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    David Palmer • Evercore ISI

    David Palmer's questions to Brinker International Inc (EAT) leadership

    David Palmer's questions to Brinker International Inc (EAT) leadership • Q4 2025

    Question

    David Palmer of Evercore ISI inquired about the drivers for the expected fiscal 2026 restaurant margin expansion and sought a conceptual overview of the Maggiano's turnaround strategy compared to the Chili's plan.

    Answer

    CFO Mika Ware clarified that fiscal 2026 margin expansion is guided to be 30-40 basis points, driven by sales leverage despite planned investments in food quality. CEO Kevin Hochman explained the Maggiano's turnaround will refocus on its core value proposition of abundant Italian-American favorites, applying key operational learnings from the successful Chili's turnaround.

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    David Palmer's questions to Brinker International Inc (EAT) leadership • Q3 2025

    Question

    David Palmer questioned the sustainability of same-store sales growth, particularly given the tough comparisons in the upcoming fiscal second quarter, and asked what initiatives give management confidence in maintaining positive comps.

    Answer

    President and CEO Kevin Hochman acknowledged the challenge but pointed to the company's track record of comping over high prior-year results, such as the +15% they are currently lapping. He emphasized that their confidence stems from fundamental improvements in food, service, and atmosphere, which they believe will continue to drive growth, rather than relying on specific, modelable initiatives.

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    David Palmer's questions to Brinker International Inc (EAT) leadership • Q2 2025

    Question

    David Palmer from Evercore ISI questioned the sustainability of the significant sales lift from social media, particularly the "lightning in a bottle" effect of the Triple Dipper campaign, and asked how Brinker plans to maintain this momentum.

    Answer

    Kevin Hochman, President and CEO, acknowledged the difficulty in precisely separating the impact of social media from other initiatives but estimated the Triple Dipper's contribution was about 7 percentage points of the 30%+ comp growth. He emphasized that the sustained success, unlike typical short-lived viral trends, is anchored by fundamental operational improvements that create a positive guest experience, leading to repeat visits from new, younger customers.

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    David Palmer's questions to Brinker International Inc (EAT) leadership • Q1 2025

    Question

    David Palmer asked about near-term sales trends versus the industry, the long-term strategy for unit growth, and how the company's capital allocation strategy might evolve with its recent success.

    Answer

    CFO Mika Ware stated that sales accelerated through Q1, widening the gap to the industry, a trend that continued into October. CEO Kevin Hochman explained that while there is no change to current unit growth guidance, the company is actively discussing capital allocation for accelerating new builds, reimaging existing restaurants, and returning capital to shareholders. Mika Ware reiterated that the priorities are investing in the business, paying down debt, and then shareholder returns.

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    David Palmer's questions to Webtoon Entertainment Inc (WBTN) leadership

    David Palmer's questions to Webtoon Entertainment Inc (WBTN) leadership • Q2 2025

    Question

    David Palmer, on for Mark Mahaney, requested the advertising outlook for Q3 and the second half, focusing on video ads and macro sensitivity. He also asked for clarification on the commercial terms of the Disney partnership.

    Answer

    David Lee, CFO & COO, reported strong Q2 advertising growth of 10.2% (constant currency), driven by Korea and Japan. He positioned video ads as a key tool for habit formation and monetization, noting it is still early days for this format in North America. Lee reiterated that it was too early to disclose the financial terms of the Disney deal but confirmed no material change to unit economics was included in the company's guidance.

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    David Palmer's questions to Post Holdings Inc (POST) leadership

    David Palmer's questions to Post Holdings Inc (POST) leadership • Q3 2025

    Question

    David Palmer requested market insights on the Pet and Cereal categories, asking about the drivers behind current trends and Post's strategic plans, including spending levels, to improve market share performance.

    Answer

    CFO Matt Mainer addressed the plans for both segments. For Pet, he noted that lapping prior profit-enhancing decisions and addressing challenges with the Nutrish and Gravy Train brands are key priorities, though the Nutrish recovery will take longer than expected. For Cereal, he described the spending plan as rational and tactical, with a focus on targeted brand support and further network optimization rather than a significant increase in overall spending.

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    David Palmer's questions to Post Holdings Inc (POST) leadership • Q2 2025

    Question

    David Palmer inquired about the fiscal 2026 outlook for Post Consumer Brands, specifically asking how management views the potential for the pet food business, including the Nutrish relaunch, to offset ongoing headwinds in the cereal category.

    Answer

    An executive, likely COO Jeff Zadoks, affirmed this view, describing fiscal 2025 as a transition year for the pet business. He stated that exiting the Smucker TSA and relaunching Nutrish are expected to yield positive results in the next fiscal year, helping to mitigate the challenges and volume pressures currently seen in the cereal business.

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    David Palmer's questions to Post Holdings Inc (POST) leadership • Q1 2025

    Question

    David Palmer questioned if the Q2 Foodservice EBITDA drag from avian influenza would be fully recovered in fiscal 2025 or create easy comparisons for fiscal 2026. He also asked about pet food demand creation plans and the expected volume trajectory for the remainder of the year.

    Answer

    COO Jeff Zadoks stated the company expects the financial impact to be recovered within fiscal 2025. CFO Matt Mainer detailed the pet food volume decline, attributing it to profit-enhancing actions, inventory shifts, and consumption weakness. He projected full-year volumes to be down 7-9%, improving as the year progresses, with innovation benefits expected in fiscal 2026.

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    David Palmer's questions to Post Holdings Inc (POST) leadership • Q4 2024

    Question

    David Palmer noted low single-digit consumption declines across cereal, pet, and refrigerated categories and asked about the likelihood of a return to organic growth in fiscal 2025. He also questioned how significant a variable QSR traffic is for the Foodservice business, especially given recent weakness at major chains.

    Answer

    President and CEO Rob Vitale stated that for FY25, Post assumes a continued low single-digit decline for cereal and flat to 2% growth for its other categories. Regarding Foodservice, he confirmed that increased traffic at major QSRs is highly beneficial due to the favorable mix of value-added products they purchase. However, he emphasized that the company's plans do not assume a significant short-term change in these traffic trends.

