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    Kenneth Goldman • JPMorgan Chase & Co.

    Kenneth Goldman's questions to J M Smucker Co (SJM) leadership

    Kenneth Goldman's questions to J M Smucker Co (SJM) leadership • Q4 2025

    Question

    Kenneth Goldman requested more detail on the SKU and display rationalizations for the Hostess brand, including the potential size and impact. He also asked for a philosophical take on whether Hostess had previously overextended itself with new products and channel expansion.

    Answer

    CEO & Chair of the Board Mark Smucker stated the focus is on core, high-performing brands like Donuts and Cupcakes. He explained the strategy involves strengthening the portfolio, elevating execution with a dedicated sales force, and reigniting growth through brand building. Smucker acknowledged the need for focus on core portfolio components to drive growth.

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    Kenneth Goldman's questions to J M Smucker Co (SJM) leadership • Q3 2025

    Question

    Kenneth Goldman questioned the company's M&A process in light of the Hostess acquisition's performance and the significant impairment charge. He also asked for clarity on the fiscal '26 earnings outlook, specifically whether it would be above or below the company's long-term algorithm.

    Answer

    CEO Mark Smucker expressed continued confidence in the Hostess acquisition, attributing underperformance to temporary category softness and internal execution missteps, not the integration itself. He highlighted five specific actions being taken to stabilize the brand. CFO Tucker Marshall stated it was too early to definitively call the FY'26 earnings growth level due to the significant headwind from green coffee inflation, despite seeing a path to above-algorithm growth otherwise.

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    Kenneth Goldman's questions to J M Smucker Co (SJM) leadership • Q3 2025

    Question

    Kenneth Goldman questioned the company's M&A process following the significant goodwill write-down on Hostess and asked for clarity on the fiscal 2026 earnings outlook, specifically whether it would be above or below the long-term algorithm after factoring in coffee inflation.

    Answer

    CEO Mark Smucker defended the Hostess acquisition, attributing underperformance to temporary category softness and internal execution missteps, not a flawed M&A process. He outlined five actions to stabilize the brand. CFO Tucker Marshall stated it was too early to provide a definitive fiscal 2026 outlook, noting that while there is a path to above-algorithm growth, green coffee inflation presents a 'meaningful headwind' that could impact earnings growth.

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    Kenneth Goldman's questions to J M Smucker Co (SJM) leadership • Q2 2025

    Question

    Kenneth Goldman inquired about the outlook for Hostess-related synergies given the extended timeline for top-line recovery and asked for the expected balance between price and volume/mix for the total company for the remainder of the fiscal year.

    Answer

    CFO Tucker Marshall reiterated the commitment to achieving $100 million in cost synergies by fiscal 2026. CEO Mark Smucker detailed revenue synergy plans, including improved display execution, distribution expansion, a new marketing campaign, and co-promotions. Marshall then projected that the base business's full-year comparable growth of 2.5-3% would be roughly an equal split between price and volume/mix.

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    Kenneth Goldman's questions to J M Smucker Co (SJM) leadership • Q2 2025

    Question

    Kenneth Goldman inquired about the updated outlook for Hostess synergies, both cost and revenue, and asked for the expected balance between price versus volume/mix for the remainder of the fiscal year.

    Answer

    CFO Tucker Marshall reiterated the commitment to $100 million in cost synergies by fiscal year '26, split evenly between the current and next fiscal year. CEO Mark Smucker detailed plans to improve Hostess performance through better display execution, distribution expansion, a new marketing campaign, and co-promotions. For the full year, Marshall projected that the base business growth of 2.5-3% would be roughly an equal split between volume/mix and price.

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    Kenneth Goldman's questions to Post Holdings Inc (POST) leadership

    Kenneth Goldman's questions to Post Holdings Inc (POST) leadership • Q2 2025

    Question

    Kenneth Goldman asked for details on the drivers behind the price/mix downturn in the Post Consumer Brands segment and for any updated thoughts on the strategic options for the 8th Avenue business as its debt maturities approach.

    Answer

    An executive, likely COO Jeff Zadoks, explained the price/mix pressure is due to sustained category weakness and a consumer shift to larger pack sizes, a trend expected to continue for the balance of the year. Regarding 8th Avenue, he expressed confidence in the business operations and stated a resolution for the maturities would be reached soon, without detailing Post's potential role.

