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    Jim Salera • Stephens Inc.

    Jim Salera's questions to Flowers Foods Inc (FLO) leadership

    Jim Salera's questions to Flowers Foods Inc (FLO) leadership • Q2 2025

    Question

    Jim Salera asked about the successful launch of Wonder snack cakes, specifically why they did not cannibalize Tastykake sales. He also inquired about Simple Mills' role in the company's innovation strategy and its distribution presence in the club channel.

    Answer

    Chairman & CEO A. Ryals McMullian explained that while geographic differences contribute—Tastykake being strong in the Mid-Atlantic and Wonder being national—he was pleasantly surprised by the minimal cannibalization. He noted the Wonder launch has exceeded all expectations. McMullian clarified that while his broader innovation comments pertained to the core portfolio, Simple Mills will also accelerate its innovation cycle. He confirmed Simple Mills has a presence in the club channel through rotations and continues to grow its distribution points.

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    Jim Salera's questions to Flowers Foods Inc (FLO) leadership • Q2 2025

    Question

    Jim Salera asked about the successful Wonder cake launch, questioning why it did not cannibalize Tastykake sales. He also inquired about Simple Mills' role in the company's innovation strategy and its distribution presence in the club channel.

    Answer

    CEO A. Ryals McMullian expressed pleasant surprise at the lack of cannibalization, attributing it to geographic differences, with Tastykake strong in the Mid-Atlantic and Wonder being a national brand. He noted the Wonder launch exceeded expectations. McMullian clarified that while his primary innovation comments were about the core portfolio, Simple Mills will also innovate aggressively. He confirmed Simple Mills has a standard rotation in the club channel and continues to grow distribution points, performing well despite a distributor's cyber attack.

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    Jim Salera's questions to Wendy's Co (WEN) leadership

    Jim Salera's questions to Wendy's Co (WEN) leadership • Q2 2025

    Question

    Jim Salera of Stephens Inc. requested a debrief on why the Takis collaboration fell short after a strong start and asked for an update on the performance of the new Wednesday LTO compared to past collaborations.

    Answer

    Interim CEO & CFO Ken Cook explained that the Takis promotion saw a drop-off after week one due to lower-than-expected secondary trial. He identified this as a learning opportunity to conduct more robust testing on future collaborations to optimize elements like duration. He stated that the Wednesday collaboration, which just launched, is performing in line with expectations.

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    Jim Salera's questions to Wendy's Co (WEN) leadership • Q4 2024

    Question

    Jim Salera of Stephens Inc. asked if the expected 2025 traffic improvement would come from Wendy's-specific efforts or general industry recovery, and what the company assumes for industry messaging between value and experience.

    Answer

    CEO Kirk Tanner stated the improvement will be a combination of both, as they expect the industry to improve but their primary goal is to outperform the category. He noted that value remains critical for consumers, and Wendy's will leverage its Biggie Bag platform, which he described as a high-quality value proposition. The company plans to innovate on this platform to elevate the value experience for customers.

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    Jim Salera's questions to Texas Roadhouse Inc (TXRH) leadership

    Jim Salera's questions to Texas Roadhouse Inc (TXRH) leadership • Q2 2025

    Question

    Jim Salera from Stephens Inc. asked for details on the growth strategy for Bubba's 33, including its regional expansion plan and methods for engaging new guests as the brand's visibility increases.

    Answer

    CEO Gerald Morgan explained that the growth strategy for Bubba's 33, which is now in 16 states, involves building out territories around multi-unit operators. He emphasized that the focus has been on stabilizing leadership and perfecting menu execution, which now allows the company to develop the brand at a higher rate than in recent years.

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    Jim Salera's questions to Celsius Holdings Inc (CELH) leadership

    Jim Salera's questions to Celsius Holdings Inc (CELH) leadership • Q2 2025

    Question

    Jim Salera asked about the expected growth pacing for Alani Nu in the second half of the year against tougher comps and requested an update on its household penetration.

    Answer

    CFO Jarrod Langhans acknowledged that comps will be tougher for Alani but expects solid growth to continue, driven by the core portfolio and upcoming LTOs. CEO John Fieldly reiterated the household penetration figures, stating the combined portfolio is at 43%, with Alani at 22% and Celsius at 34%. He emphasized that both brands have a significant runway for growth and are attracting new consumers.