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    David Palmer's questions to Wendy's Co (WEN) leadership

    David Palmer's questions to Wendy's Co (WEN) leadership • Q2 2025

    Question

    David Palmer of Evercore ISI asked for an assessment of Wendy's marketing and value menu performance in the first half of the year and the strategic shifts planned for the second half.

    Answer

    Interim CEO & CFO Ken Cook acknowledged that the '100 Days of Summer' campaign was overly complex, confusing customers and complicating restaurant execution. He noted that while Frosty innovation was a success (sales up 30% YoY), broad promotions underperformed. Cook explained the strategy for the second half is to simplify the calendar to focus on two key areas: chicken innovation (including a Netflix collaboration) and a new beverage lineup, supported by enhanced data analytics to better target customers.

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    David Palmer's questions to Wendy's Co (WEN) leadership • Q1 2025

    Question

    David Palmer inquired about what consumer data is revealing and which of the company's initiatives—such as improving drive-thru speed, value perception, or order accuracy—is expected to yield the biggest improvements.

    Answer

    Kirk Tanner, President and CEO, explained that the primary focus is on operational excellence and hospitality to create a great customer experience. He highlighted order accuracy as a key driver of customer satisfaction and detailed specific initiatives like deploying delivery scales and menu item label printers, which have already shown 'dramatically improved accuracy' in restaurants where they are implemented. He also emphasized strong franchisee alignment on these operational goals.

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    David Palmer's questions to Wendy's Co (WEN) leadership • Q4 2024

    Question

    David Palmer of Evercore ISI posed two questions: first, about the most significant opportunities to drive comparable sales based on recent consumer insights, and second, about organizational restructuring and changes to incentive compensation.

    Answer

    CEO Kirk Tanner outlined a three-pronged approach to driving comps: investing in the core menu, pursuing pure innovation like 'Saucy Nuggs', and strengthening the value proposition with the Biggie Bag platform. On the organizational front, Tanner explained that the company has been restructured to enhance 'operational intensity' and deliver a perfect customer experience, with compensation and metrics now aligned to these goals. He noted more details would be shared at the upcoming Investor Day.

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    David Palmer's questions to Wendy's Co (WEN) leadership • Q3 2024

    Question

    David Palmer of Evercore ISI inquired about Wendy's future unit growth outlook, particularly the international versus domestic mix, and the long-term marketing strategy for platform-level innovations beyond temporary promotions like the Krabby Patty.

    Answer

    CEO Kirk Tanner detailed a strategy to strengthen the system by closing underperforming stores while guiding to 3-4% net unit growth with a 70/30 international/domestic split. On marketing, he explained the menu strategy rests on three pillars: building the core menu, maintaining a robust innovation pipeline, and offering compelling value through platforms like the Biggie Bag.

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    David Palmer's questions to Texas Roadhouse Inc (TXRH) leadership

    David Palmer's questions to Texas Roadhouse Inc (TXRH) leadership • Q2 2025

    Question

    David Palmer of Evercore ISI asked for insights into the persistent negative sales mix, which has lasted over two years, and its drivers, such as alcohol dynamics. He also questioned if strong traffic growth is the primary reason for the significant labor leverage observed in the quarter.

    Answer

    Michael Bailen, Senior Director & Head of IR and Financial Analysis, clarified that all negative mix pressure stems from the alcohol category, while entree mix remains positive with guests trading up to larger steaks. Regarding labor, he confirmed that while higher traffic helps, operators are also benefiting from lower turnover and more productive, longer-tenured employees, supported by digital kitchen investments.

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    David Palmer's questions to Texas Roadhouse Inc (TXRH) leadership • Q1 2025

    Question

    David Palmer inquired about labor leverage, noting that it appeared less favorable during the volatile first quarter and asked if this was a temporary issue or a new trend.

    Answer

    CFO David Monroe clarified that labor productivity remained strong, with labor hours growing at only 35% of traffic growth in Q1. He noted this was the sixth consecutive quarter of productivity being better than their 50% target, attributing the success to operator focus and continued low employee turnover.

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    David Palmer's questions to Texas Roadhouse Inc (TXRH) leadership • Q4 2024

    Question

    David Palmer of Evercore ISI asked about the updated 2025 commodity inflation guidance of 3% to 4%, seeking clarity on the drivers, the company's visibility on costs, and the expected cadence of inflation throughout the year.

    Answer

    Executive Michael Bailen confirmed the increase was largely driven by tighter beef supply expectations for the second half of the year. He stated that about 40% of the overall commodity basket is locked for 2025, with more visibility in the first half. Bailen projected the lowest inflation in Q1, followed by a consistent, higher rate for the rest of the year to reach the 3% to 4% range.

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    David Palmer's questions to Restaurant Brands International Inc (QSR) leadership

    David Palmer's questions to Restaurant Brands International Inc (QSR) leadership • Q2 2025

    Question

    David Palmer of Evercore ISI asked about the QSR market conditions in Canada, questioning why Tim Hortons is outperforming competitors, and inquired about July sales trends for Burger King U.S. following a competitor's snack wrap launch.

    Answer

    CEO Josh Kobza credited Tim Hortons' 17 consecutive quarters of positive comps to strong fundamentals and execution, noting he sees no reason for a change in trend. For Burger King U.S., he stated there was no discernible impact from competitor activity in July. Executive Chairman Patrick Doyle added that BK's performance is driven by controllable factors like execution and remodels, not just the macro or competitive environment.

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    David Palmer's questions to Restaurant Brands International Inc (QSR) leadership • Q1 2025

    Question

    David Palmer inquired about consumer trends in international markets outside the U.S. He asked for an assessment of the informal eating-out market and RBI's market share performance in key global regions coming out of the first quarter.

    Answer

    CEO Josh Kobza expressed satisfaction with international results, noting Q1 same-store sales of +2.6% (+3.7% excluding leap day), which he considered strong on both an absolute and relative basis. He highlighted the diversified nature of the business across 200 brand-country combinations. Kobza detailed regional performance, citing outperformance in Germany and the U.K. (EMEA), Australia and Japan (APAC), and Brazil (Latin America), while acknowledging softness in France and Mexico. He also emphasized the growing importance of Popeyes as a future international growth driver.

