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    Kendall Toscano • Bank of America

    Kendall Toscano's questions to Sprouts Farmers Market Inc (SFM) leadership

    Kendall Toscano's questions to Sprouts Farmers Market Inc (SFM) leadership • Q1 2025

    Question

    Kendall Toscano, on for Robbie Ohmes, asked if Sprouts was seeing any pricing actions from peers in anticipation of tariffs. She also requested more color on the specific categories driving supply constraints and whether the associated gross margin benefit would continue into Q2.

    Answer

    President and COO Nick Konat and CFO Curtis Valentine confirmed they are not seeing any preemptive pricing actions from competitors related to tariffs. Valentine explained that supply constraints were driven by the meat category's self-distribution transition, avian flu impacting eggs, and generally chasing inventory due to strong sales. He noted the meat transition issue is largely resolved and that some of the margin benefit might leak into Q2, but the focus is on getting back in stock.

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    Kendall Toscano's questions to Petco Health and Wellness Company Inc (WOOF) leadership

    Kendall Toscano's questions to Petco Health and Wellness Company Inc (WOOF) leadership • Q4 2025

    Question

    Kendall Toscano from Bank of America asked for an update on Petco's high-level differentiation strategy and requested color on the breakdown of traffic versus pricing in the fourth quarter's comparable sales.

    Answer

    CEO Joel Anderson stated that he was not ready to discuss the differentiation strategy openly, as the company is currently in 'Phase 2,' focusing on execution and cost control, rather than 'Phase 3' growth initiatives. Regarding the comp drivers, CFO Sabrina Simmons noted that the company is using all available levers in a balanced way and did not provide a specific breakdown between traffic and price.

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    Kendall Toscano's questions to Petco Health and Wellness Company Inc (WOOF) leadership • Q3 2024

    Question

    Kendall Toscano from BofA Securities inquired about the response from vendors to new negotiation efforts and asked for an updated timeline on resuming the rollout of new vet hospitals.

    Answer

    Executive Joel Anderson reported that vendor discussions were 'really well received,' emphasizing transparency and collaboration in building joint business plans. Regarding vet hospitals, he confirmed they remain a key growth driver. CFO Brian LaRose added that the recent pause in openings was a strategic move to strengthen the balance sheet, not a change in the long-term belief in the high-ROI project.

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    Kendall Toscano's questions to Petco Health and Wellness Company Inc (WOOF) leadership • Q2 2024

    Question

    Kendall Toscano asked if the strong growth in the services business was also driven more by ticket than traffic. She also questioned the product category margins, noting the sequential decline in product gross margin, and asked for the outlook.

    Answer

    CFO Brian LaRose explained that growth in the vet business is driven by both transactions and basket size, as maturing hospitals ramp up capacity. For product margins, he attributed the year-over-year weakness to the mix shift away from higher-margin discretionary goods. The slight sequential change was due to mix within the mix, such as strength in fresh frozen products, which have a different margin profile but high lifetime value.

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    Kendall Toscano's questions to Petco Health and Wellness Company Inc (WOOF) leadership • Q1 2025

    Question

    Kendall Toscano of Bank of America inquired about the reasons for the slowdown in services growth and the factors contributing to the negative inflection in consumables sales during the quarter.

    Answer

    CFO Sabrina Simmons attributed the services slowdown to the intentional de-emphasis of the Vital Care membership program ahead of its 2026 relaunch. CEO Joel Anderson explained that the softness in consumables was expected and resulted from a strategic reduction of 'empty calorie' promotions, which in turn benefited the margin profile.

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