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    Jim Salera's questions to Sunopta Inc (STKL) leadership

    Jim Salera's questions to Sunopta Inc (STKL) leadership • Q2 2025

    Question

    Jim Salera from Stephens Inc. asked about the drivers behind the strong growth in shelf-stable plant-based milk, which appears disconnected from syndicated data. He sought to understand if the growth stems from existing customers gaining share or from new brands entering the category and choosing SunOpta.

    Answer

    CEO Brian Kocher explained that tracked channel data is uncorrelated with their performance as it represents less than 20% of the total category, with foodservice and club channels being the primary growth drivers. He confirmed the growth is heavily weighted towards SunOpta's existing customers gaining significant market share, though new entrants also contribute. Kocher emphasized the strength of the entire diversified portfolio, including broth and fruit snacks.

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    Jim Salera's questions to Portillos Inc (PTLO) leadership

    Jim Salera's questions to Portillos Inc (PTLO) leadership • Q2 2025

    Question

    Jim Salera of Stephens Inc. asked for insights into the Portillo's Perks loyalty program's geographic reach and its potential in expansion markets, and also inquired if new market AUVs could accelerate in 2026.

    Answer

    CEO Michael Osanloo highlighted the success of the new Perks program, which has reached 1.9 million members across just 95 restaurants, calling it a powerful future tool for acquisition and frequency. CFO Michelle Hook noted that while the company is still learning the sales curves in new markets, the long-term AUV target of $5.9M-$6.3M by year three for new classes of restaurants remains the goal.

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    Jim Salera's questions to Bellring Brands Inc (BRBR) leadership

    Jim Salera's questions to Bellring Brands Inc (BRBR) leadership • Q3 2025

    Question

    Jim Salera from Stephens Inc. asked about the future promotional cadence, considering that increased industry capacity might lead to more new brands launching with heavy promotional support.

    Answer

    CEO Darcy Horn Davenport stated that she expects the company's promotional cadence to remain consistent with historical patterns, which follow consumer behavior. She outlined the typical cycle: low promotions in Q1, a peak in Q2 (Jan-Mar), minor activity in Q3, and another significant period in Q4 for back-to-school. She noted fiscal 2025 marked a return to this full promotional schedule.

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    Jim Salera's questions to First Watch Restaurant Group Inc (FWRG) leadership

    Jim Salera's questions to First Watch Restaurant Group Inc (FWRG) leadership • Q2 2025

    Question

    Jim Salera of Stephens Inc. inquired about the shift in First Watch's customer base to a younger demographic, asking whether it was driven by geographic expansion or the growth in third-party delivery. He also questioned if there were notable differences in visit frequency or average check size for these younger consumers.

    Answer

    President & CEO Chris Tomasso confirmed the demographic shift is due to a combination of factors, including entering new markets, an evolved restaurant prototype, advanced culinary offerings, and a strong social media presence. He noted that while there are no massive shifts in menu mix, the introduction of alcohol has also helped attract a younger audience. Tomasso emphasized the company's focus on continuous evolution to maintain long-term relevance.

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    Jim Salera's questions to Freshpet Inc (FRPT) leadership

    Jim Salera's questions to Freshpet Inc (FRPT) leadership • Q2 2025

    Question

    Jim Salera from Stephens Inc. asked about the potential long-term challenges from durable trends like return-to-office and high housing costs on dog ownership. He also inquired about the potential for more innovation in the cat food category.

    Answer

    CEO Billy Cyr acknowledged these trends as cyclical headwinds, particularly affecting pet adoption by younger generations, but stated the company's focus remains on controllable factors like advertising and innovation. Regarding cat food, he noted that while the market is attractive and growing, developing products for cats is complex and not a primary focus for this year, though they remain interested in the opportunity long-term.

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    Jim Salera's questions to Freshpet Inc (FRPT) leadership • Q2 2025

    Question

    Jim Salera inquired about the potential for persistent challenges from durable trends like return-to-office mandates and high housing costs on dog ownership, and whether this might lead to a strategic pivot toward cat food.