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    David Palmer's questions to Restaurant Brands International Inc (QSR) leadership • Q4 2024

    Question

    David Palmer asked about the outlook for the International segment's comparable sales growth in 2025, following its strong Q4 performance, and inquired about the potential shape of that growth throughout the year.

    Answer

    An executive expressed satisfaction with the Q4 international sales momentum but declined to provide specific 2025 guidance for the segment, noting the focus remains on value and innovation. CFO Sami Siddiqui reminded analysts to factor in the negative impact of lapping a leap day in Q1 2025.

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    David Palmer's questions to Restaurant Brands International Inc (QSR) leadership • Q3 2024

    Question

    David Palmer posed a two-part question regarding the potential timeline for Burger King China's growth recovery and the comparable sales outlook for Tim Hortons Canada, noting its healthy traffic trends amidst a competitive environment.

    Answer

    CFO Sami Siddiqui and CEO Josh Kobza addressed China by stating they are working on a solution but asked for patience, emphasizing their long-term commitment. Regarding Tim Hortons, Executive Chairman Patrick Doyle highlighted that its growth is healthy and sustainable because it's driven by traffic (order count), not just price inflation. CEO Josh Kobza added that a strong innovation pipeline for 2025 provides further confidence.

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    David Palmer's questions to McDonald's Corp (MCD) leadership

    David Palmer's questions to McDonald's Corp (MCD) leadership • Q2 2025

    Question

    David Palmer asked for an assessment of McDonald's current value and affordability scores in the U.S., particularly after recent initiatives like the Snack Wrap launch, and how these scores compare to historical levels, competitors, and key international markets.

    Answer

    Chairman & CEO Chris Kempczinski explained that value perception is bifurcated. For loyalty members (about 25% of U.S. business), value scores are 'exceptional,' evidenced by a frequency jump from 10 to 26 annual visits. The McValue platform is also performing well. However, the key opportunity lies with the other 50% of consumers who are negatively influenced by core menu combo meal prices often exceeding $10. He noted that International Operated Markets (IOM) are in a better position due to strong everyday affordable price (EDAP) platforms and more prudent franchisee pricing.

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    David Palmer's questions to McDonald's Corp (MCD) leadership • Q1 2025

    Question

    David Palmer inquired about the consumer economic dynamics and value perception in key International Operated Markets (IOM) compared to the challenges seen in the U.S.

    Answer

    CEO Christopher Kempczinski characterized Europe as challenged by high inflation, particularly in beef, but noted value programs are effective. He mentioned China has stabilized and Japan is performing solidly. The most significant difference in the U.S. is the severe pressure on low-income consumers, with traffic down nearly 10%. An executive, likely Ian Borden, added that despite contracting industry traffic in three of the five major IOM markets, McDonald's is gaining share due to its value platforms.

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    David Palmer's questions to McDonald's Corp (MCD) leadership • Q4 2024

    Question

    David Palmer inquired about the drivers behind the U.S. fourth-quarter comp, which saw negative check but positive traffic, and asked for an update on the performance and value initiatives in the International Operated Markets (IOM) segment.

    Answer

    CEO Christopher Kempczinski explained the U.S. results were impacted by the E. coli incident, which disrupted strong early-quarter momentum. He noted that new value platforms are currently driving guest counts ahead of check, which is expected. For the IOM segment, he described improving but market-specific trends, with France showing progress while the U.K. and Australia remain opportunities. CFO Ian Borden added that the U.S. check was hurt by lower sales of high-margin Quarter Pounders and increased value investments post-incident.

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    David Palmer's questions to McDonald's Corp (MCD) leadership • Q3 2024

    Question

    David Palmer asked how McDonald's plans to adjust its marketing and overall strategy to help consumers move past the recent food safety incident and restore sales momentum.

    Answer

    CEO Christopher Kempczinski stated that the company's response has been rooted in transparency and swift, decisive action. He explained the strategy is to resume the successful initiatives that were driving momentum prior to the incident, such as the $5 Meal Deal and food innovation, and to supplement them with additional resources to re-engage customers if necessary, drawing on lessons from post-COVID recovery efforts.

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    David Palmer's questions to Yum! Brands Inc (YUM) leadership

    David Palmer's questions to Yum! Brands Inc (YUM) leadership • Q2 2025

    Question

    David Palmer inquired about how Yum's technology initiatives, such as hyper-personalized marketing and AI-enabled drive-thrus, are expected to translate into tangible impacts on comps and other key financial metrics.

    Answer

    CFO Chris Turner explained that the BITE strategy shows a strong correlation between digital sales mix and store-level sales and EBITDA growth, particularly at Taco Bell. He highlighted that AI-driven marketing is yielding significantly higher returns on targeted communications. Operationally, Voice AI is improving the customer experience and reducing employee turnover in pilot restaurants. Turner emphasized that while progress is strong, the company is still in the early phases of realizing the full value.

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    David Palmer's questions to Yum! Brands Inc (YUM) leadership • Q1 2025

    Question

    David Palmer asked about the long-term potential of the Byte technology platform and the expansion strategy for the new 'Saucy by KFC' concept.

    Answer

    CFO Christopher Turner described the $1 billion digital technology investment as one of the best Yum! has ever made, noting its proven impact on top and bottom-line growth. While not ruling out serving restaurants outside the Yum! system in the future, he stated the current priority is their own franchisees. Regarding Saucy, Turner confirmed its strong start and said the company is looking at multiple avenues for methodical expansion with franchise partners, focusing on scaling the supply chain and preserving the brand's unique identity.

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    David Palmer's questions to Yum! Brands Inc (YUM) leadership • Q4 2024

    Question

    David Palmer questioned the strategy behind Yum's proprietary 'Bite' technology platform, asking about the rationale for an internal build-out versus an outsourced model and how it will contribute to profit growth.

