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    Chuck Cerankosky • Northcoast Research

    Chuck Cerankosky's questions to Sprouts Farmers Market Inc (SFM) leadership

    Chuck Cerankosky's questions to Sprouts Farmers Market Inc (SFM) leadership • Q2 2025

    Question

    Chuck Cerankosky of Northcoast Research noted the Q2 tax rate of 26% versus the full-year guidance of 24% and asked about the potential for Sprouts to achieve a lower long-term tax rate.

    Answer

    CFO Curtis Valentine explained that the tax team is consistently exploring opportunities, such as tax credits related to food waste diversion. However, he indicated that the 25% to 26% range has been fairly consistent for the company, outside of Q1 impacts from stock-based compensation.

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    Chuck Cerankosky's questions to Sherwin-Williams Co (SHW) leadership

    Chuck Cerankosky's questions to Sherwin-Williams Co (SHW) leadership • Q2 2025

    Question

    Chuck Cerankosky from Northcoast Research asked about the role of product pricing in the company's strategy to gain market share and drive volume growth across its various end markets.

    Answer

    SVP of Finance & CFO Al Mestyshin stated that the company does not lead with price to win new business. He emphasized that for painting contractors, price ranks lower in importance than factors like consistent quality, service, and the knowledge of sales reps. The strategy is centered on a value proposition that helps customers become more efficient and profitable.

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    Chuck Cerankosky's questions to Sherwin-Williams Co (SHW) leadership • Q2 2025

    Question

    Chuck Cerankosky of Northcoast Research asked about the role that product pricing plays in the company's strategy to gain market share and drive volume growth across its various end markets.

    Answer

    CFO Allen Mistysyn emphasized that Sherwin-Williams does not lead with price to win new accounts. He stated that according to third-party surveys, price ranks fourth or fifth in importance for painting contractors, behind factors like consistent quality, service, and the knowledge of sales reps, which help contractors be more profitable.

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    Chuck Cerankosky's questions to Kroger Co (KR) leadership

    Chuck Cerankosky's questions to Kroger Co (KR) leadership • Q1 2025

    Question

    Chuck Cerankosky from Northcoast Research asked for an overview of Kroger's store strategy, including details on store closures, new openings, favored formats, and the geographic focus, particularly in the context of the competitive landscape.

    Answer

    Interim CEO & Chairman Ronald Sargent explained that the plan to close approximately 60 stores over 18 months is a catch-up effort after pausing closures during the merger process, with minimal financial impact. He emphasized that new store openings are the primary driver of market share and that Kroger will accelerate openings beyond the 30 planned for 2025, focusing on high-growth geographies and utilizing various formats, including the successful Marketplace store.

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    Chuck Cerankosky's questions to Kroger Co (KR) leadership • Q1 2025

    Question

    Chuck Cerankosky of Northcoast Research asked for an overview of Kroger's store strategy, including details on store closures, new openings, favored formats, and how this strategy considers the competitive landscape and the roles of pharmacy and fuel.

    Answer

    Interim CEO & Chairman Ronald Sargent explained that the plan to close approximately 60 stores over 18 months is part of resuming the annual store review process, which was paused during the merger. He emphasized that new store openings are the biggest driver of market share and that Kroger will accelerate openings, favoring high-growth geographies and a variety of formats, with the Marketplace store being a particularly successful one.

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    Chuck Cerankosky's questions to Caseys General Stores Inc (CASY) leadership

    Chuck Cerankosky's questions to Caseys General Stores Inc (CASY) leadership • Q4 2025

    Question

    Chuck Cerankosky asked about the pace of kitchen installations at the acquired CEFCO stores and the timeline for these conversions. He also requested details on CEFCO's existing supply contract, including its expiration and the plan for conversion to Casey's self-distribution.

    Answer

    CEO Darren Rebelez stated that no kitchen conversions are built into the fiscal 2026 assumptions, as the company is still assessing the existing food program to develop the right remodel scope. He noted that permitting timelines will also dictate the pace, with the bulk of activity likely occurring in the two years following FY26. He clarified that the incumbent supply contract for CEFCO expires at the end of calendar year 2026.

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    Chuck Cerankosky's questions to Caseys General Stores Inc (CASY) leadership • Q4 2025

    Question

    Chuck Cerankosky asked about the expected pace of kitchen installations in the acquired CEFCO stores and for clarification on the timeline for converting these stores to Casey's self-distribution network.

    Answer

    President and CEO Darren Rebelez stated that no material kitchen conversions are planned for FY26 due to permitting lead times and a deliberate assessment process, with the bulk of remodels expected in the following two years. He also clarified that the inherited supply contract for the CEFCO stores expires at the end of calendar year 2026.

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    Chuck Cerankosky's questions to SpartanNash Co (SPTN) leadership

    Chuck Cerankosky's questions to SpartanNash Co (SPTN) leadership • Q1 2025

    Question

    Chuck Cerankosky of Northcoast Research inquired about the expansion plans for SpartanNash's Hispanic store format, asking about its current concentration, potential for new markets like Michigan, and the expected store count in the coming years.

    Answer

    President and CEO Tony Sarsam explained that the company recently opened its fourth Super Mercado store in Omaha and plans to accelerate growth by opening several more stores in the Midwest through the remainder of the current year and into Q1 of the next. He confirmed these would be a mix of conversions, not necessarily of existing SpartanNash stores, and that expansion into markets like Michigan is being considered.

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    Chuck Cerankosky's questions to Tractor Supply Co (TSCO) leadership

    Chuck Cerankosky's questions to Tractor Supply Co (TSCO) leadership • Q1 2025

    Question

    Chuck Cerankosky asked about the practicality of moving production, particularly for apparel, to avoid tariffs and whether such moves simply result in higher costs from new locations.

    Answer

    EVP, Chief Merchandising Officer Seth Estep explained that the company has been aggressively diversifying its sourcing away from China for three years. He noted that for their private brand apparel, production has already been fully moved out of China. A task force is actively assessing all programs for alternative and domestic supply opportunities.

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    Chuck Cerankosky's questions to United Natural Foods Inc (UNFI) leadership

    Chuck Cerankosky's questions to United Natural Foods Inc (UNFI) leadership • Q1 2025

    Question

    Chuck Cerankosky from Northcoast Research asked about the source of new business gains and the outlook for the conventional business volume given the current economic pressures on consumers.

    Answer

    CEO Sandy Douglas explained that most gains come from expanding relationships with existing customers, primarily by adding natural and specialty products. He noted that while some conventional retailers are performing well, centrally positioned retailers face challenges differentiating from discounters, which is an area of focus for the industry.

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