    Answer

    CEO Billy Cyr acknowledged these trends as cyclical headwinds that currently suppress pet acquisition among younger generations. However, he stated the company's focus remains on controllable factors like advertising, innovation, and operational execution. While interested in the growing cat food market, he clarified that it requires a different strategy and product format, and is not a primary focus for the current year.

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    Jim Salera's questions to TreeHouse Foods Inc (THS) leadership

    Jim Salera's questions to TreeHouse Foods Inc (THS) leadership • Q2 2025

    Question

    Jim Salera from Stephens Inc. inquired about TreeHouse's innovation strategy, asking whether private label primarily follows branded innovation and if increased branded innovation could detract from private label's focus. He also asked if TreeHouse's scale provides a structural advantage over peers in innovation.

    Answer

    CEO Steven Oakland described TreeHouse's innovation model as being a 'fast follower' of established branded trends, citing examples like seasoned pretzels and cold brew coffee. He affirmed that the company's balance sheet, size, and scale provide a significant competitive advantage, especially in a high-cost capital environment, allowing them to invest and acquire capabilities faster than smaller competitors.

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    Jim Salera's questions to Wingstop Inc (WING) leadership

    Jim Salera's questions to Wingstop Inc (WING) leadership • Q2 2025

    Question

    Jim Salera of Stephens Inc. requested more detail on the record new unit openings, asking about the mix between established and expansion markets and whether the Smart Kitchen could enable higher restaurant density. He also asked for a preview of marketing plans for the upcoming football season, particularly with increased visibility on third-party delivery platforms.

    Answer

    President and CEO Michael Skipworth described the development as highly diversified, with Q2 openings across 46 states. He clarified that the Smart Kitchen strengthens existing strategies to capture more market share rather than directly enabling higher density. For the fall, Skipworth noted that Q4 will see the highest media investment of the year, with plans to continue leveraging successful partnerships like the NFL and NBA without a fundamental shift in strategy.

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    Jim Salera's questions to Vita Coco Company Inc (COCO) leadership

    Jim Salera's questions to Vita Coco Company Inc (COCO) leadership • Q2 2025

    Question

    Jim Salera of Stephens Inc. asked for clarification on the gross margin cadence for the second half of the year and whether the full-year guidance of 36% is achievable if a potential 19% tariff on products from the Philippines materializes. He also asked for a good dollar run-rate for the U.S. private label business.

    Answer

    CFO Corey Baker confirmed Q3 gross margins would be sequentially lower due to the timing of tariff impacts and pricing actions, before improving in Q4 to meet the full-year target of approximately 36%. Executive Chairman Michael Kirban stated that while the tariff situation is fluid, the company believes it can manage higher rates through a combination of margin mix, declining ocean freight, and potential pricing. Baker suggested the private label baseline should grow from Q2 levels.

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    Jim Salera's questions to Hershey Co (HSY) leadership

    Jim Salera's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    Jim Salera from Stephens Inc. asked about the drivers of outperformance in the salty snacks portfolio, particularly Dots and Skinny Pop, and inquired about opportunities to expand multipack distribution and innovation.

    Answer

    Chairman, President & CEO Michele Buck attributed the salty snacks' success to their permissible and premium positioning, continued household penetration gains, and effective marketing. She highlighted flavor innovation, price pack architecture, and new products like Reese's filled pretzels as key drivers. She confirmed that multipacks are a significant growth lever with a lot of upside ahead.

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    Jim Salera's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    Jim Salera asked about the drivers of strength in the salty snacks portfolio, particularly Dots and Skinny Pop, and inquired about opportunities to expand multipack distribution and leverage innovation within that format.

    Answer

    Chairman, President & CEO Michele Buck attributed the salty snack success to the portfolio's permissible and premium halo, strong consumer momentum, and increased household penetration. She highlighted marketing, flavor innovation like Buffalo Dots, and price pack architecture as key levers. She confirmed that multipacks are a significant growth area where Hershey is expanding its SKU count and gaining distribution, with a lot of upside remaining.

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    Jim Salera's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    Jim Salera asked about the drivers of strength in the salty snacks portfolio, specifically Dot's and SkinnyPop, and inquired about the opportunity to expand multipack distribution.