    Answer

    CEO David Gibbs explained that the internal strategy provides control and avoids the friction of relying on third-party vendors, allowing Yum! to offer the best technology at the lowest cost. CFO Chris Turner added that the goal is to provide franchisees with advantaged capabilities and economics to drive growth. He noted the integrated platform enables speed, citing the rapid deployment of AI-driven marketing and voice AI at Taco Bell as proof of its success in driving top- and bottom-line results.

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    David Palmer's questions to Yum! Brands Inc (YUM) leadership • Q3 2024

    Question

    David Palmer sought more details on key digital initiatives, including the rollout and impact of AI-enabled personalized marketing and the potential for AI voice drive-thrus to become a significant profit driver for Yum! Brands.

    Answer

    CFO Chris Turner described the AI-driven marketing as a coordinated effort across major U.S. brands that leverages the company's vast data assets for personalized offers, noting he was excited about its potential. Regarding voice AI, he highlighted its positive reception from both customers and team members. CEO David Gibbs added that the primary goal of technology is to drive franchisee profitability and unit growth, not to create a new fee-based profit center. He stated Yum! provides this technology at a lower cost than third-party alternatives to give franchisees a competitive advantage.

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    David Palmer's questions to Bellring Brands Inc (BRBR) leadership

    David Palmer's questions to Bellring Brands Inc (BRBR) leadership • Q3 2025

    Question

    David Palmer from Evercore ISI followed up on the fiscal 2026 outlook, asking if the company's long-term target of 10-12% growth is a reasonable starting point and if they anticipate gaining market share.

    Answer

    CEO Darcy Horn Davenport reiterated that the company feels positive about its long-term algorithm and the category's momentum. She highlighted BellRing's influential role as a category captain and the impact of innovation but stated that they require a few more months to finalize a specific plan for fiscal 2026.

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    David Palmer's questions to Bellring Brands Inc (BRBR) leadership • Q1 2025

    Question

    David Palmer from Evercore ISI inquired about the key differences in BellRing's growth drivers for fiscal 2025 compared to the prior year, and sought an outlook on the Dymatize brand's performance, particularly the sustainability of its international growth.

    Answer

    President and CEO Darcy Davenport explained that fiscal 2025 growth is fundamentally different due to ample capacity, allowing for a focus on demand-driving activities. Key drivers include the first national advertising campaign since 2021, expanded distribution and innovation, and broader promotional activity in the food channel. For Dymatize, Davenport stated that strong international performance is expected to continue throughout the year, driving the global brand's single-digit growth, while the U.S. business remains pressured by commodity price acceleration.

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    David Palmer's questions to Bellring Brands Inc (BRBR) leadership • Q4 2024

    Question

    David Palmer inquired about the company's strategy for the convenience channel and how an increased advertising spend in the 4% range would position its share of voice within the category.

    Answer

    President and CEO Darcy Davenport explained that the convenience channel is not an immediate focus, as larger opportunities exist in expanding distribution in food and mass channels. She clarified that the single-serve bottle format is a key opportunity within those existing channels. Regarding advertising, she stated that the increased spend will ensure Premier Protein has a competitive share of voice during key buying seasons.

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    David Palmer's questions to B&G Foods Inc (BGS) leadership

    David Palmer's questions to B&G Foods Inc (BGS) leadership • Q2 2025

    Question

    David Palmer from Evercore ISI questioned the second-half base business sales guidance of down 1-2%, asking for reconciliation with MULO data showing a steeper decline.

    Answer

    CFO Bruce Wacha explained that the guidance reflects sequential improvement, with Q1 down 10.5% and Q2 down 4.2%. CEO Casey Keller added that July and early August sales trends were already in the -2% range, supporting the forecast, and noted that B&G Foods' custom database shows a better trend than standard MULO data.

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    David Palmer's questions to B&G Foods Inc (BGS) leadership • Q4 2024

    Question

    David Palmer of Evercore ISI asked how B&G Foods plans to manage its three core segments (Spices, Specialty, Meals) differently regarding growth spending and focus. He also asked which of these segments is expected to show the most improvement in 2025.

    Answer

    CEO Casey Keller outlined the distinct strategies: Spices & Flavor Solutions is positioned for growth, benefiting from trends in fresh food consumption. The Meals business is expected to return to modest growth driven by its Mexican and hot breakfast platforms. The Specialty segment, containing baking staples, will be managed for stable margins and cash flow rather than top-line growth. Keller identified the Meals business as having the most potential for improvement in 2025, citing upcoming innovation and marketing initiatives.

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    David Palmer's questions to B&G Foods Inc (BGS) leadership • Q3 2024

    Question

    David Palmer of Evercore ISI asked if easier comparisons could lead to positive organic sales in Q1 2025 and requested management to rank the top strategic focus areas for driving improvement.

    Answer

    CEO Casey Keller acknowledged that trends should improve sequentially in early 2025 due to easier comps but doesn't expect a return to positive growth until the second half. He ranked the key focus areas as: 1) Spices & Flavor Solutions, 2) Ortega innovation, 3) Crisco pricing and marketing, and 4) Green Giant frozen product launches.

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    David Palmer's questions to Kraft Heinz Co (KHC) leadership

    David Palmer's questions to Kraft Heinz Co (KHC) leadership • Q2 2025

    Question

    David Palmer from Evercore ISI asked about Kraft Heinz's pricing and promotion strategy and the prospects for revitalizing growth in its legacy businesses, particularly as the company contemplates strategic actions.

    Answer

    CEO Carlos Abrams-Rivera and EVP & Global CFO Andre Maciel explained that they are investing in brands for the long term, with pricing running well below inflation. They highlighted improving trends in North America retail (ex-bacon/cold cuts) and strong growth in emerging markets, driven by product renovations and increased marketing spend concentrated in the second half of the year.

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    David Palmer's questions to Kraft Heinz Co (KHC) leadership • Q1 2025

    Question

    David Palmer asked about the company's plans for pricing offsets to higher inflation, particularly concerning rising price elasticities. He also noted that Kraft Heinz's promotional volume appears to be well below 2019 levels compared to peers and asked about the strategy behind this.

