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    Benjamin Wood • BMO Capital Markets

    Benjamin Wood's questions to United Natural Foods Inc (UNFI) leadership

    Benjamin Wood's questions to United Natural Foods Inc (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 Co (SPTN) leadership

    Benjamin Wood's questions to SpartanNash Co (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 Co (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 Co (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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