    Answer

    Chairman, President & CEO Michele Buck attributed the salty snacks' success to their permissible/premium positioning, continued gains in household penetration and distribution, and effective marketing. She confirmed that multipacks are a significant growth lever with substantial upside, and the company is actively expanding its SKU portfolio and distribution in that format.

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    Jim Salera's questions to Cheesecake Factory Inc (CAKE) leadership

    Jim Salera's questions to Cheesecake Factory Inc (CAKE) leadership • Q2 2025

    Question

    Jim Salera requested the Q2 comparable sales breakdown for North Italia and asked about the drivers of its softness. He also inquired about customer trends at North Italia by income bracket.

    Answer

    Etienne Marcus, VP of Finance & IR, provided the comp breakdown: 4% price, -1% mix, and -4% traffic. Matthew Clark, Executive VP & CFO, clarified that the negative comp is misleading due to significant sales transfer from highly successful new units. He noted that netting out this impact, the comp would be around 1%. He added that North Italia attracts a slightly higher-income but still broad, aspirational demographic, evidenced by strong performance in new markets.

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    Jim Salera's questions to Simply Good Foods Co (SMPL) leadership

    Jim Salera's questions to Simply Good Foods Co (SMPL) leadership • Q3 2025

    Question

    Jim Salera asked for an update on the average number of Quest SKUs at retail and future targets, as well as whether a 36-37% gross margin range is a fair assumption for fiscal 2026 given commodity and tariff headwinds.

    Answer

    CEO Geoff Tanner stated there is no specific target SKU count for Quest, emphasizing a significant runway for distribution growth both in and out of its core aisle. CFO Chris Bealer declined to provide a specific FY26 gross margin range due to uncertainties like tariffs but noted H1 will be challenged. Tanner reiterated the company's long-term goal is a high-30s gross margin, which they aim to recover via productivity and pricing.

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    Jim Salera's questions to Darden Restaurants Inc (DRI) leadership

    Jim Salera's questions to Darden Restaurants Inc (DRI) leadership • Q4 2025

    Question

    Jim Salera of Stephens Inc. requested a traffic and ticket breakdown for Olive Garden's quarterly performance and asked about the customer impact of the 'Buy One, Take One' promotion. He also inquired about the planned promotional cadence for fiscal 2026.

    Answer

    CFO Raj Vennam detailed Olive Garden's comp, noting underlying traffic was over 2% (closer to 3% including catering), with pricing at 2.7% and positive mix. He stated 'Buy One, Take One' attracts both new and frequent guests without hurting margins. President & CEO Rick Cardenas added that while specific promotional plans are competitive, Olive Garden has a proven ability to react to the market environment and will continue to invest in marketing.

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    Jim Salera's questions to Darden Restaurants Inc (DRI) leadership • Q3 2025

    Question

    Representing Jim Salera, Tyler Klaus asked how Darden's marketing mix has evolved since pre-COVID times and inquired about the company's exposure to potential tariffs on kitchen equipment and building materials.

    Answer

    President and CEO Ricardo Cardenas explained that marketing is now a lower percentage of sales and more focused on brand-building with existing menu items. The media mix has shifted slightly more to digital, but TV remains crucial for Olive Garden. CFO Raj Vennam estimated that any tariff impact on building materials would be in the low-to-mid single-digit percentage range, and not a double-digit impact on kitchen equipment.

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    Jim Salera's questions to Campbell's Co (CPB) leadership

    Jim Salera's questions to Campbell's Co (CPB) leadership • Q3 2025

    Question

    Jim Salera asked about the portion of the portfolio considered 'splurge-worthy' and whether a portfolio pivot was needed for recovery. He also inquired if Rao's production could be shifted to the U.S. to mitigate tariff impacts.

    Answer

    President, CEO & Director Mick Beekhuizen characterized the company's strategy as 'surgical' innovation and brand support rather than a complete portfolio reset, noting many brands are already well-positioned. He stated that improved consumer confidence would lift the entire category. Executive VP & CFO Carrie Anderson addressed the production question by stating that the company is exploring all levers to mitigate tariffs, including strategic inventory management, supplier partnerships, and product cost optimization, without confirming a specific production shift for Rao's.

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