monaco added that the company is successfully growing its own brands portfolio and catering to consumers seeking premium products like those for gut health, demonstrating a flexible product strategy.

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

    Question

    Andrew Wolf from C.L. King & Associates questioned the competitive dynamics between the wholesale and retail segments and asked if store remodels are still driving sales of value-added products effectively amidst consumer value-seeking behaviors.

    Answer

    President and CEO Tony Sarsam noted that the go-to-market strategy is similar for both segments, with a market-wide increase in promotional activity. He confirmed remodels perform very well, with shoppers responding to expanded fresh offerings. EVP & CFO Jason Monaco added that while consumers seek value, they are also spending on high-growth categories like gut health and high-protein products, which SpartanNash is positioned to provide.

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    Andrew 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 and go-to-market strategies between the wholesale and retail segments, and whether store remodels are still driving sales of value-added products effectively.

    Answer

    President and CEO Tony Sarsam stated that the promotional environment is similar across both retail and wholesale, with an increased focus on deals. He confirmed that remodels perform very well, driving sales in expanded fresh offerings. EVP & CFO Jason Monaco added that own brands are growing and consumers are concurrently buying both value items and high-margin health products.

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    Andrew Wolf's questions to LANC leadership

    Andrew Wolf's questions to LANC leadership • Q1 2025

    Question

    Inquired about the reasons for the profitability divergence between the retail and foodservice segments and asked for details on the performance and potential of the new Texas Roadhouse dinner rolls launch.

    Answer

    The lower foodservice profitability was due to investments in labor, a new trade system, and outsourcing, not a pricing/cost issue; improvement is expected in the second half of the fiscal year. The Texas Roadhouse rolls launch has significantly exceeded expectations, showing strong demand and early signs of repeat purchases. The company is adding capacity to meet demand and believes the product could rival the size of their Buffalo Wild Wings license.

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