    Answer

    CEO Carlos Abrams-Rivera stated the promotional strategy is disciplined, focusing on events with good ROI that build base volume, such as linking promotions to renovated products like Lunchables and Capri Sun to drive trial. Executive Andre Maciel added that while the company is using all levers (sourcing, formulation, productivity) to minimize tariff-related price increases, pricing might still be necessary as a final measure.

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    David Palmer's questions to Hershey Co (HSY) leadership

    David Palmer's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    David Palmer asked if the announced mid-teens pricing for 2026 is inclusive of potential tariffs and what would happen if a cocoa tariff exemption is granted. He also sought to clarify the expected price/mix flow-through in 2026.

    Answer

    SVP & CFO Steve Voskuil stated clearly that the announced pricing is strictly to catch up on cocoa inflation and has nothing to do with tariffs. He indicated it's too early to discuss the next steps if tariffs are exempted. He confirmed that the company expects to see a double-digit price/mix contribution flowing through to the P&L starting in Q1 2026.

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    David Palmer's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    David Palmer from Evercore ISI asked for clarification on whether the announced mid-teens pricing for 2026 includes potential tariffs and what the expected price/mix flow-through would be for North American confectionery.

    Answer

    SVP & CFO Steve Voskuil stated explicitly that the announced pricing is strictly to catch up on cocoa inflation and has 'nothing to do with tariffs.' He confirmed that the company expects to see a double-digit price/mix contribution flowing through to North American confectionery results starting in Q1 2026.

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    David Palmer's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    David Palmer asked if the planned mid-teens pricing for 2026 includes potential tariff-related pricing and what would happen if a cocoa tariff exemption is granted. He also sought clarification on the expected price/mix flow-through in 2026.

    Answer

    SVP & CFO Steve Voskuil stated unequivocally that the announced pricing is 'strictly a catch up on cocoa' and has 'nothing to do with tariffs.' He noted it was too early to discuss next steps on tariff-related pricing. He confirmed the company expects a double-digit price/mix contribution to flow through in 2026, starting in Q1.

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    David Palmer's questions to Hershey Co (HSY) leadership • Q1 2025

    Question

    David Palmer inquired if Hershey could achieve growth in its everyday (non-seasonal) chocolate business in the second half and asked if the current strength in the sweets category is a temporary moment or a long-term trend.

    Answer

    CEO Michele Buck expressed confidence in achieving low single-digit growth in everyday CMG in the back half, driven by strong innovation. She asserted that the sweets category's growth is a long-term trend, supported by consumer palate shifts, demographics, and innovation.

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    David Palmer's questions to Starbucks Corp (SBUX) leadership

    David Palmer's questions to Starbucks Corp (SBUX) leadership • Q3 2025

    Question

    David Palmer of Evercore ISI inquired about the long-term margin evolution, asking if a return to pre-COVID levels (around 17% corporate-wide) is a reasonable expectation and over what timeframe.

    Answer

    EVP & CFO Cathy Smith confirmed an Investor Day is planned for early 2026 to detail long-term goals. She described 2019 margins as a 'good guidepost,' contingent on driving top-line growth. Chairman & CEO Brian Niccol added that he does not believe Starbucks 'over-earned' in the past and has aspirations to meet and hopefully exceed those prior margin levels by building a 'better Starbucks.'

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    David Palmer's questions to Starbucks Corp (SBUX) leadership • Q3 2025

    Question

    David Palmer from Evercore ISI inquired about the company's long-term margin potential, asking if a return to pre-COVID levels (around 17% corporate-wide) is a reasonable expectation and what the key drivers and timeline would be.

    Answer

    CFO Cathy Smith described 2019 margins as a 'good guidepost' and confirmed the team is working on a clear path to get there, contingent on driving top-line growth first. CEO Brian Niccol added that he does not believe Starbucks 'over-earned' in the past and has aspirations to meet and hopefully exceed those levels. He confirmed more details will be shared at an Investor Day in early 2026.

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    David Palmer's questions to Starbucks Corp (SBUX) leadership • Q2 2025

    Question

    David Palmer inquired about Starbucks' strategic shift towards labor investments and order sequencing over equipment to enhance store speed and throughput, asking about the potential OpEx versus CapEx implications and the timeline for these improvements.

    Answer

    Brian Niccol, Chairman and Chief Executive Officer, confirmed the strategy, stating that staffing and technology pilots are proving more effective than capital-intensive equipment. He noted the pilot is scaling to over 3,000 stores by fiscal year-end but said it was too early for specific cost figures, emphasizing a focus on finding material cost offsets and driving growth to improve margins.

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    David Palmer's questions to Starbucks Corp (SBUX) leadership • Q1 2025

    Question

    David Palmer from Evercore ISI questioned if the previously stated $4 billion productivity opportunity through 2028, largely from COGS, is still a valid target for the company.

    Answer

    CFO Rachel Ruggeri confirmed that driving efficiencies remains a key focus, citing 150 basis points of margin expansion from in-store and out-of-store efficiencies in Q1. However, she advised against sticking to the $4 billion figure, stating the company is still determining the right level of efficiencies going forward as part of the 'Back to Starbucks' strategy.

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    David Palmer's questions to Starbucks Corp (SBUX) leadership • Q4 2024

    Question

    David Palmer followed up on the back-of-bar changes, asking if the plan is simply a faster rollout of the existing Siren System vision or a more fundamental departure. He also asked for current service times versus the 4-minute goal and the primary bottlenecks.

    Answer

    CEO Brian Niccol clarified that the main change is the implementation of a clear operating standard: a sub-4-minute service time, which previously lacked clarity. He noted that current service times are already under 4 minutes for about 50% of transactions. The key bottlenecks vary by store and include food preparation, cold beverage mix, and mobile order volume, which the Siren system is designed to address systemically.

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    David Palmer's questions to Chipotle Mexican Grill Inc (CMG) leadership

    David Palmer's questions to Chipotle Mexican Grill Inc (CMG) leadership • Q2 2025

    Question

    David Palmer of Evercore ISI inquired about the effectiveness of recent digital marketing initiatives, such as 'Summer of Extras,' and the strategies for re-engaging lapsed customers.

