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    Andrew Paul Wolf • CL King & Associates

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

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

    Andrew Paul Wolf's questions to Performance Food Group Co (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 Co (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 Inc (HAIN) leadership

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

    Andrew Paul Wolf's questions to Chefs' Warehouse Inc (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 Inc (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 Cracker Barrel Old Country Store Inc (CBRL) leadership

    Andrew Paul Wolf's questions to Cracker Barrel Old Country Store Inc (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 Inc (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 Inc (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 US Foods Holding Corp (USFD) leadership

    Andrew Paul Wolf's questions to US Foods Holding Corp (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 Corp (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 United Natural Foods Inc (UNFI) leadership

    Andrew Paul Wolf's questions to United Natural Foods Inc (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 Inc (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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