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    Benjamin Wood

    Research Analyst at BMO Capital Markets

    Benjamin Wood is Vice President of Equity Research at BMO Capital Markets, specializing in retail and food distribution with primary coverage of companies including SpartanNash and ARKO. Known for his detailed sector analysis and strategic financial forecasting, Wood has actively contributed to earnings calls and published analyses that inform investment decisions in the consumer staples sector. He began his research career after completing his academic training in finance and has been with BMO since at least 2023, following early analyst roles where he built expertise in wholesale and retail distribution. Wood holds relevant securities industry credentials and is recognized for a rigorous, data-driven research approach, consistently earning recognition from institutional clients for his insight into market dynamics.

    Benjamin Wood's questions to ARKO (ARKO) leadership

    Benjamin Wood's questions to ARKO (ARKO) leadership • Q2 2025

    Question

    Benjamin Wood of BMO Capital Markets asked for clarification on the pace of the dealerization program, questioning if the timeline was extending and if the $20 million savings target covers the entire program. He also requested details on the new store format's size and labor model, and what portion of the remaining stores could be remodeled.

    Answer

    CFO Rob Giammatteo confirmed the "in excess of $20 million" operating income benefit is for the fully executed program. CEO Arie Kotler stated the pace is on track and very successful, with any delays related to ensuring dealers are fully licensed. Kotler described the new format as having a shared labor model requiring just one person for the foodservice concept and noted that the majority of the retained retail stores are expected to be suitable for the new, customizable format.

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    Benjamin Wood's questions to ARKO (ARKO) leadership • Q1 2025

    Question

    Benjamin Wood asked for an update on the pace of the dealerization program relative to internal plans and inquired about the pipeline of smaller organic growth initiatives that could be deployed before the full store remodels are rolled out.

    Answer

    Arie Kotler, Chairman, President and CEO, stated the dealerization pace is on plan, with 77 stores converted year-to-date and 130 more under contract, noting that the timeline is dependent on dealer licensing and permits. He also explained that the company is not waiting for full remodels to act, highlighting the ongoing rollout of OTP back bar resets to over 900 stores and the 'Fueling America' promotional campaign as key near-term initiatives.

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    Benjamin Wood's questions to UNITED NATURAL FOODS (UNFI) leadership

    Benjamin Wood's questions to UNITED NATURAL FOODS (UNFI) leadership • Q3 2025

    Question

    Benjamin Wood of BMO Capital Markets asked about the status of UNFI's IT system consolidation prior to the breach and questioned if there were performance differences in service levels and customer retention between DCs with and without lean daily management.

    Answer

    President & CFO Giorgio Matteo Tarditi explained that UNFI has been methodically investing in modernizing systems as part of its ongoing CapEx plan, separate from the cyberattack. He confirmed that service levels, shrink, and delivery quality are demonstrably better in the 20 DCs with lean daily management due to the structured problem-solving methodology. He also noted that customer retention following DC closures has been stronger than initially expected.

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    Benjamin Wood's questions to SpartanNash (SPTN) leadership

    Benjamin Wood's questions to SpartanNash (SPTN) leadership • Q1 2025

    Question

    Benjamin Wood of BMO Capital Markets inquired about the cadence of the cost leadership savings, the sales and inflation trends throughout the quarter, the continuation of retail comp strength, and the drivers of retail profitability pressure in Q1.

    Answer

    EVP & CFO Jason Monaco clarified that of the expected savings, $20 million is a run-rate benefit from last year's efforts, while another $20 million from new initiatives will materialize in the second half of 2025. He noted retail comps were solid, around 2.4% excluding an 80 basis point weather impact. President and CEO Tony Sarsam and Monaco attributed retail profit pressure to the ice storm's impact (around $1-2 million) and significant pharmacy reimbursement pressures (around $3 million).

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    Benjamin Wood's questions to SpartanNash (SPTN) leadership • Q1 2025

    Question

    Benjamin Wood of BMO Capital Markets asked for details on the cadence and segment impact of the cost leadership program, the sales and inflation trends during the quarter, pressures on retail profitability, and any updates on potential footprint rationalization.

    Answer

    EVP & CFO Jason Monaco clarified that the new $20 million in cost savings are back-half weighted, while $20 million in run-rate benefits from last year are being realized ratably. He noted retail comps were strong at about 2.4% excluding weather impacts. President and CEO Tony Sarsam attributed retail profit pressure to the ice storm and a ~$3 million impact from pharmacy PBMs. Monaco added the storm caused a $1-2 million bottom-line loss from spoilage.

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    Benjamin Wood's questions to SpartanNash (SPTN) leadership • Q1 2025

    Question

    Benjamin Wood of BMO Capital Markets questioned the cadence of the cost leadership savings, the sales and inflation trends during the quarter, and the drivers behind the profitability pressures in the retail segment.

    Answer

    EVP & CFO Jason Monaco clarified that the new $20 million in cost leadership savings are back-half weighted, while $20 million from prior initiatives is already in the run rate. He described retail comps as a solid 2.4% excluding weather impacts. President and CEO Tony Sarsam and CFO Jason Monaco attributed retail profit pressure to the Q1 ice storm, which caused spoilage losses, and a ~$3 million headwind from pharmacy PBM pressures.

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    Benjamin Wood's questions to SpartanNash (SPTN) leadership • Q1 2025

    Question

    Benjamin Wood of BMO Capital Markets inquired about the cadence and segmental impact of the cost leadership program, the intra-quarter sales trends, and the drivers behind retail profitability pressures in Q1, including any potential one-time factors.

    Answer

    EVP & CFO Jason Monaco clarified that the new $20 million in cost savings for the year are back-half weighted, while $20 million in run-rate benefits from prior initiatives were realized in Q1. President and CEO Tony Sarsam attributed retail profit pressure to an ice storm and a ~$3 million impact from pharmacy PBMs. Monaco quantified the storm's bottom-line impact at $1-2 million.

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    Benjamin Wood's questions to SpartanNash (SPTN) leadership • Q3 2024

    Question

    Benjamin Wood of BMO Capital Markets inquired about the sales volume cadence during the quarter, trends in consumer behavior, and the demand for digital and value-added services among SpartanNash's independent customers.

    Answer

    EVP and CFO Jason Monaco detailed the sequential improvement in retail comps during the quarter and highlighted that the wholesale business grew nearly 3% excluding the Amazon business. President and CEO Tony Sarsam added that they are testing deeper price promotions to drive value. On digital services, Monaco noted growing customer interest in electronic shelf labels and enhanced digital media as part of a broader suite of value-added services.

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    Benjamin Wood's questions to SpartanNash (SPTN) leadership • Q4 2024

    Question

    Benjamin Wood inquired about the sales and volume cadence within the fourth quarter and quarter-to-date, asking if underlying customer demand had softened. He also sought clarification on the 2025 guidance, specifically the implied organic growth after excluding the 53rd week and recent acquisitions.

    Answer

    CEO Tony Sarsam stated that foot traffic was roughly flat, which is better than most conventional grocers, and noted sequential progress in traffic and comps. CFO Jason Monaco added that the retail business cadence was stable, highlighted by positive comps in the key Michigan market and private label penetration exceeding 27%. Regarding guidance, Monaco clarified that the 53rd week adds just under $200 million in sales and that underlying organic growth is expected to be 'flattish' for 2025, based on a 1% inflation assumption.

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