    Answer

    CEO Scott Boatwright explained that 'Summer of Extras' was highly successful, engaging 5 million people and increasing new enrollments by 14% year-over-year. He noted it drove incremental frequency, particularly among low-frequency users. He also introduced a forthcoming 'win back journey' program, which will use AI to aggressively target and re-engage lapsed or near-lapsing consumers.

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    David Palmer's questions to Chipotle Mexican Grill Inc (CMG) leadership • Q1 2025

    Question

    David Palmer asked if consumer data showed a trade-down to QSR and how the Chipotle Honey Chicken LTO's performance compared to past successful LTOs like Chicken al Pastor.

    Answer

    CEO Scott Boatwright stated that data shows Chipotle gaining share from all restaurant segments and that the mix percentage for Chipotle Honey Chicken is outpacing that of Chicken al Pastor. CFO Adam Rymer added the LTO is driving an estimated 100-200 basis points in incremental transactions, a strong result in a challenging environment.

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    David Palmer's questions to Chipotle Mexican Grill Inc (CMG) leadership • Q4 2024

    Question

    David Palmer of Evercore ISI questioned the key comparable sales drivers for 2025 beyond LTOs, asking about the potential lift from throughput improvements, seasonal strategies, and personalized marketing initiatives.

    Answer

    CEO Scott Boatwright emphasized a 'flywheel' effect from operations, marketing, and digital strategy. He highlighted that operations are on strong footing with record-low turnover, with a key unlock being the modernization of the back-of-house to improve throughput. He also mentioned an extraordinary marketing plan with more linear TV and a new digital AI assistant to personalize customer journeys and reduce churn.

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    David Palmer's questions to Chipotle Mexican Grill Inc (CMG) leadership • Q3 2024

    Question

    David Palmer asked for more details on the potential for AI-enabled customized marketing and its impact on comps. He also inquired about the relationship between improved throughput in entrees per minute and labor hours, which appeared flat despite traffic growth.

    Answer

    Interim CEO Scott Boatwright explained that while it's early, the company is experimenting with AI to create truly bespoke loyalty experiences based on user history, which could drive incremental value. Regarding labor, CFO Adam Rymer stated there is no direct relationship beyond normal sales leverage. Scott Boatwright added that the key is better deployment of existing labor from back-of-house tasks to guest-facing roles during peak times, not necessarily fewer hours.

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    David Palmer's questions to Conagra Brands Inc (CAG) leadership

    David Palmer's questions to Conagra Brands Inc (CAG) leadership • Q4 2025

    Question

    David Palmer inquired about Conagra's strategy on price and promotion versus other growth spending, and the expected cadence of price/mix versus costs in fiscal 2026.

    Answer

    President & CEO Sean Connolly asserted that Conagra knows how to drive volume growth through its model of innovation, in-store displays, and marketing, which was working before supply constraints. He noted service levels are now back to 98%. EVP & CFO David Marberger added that while specific price/mix guidance isn't provided, sales are expected to be down slightly in H1 and up slightly in H2, reflecting both investments and pricing actions.

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    David Palmer's questions to General Mills Inc (GIS) leadership

    David Palmer's questions to General Mills Inc (GIS) leadership • Q4 2025

    Question

    David Palmer requested clarification on the fiscal 2025 category growth rate and asked which specific categories and brands are the 'must get rights' for sales improvement in fiscal 2026.

    Answer

    VP of Investor Relations Jeff Siemon clarified that the comment on below-average growth referred to global categories, with Pet, China, and Europe being key drivers. CEO Jeffrey Harmening responded that he expects broad-based improvement, emphasizing that growth must come from the company's largest and most important categories to be impactful. The focus is on improving competitiveness rather than relying on category acceleration.

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    David Palmer's questions to General Mills Inc (GIS) leadership • Q4 2025

    Question

    David Palmer of Evercore ISI sought clarification on the fiscal 2025 category growth figures and asked which specific categories and brands are the "must get rights" for improvement in fiscal 2026.

    Answer

    VP of IR Jeff Siemon clarified that the commentary on below-average growth referred to the global portfolio, with Pet and some international markets like China growing slower than long-term targets. Chairman & CEO Jeffrey Harmening responded that he expects broad-based improvement across all major categories, driven by enhanced marketing, innovation, and value, rather than focusing on just a few areas.

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    David Palmer's questions to General Mills Inc (GIS) leadership • Q3 2025

    Question

    David Palmer asked about the company's innovation strategy for fiscal '26, questioning how the level of activity will compare to fiscal '25 and what changes in messaging or type of innovation give management confidence in its success.

    Answer

    CEO Jeffrey Harmening acknowledged that industry innovation is below pre-pandemic levels but noted General Mills is improving. He outlined the fiscal '26 strategy as focusing on 'fewer but bigger' innovations, particularly in the first half of the year, and providing more robust support for both new launches and recent successful introductions like Nature Valley Protein Granola.

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    David Palmer's questions to General Mills Inc (GIS) leadership • Q3 2025

    Question

    David Palmer noted that food industry innovation has lagged pre-COVID levels and asked how General Mills' innovation activity for fiscal '26 will compare to '25, and what specific changes in strategy give them confidence in its future success.

    Answer

    CEO Jeffrey Harmening acknowledged that innovation as a percentage of sales is below pre-pandemic levels, though it is up year-over-year. He stated the strategy for fiscal '26 will be 'fewer but bigger' innovations, particularly in the first half of the year. He also stressed the need to more robustly support existing successful innovations like Nature Valley Granola protein.

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    David Palmer's questions to Darden Restaurants Inc (DRI) leadership

    David Palmer's questions to Darden Restaurants Inc (DRI) leadership • Q4 2025

    Question

    David Palmer from Evercore ISI inquired about the specifics of Uber Direct's impact at Olive Garden, including its mix, same-store sales contribution in Q4, and its incremental margin. He also asked about the potential rollout to other brands like LongHorn and any associated hurdles.

    Answer

    CFO Raj Vennam stated that Uber Direct accounted for 3.5% of Olive Garden's Q4 sales, contributing roughly 2% to incremental sales with a minimal impact on margins. President & CEO Rick Cardenas added that the successful Cheddar's rollout shows the model is replicable, but expansion to other brands depends on their ability to provide a high-quality curbside experience, as drivers do not enter the restaurants. He noted another brand may begin testing around the start of the next calendar year.

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    David Palmer's questions to Darden Restaurants Inc (DRI) leadership • Q3 2025

    Question

    David Palmer asked about the potential impact of the flu season on quarterly results, sought insights into why the casual dining segment is demonstrating notable resilience, and questioned if Darden's M&A strategy is shifting.

    Answer

    President and CEO Ricardo Cardenas responded that weather had a more significant impact than any potential flu effects. He suggested casual dining's strength may be due to consumers prioritizing dining out as a primary way to 'treat themselves.' Regarding M&A, Cardenas affirmed the current focus is on integrating the recent Chuy's acquisition, with capital allocation strategies remaining an ongoing discussion with the Board.

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    David Palmer's questions to Darden Restaurants Inc (DRI) leadership • Q2 2025

    Question

    David Palmer asked why Olive Garden's sales gap to the industry isn't wider, given its high customer satisfaction, and questioned if lower advertising spend compared to pre-COVID levels was a factor.

    Answer

    Executive Ricardo Cardenas explained that the sales gap is narrowing as expected after years of significant outperformance and that Darden has strategically avoided deep discounting. Executive Rajesh Vennam clarified that the overall marketing spend reduction is primarily driven by LongHorn, with Olive Garden's spend down only about 25-30%, not half as suggested.

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    David Palmer's questions to Darden Restaurants Inc (DRI) leadership • Q1 2025

    Question

    David Palmer asked for details on the consumer-facing delivery fee for the Uber partnership and its effect on Darden's margins compared to a standard takeout order. He also requested a diagnosis of Olive Garden's performance relative to the industry, contrasting it with LongHorn's continued outperformance.

    Answer

    President and CEO Rick Cardenas and CFO Raj Vennam explained the delivery fee is transparently paid by the guest and consists of a fixed fee around $5 plus 5% of the order total, resulting in no margin dilution for Darden versus a pickup order. Cardenas attributed LongHorn's success to strong operational execution in the steak category, where consumers seek value and quality over cooking at home. He noted that Olive Garden is seeing fewer infrequent guests but is not losing its core customers to competitors' deep discounts.

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    David Palmer's questions to Hain Celestial Group Inc (HAIN) leadership

    David Palmer's questions to Hain Celestial Group Inc (HAIN) leadership • Q3 2025

    Question

    David Palmer inquired about the specific execution issues hindering growth in Hain's key Snack (Garden Veggie) and Infant Nutrition (Earth's Best) categories, asking what internal processes need fixing and how the competitive landscape has evolved.

    Answer

    CFO Lee Boyce acknowledged that 80% of the top-line shortfall originated in North America, primarily from Snacks. He attributed this to underperforming promotions, overall category softness, and execution challenges with retail resets. For Baby & Kids, he noted that while underlying trends in formula and snacks are strong, performance was muted by the lap of a significant customer loss. Boyce emphasized that accelerating brand renovation and improving commercial execution are key priorities.

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    David Palmer's questions to Hain Celestial Group Inc (HAIN) leadership • Q4 2024

    Question

    David Palmer of Evercore ISI asked if syndicated scanner data is a reliable proxy for North American organic sales or if non-measured channels would create a gap. He also inquired about the potential size of the baby formula business once it is fully unconstrained from supply issues.

    Answer

    CEO Wendy Davidson explained that only about 45% of total Hain sales are visible in scanner data, which will be affected by noise from Personal Care exits and a promotional shift in snacks. On formula, she stated the goal is to recapture the #1 position in the 'better for you' sub-segment. Since the category has grown, the business has the potential to be larger than it was two years ago.

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    David Palmer's questions to Mondelez International Inc (MDLZ) leadership

    David Palmer's questions to Mondelez International Inc (MDLZ) leadership • Q1 2025

    Question

    David Palmer asked if factors beyond low-income consumer confidence were impacting the U.S. snacking market and inquired about the growth outlook for emerging markets following a Q1 slowdown.

    Answer

    CEO Dirk Van de Put stated the U.S. snacking softness is primarily driven by broad consumer uncertainty and a shift to essentials, with a secondary factor being a growing health and wellness trend. For emerging markets, he expects an acceleration from Q1's 4% growth, anticipating a recovery in India, continued strength in China, and steady performance in Brazil and Mexico, supported by distribution gains.

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    David Palmer's questions to Mondelez International Inc (MDLZ) leadership • Q4 2024

    Question

    David Palmer asked a theoretical question about whether Mondelez believes it can, over a multi-year period, price to offset cocoa input inflation and normalize its long-term growth algorithm. He also asked about the timeline and key factors for deciding on the necessity of additional pricing actions.

    Answer

    CFO Luca Zaramella affirmed the company's ability to manage profitability. He explained that if cocoa prices remain high, the company will implement further pricing in 2026, using multiple waves to acclimate consumers. If prices fall, the existing pricing structure would lead to strong earnings. He noted that 2025 pricing plans are largely set, but decisions for H2 and 2026 will be made later in the year based on new crop data and demand signals.

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    David Palmer's questions to Mondelez International Inc (MDLZ) leadership • Q3 2024

    Question

    David Palmer questioned the timing for when Mondelez might have enough visibility on cocoa costs and price elasticities to provide a narrow EPS range for 2025. He also asked for perspective on why the U.S. confectionery market is weak compared to Mondelez's experience with chocolate in Europe.

    Answer

    CFO Luca Zaramella projected that clarity on cocoa prices should emerge in the next one to two months, with the supply situation becoming clearer by January/February. He noted that the full effect of pricing and elasticities in Europe would be more visible towards the end of Q1 or beginning of Q2. Regarding U.S. confectionery, Luca Zaramella declined to comment specifically but attributed Mondelez's success in its own markets to consistent, long-term brand building, investment in marketing, and strong execution.

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    David Palmer's questions to Krispy Kreme Inc (DNUT) leadership

    David Palmer's questions to Krispy Kreme Inc (DNUT) leadership • Q4 2024

    Question

    David Palmer asked how the $10 million Q4 cybersecurity impact was calculated, the estimated drag for Q1, and for details on the logistics outsourcing timeline and its financial impact.

    Answer

    CFO Jeremiah Ashukian explained the $10 million Q4 impact was calculated from quantifiable lost online sales and estimated labor and material inefficiencies. He did not quantify the Q1 drag but noted it shifted from lost sales to efficiency impacts. Regarding logistics, he stated the plan is to transition half the fleet by year-end, targeting an EBIT-neutral outcome for 2025, with potential cash flow benefits from payment terms.

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    David Palmer's questions to Krispy Kreme Inc (DNUT) leadership • Q3 2024

    Question

    David Palmer of Evercore ISI asked for early learnings from the McDonald's rollout, details on associated start-up costs, and what actions are being taken to ensure U.S. EBITDA margin growth in 2025 following the Q3 margin shortfall.

    Answer

    CEO Joshua Charlesworth shared that key learnings confirm the model is working as expected, with the biggest challenge being the operational logistics of adding hundreds of delivery points at once. CFO Jeremiah Ashukian reiterated that they are investing ahead of the curve in equipment, facilities, and training. He stated that daily meetings and real-time course corrections are in place to manage the rollout effectively, and they expect U.S. EBITDA margins to improve in the second half of 2025 as they scale.

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    David Palmer's questions to WK Kellogg Co (KLG) leadership

    David Palmer's questions to WK Kellogg Co (KLG) leadership • Q4 2024

    Question

    David Palmer questioned the path to positive price/mix given negative scanner data trends and asked if the company's plan assumes current market share loss trends will continue.

    Answer

    CFO David McKinstray explained that positive price realization is driven by lapping 2024 PPA activity, with an expectation for price and volume to align more closely in the second half of 2025. CEO Gary Pilnick reiterated that a stable top line is the key to their model and noted that the share decline was primarily driven by the Special K brand, while most other core brands performed well.

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    David Palmer's questions to WK Kellogg Co (KLG) leadership • Q3 2024

    Question

    David Palmer sought clarification on the 2025 top-line outlook, asking if 'similar to '24' meant roughly -1% growth. He also asked about the potential for positive organic sales in Q1 2025 and the strategy for wellness-oriented brands like Kashi, Bear Naked, and Special K.

    Answer

    Gary Pilnick, Chairman and CEO, maintained a high-level view, stating the 2025 growth rate would be similar to the company's long-term algorithm and deferred specifics to February. On wellness, he agreed it's a growing space where WK Kellogg Co. can compete more effectively, highlighting the turnaround in Bear Naked as supply improves and affirming it as a significant opportunity.

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    David Palmer's questions to WK Kellogg Co (KLG) leadership • Q3 2024

    Question

    David Palmer requested clarification on the 2025 top-line growth outlook, asking if 'similar to '24' implied negative growth. He also asked about the wellness trend within cereal and the company's strategy for its premium brands like Kashi and Bear Naked.

    Answer

    Gary Pilnick, Chairman and CEO, declined to provide a specific growth number for 2025 but expressed confidence in the company's growth algorithm. On wellness, he agreed it is a significant opportunity, noting the growth in the Granola and Premium segments. He highlighted the improving performance of Bear Naked, stating 'when it's on shelf, it performs,' and affirmed the company's focus on the Natural & Organic space.

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    David Palmer's questions to Kellanova (K) leadership

    David Palmer's questions to Kellanova (K) leadership • Q2 2024

    Question

    David Palmer sought clarification on North America Snacks' consumption growth, noting that tracked channel data appeared down. He asked if growth came from unmeasured channels and if a return to growth in measured channels is expected in the second half.

    Answer

    Steven Cahillane, Chairman, President and CEO, confirmed that the overall consumption growth was driven by strong performance in unmeasured channels, specifically Canada and the away-from-home business. He affirmed the expectation for measured channels to improve and show growth in the second half of the year as the full commercial activation plans for brands like Cheez-It, Rice Krispies Treats, and Pop-Tarts gain traction, mirroring the recent success seen with Pringles.

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    David Palmer's questions to Kellanova (K) leadership • Q1 2024

    Question

    David Palmer of Evercore ISI questioned if the low-single-digit organic sales growth guidance for North America Snacks still holds and asked for specific metrics demonstrating the year-over-year supply chain improvement.

    Answer

    Chairman, President and CEO Steven Cahillane confirmed that the volume performance in North America is improving and the balance between price and volume is getting better, driven by a return to full merchandising. He stated the supply chain is now performing at pre-pandemic 'high watermarks' in terms of on-time, in-full metrics, and productivity initiatives are back to pre-pandemic levels, which provides confidence in their plans.

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    David Palmer's questions to Restaurant Brands International LP (RSTRF) leadership

    David Palmer's questions to Restaurant Brands International LP (RSTRF) leadership • Q1 2024

    Question

    David Palmer of Evercore ISI asked for color on Tim Hortons Canada's performance trend through Q1 and into Q2, given negative macro headlines, and questioned if the brand needed to adjust its value strategy like some U.S. peers.

    Answer

    CEO Josh Kobza declined to provide intra-quarter specifics but confirmed Tim Hortons is taking market share in Canada. He explained that the brand's established leadership in value-for-money rankings positions it exceptionally well for a tougher consumer environment, suggesting a major strategic shift on value is not necessary.

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    David Palmer's questions to QSP.UN.TO leadership

    David Palmer's questions to QSP.UN.TO leadership • Q1 2024

    Question

    David Palmer of Evercore ISI asked for an update on Tim Hortons Canada's performance through the quarter, given negative macro headlines, and questioned if a value strategy adjustment is needed, similar to trends in the U.S. market.

    Answer

    CEO Josh Kobza declined to provide intra-quarter specifics but confirmed they are taking market share. He emphasized that Tim Hortons already holds the top value-for-money ranking in Canada, which positions it well in any consumer environment, suggesting a major strategic shift on value is not needed.

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