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    Kenneth Goldman's questions to Post Holdings Inc (POST) leadership • Q1 2025

    Question

    Kenneth Goldman asked for the rationale behind raising the low end of the fiscal 2025 EBITDA guidance and whether it was related to the successful ERP transition. He also sought clarity on the primary risks in the Foodservice egg business, such as procurement, pricing, or cost pass-through.

    Answer

    COO Jeff Zadoks confirmed the guidance increase was due to strong Q1 results, including a smooth ERP conversion. He noted the high end of the range was not raised because ERP risk has been replaced by new uncertainties like avian influenza and potential tariffs. For Foodservice, the key Q2 risk is market price volatility, while full-year risks include the timing of pricing actions and supply recovery.

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    Kenneth Goldman's questions to Post Holdings Inc (POST) leadership • Q4 2024

    Question

    Kenneth Goldman asked for an update on the egg business, specifically regarding the ability and need to implement pricing amid market volatility and HBAI risks. He also inquired about the key variables that could drive results to the high or low end of the fiscal 2025 EBITDA guidance.

    Answer

    President and CEO Rob Vitale clarified that Post's value-added egg products make it less susceptible to market volatility than shell egg producers. When cost pressures arise, Post can either take pricing or allocate supply to customers. Regarding guidance, Vitale identified ERP conversions and performance in the Bob Evans side dish business as key variables. He noted the high end of the range is comfortable given the strong finish to FY24.

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    Kenneth Goldman's questions to WK Kellogg Co (KLG) leadership

    Kenneth Goldman's questions to WK Kellogg Co (KLG) leadership • Q1 2025

    Question

    Kenneth Goldman requested clarification on the term 'stable backdrop' for the cereal category in the context of the company's flattish sales growth strategy and asked for details on the reallocation of brand investments.

    Answer

    CEO Gary Pilnick defined 'stable' as performing within their planning assumptions, allowing them to deliver their model of a stable top line and outsized margin growth. CFO David McKinstray clarified that the investment shift is not a de-emphasis but a strategic reallocation towards activities with higher, proven ROI to better engage consumers.

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    Kenneth Goldman's questions to WK Kellogg Co (KLG) leadership • Q1 2025

    Question

    Kenneth Goldman asked for clarification on what management considers a 'stable backdrop' for the category in light of current challenges and how that aligns with the long-term flattish sales growth strategy. He also questioned the source of funds for higher promotions, which were described as a reallocation from other brand investments.

    Answer

    Chairman and CEO Gary Pilnick defined the 'stable backdrop' as category performance being consistent with their planning assumptions, which allows them to deliver their model of a stable top line and outsized margin growth. He noted tangible actions like distribution gains and new campaigns are underway. CFO Dave McKinstry clarified the promotional shift is not a de-emphasis but a strategic reallocation to investments with higher, proven ROIs.

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    Kenneth Goldman's questions to WK Kellogg Co (KLG) leadership • Q4 2024

    Question

    Kenneth Goldman asked for clarity on the shipment versus consumption relationship beyond Q1 and whether the plan for EBITDA growth to accelerate into 2026 remains intact.

    Answer

    CEO Gary Pilnick and CFO David McKinstray clarified that Q1 net sales would likely trail scanner data due to Easter timing, but they expect the two to align more closely for the rest of the year. McKinstray confirmed the long-term plan to reach an approximate 14% EBITDA margin by the end of 2026 is still on track.

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    Kenneth Goldman's questions to WK Kellogg Co (KLG) leadership • Q3 2024

    Question

    Kenneth Goldman inquired about the preliminary outlook for 2025, asking about potential tailwinds, the cadence of financial performance, and whether flat top-line growth is the target. He also asked about the competitive landscape in the broader breakfast category beyond cereal.

    Answer

    Gary Pilnick, Chairman and CEO, indicated that while it is early, 2025 growth is expected to be 'largely consistent' with 2024, driven by maturing commercial capabilities. Regarding the category, he stated that cereal provides a stable backdrop for the company to execute its strategy, noting that their PPA strategy is successfully attracting new and lapsed consumers.

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    Kenneth Goldman's questions to WK Kellogg Co (KLG) leadership • Q3 2024

    Question

    Kenneth Goldman asked for an early outlook on 2025, inquiring about potential tailwinds, headwinds, and the expected cadence for top and bottom-line growth. He also questioned how WK Kellogg Co. views the expanding competitive landscape beyond cereal, particularly from breakfast beverages and other alternatives.

    Answer

    Gary Pilnick, Chairman and CEO, responded that while it is early, 2025 growth is expected to be largely consistent with 2024's performance, supported by maturing commercial capabilities. He noted that the cereal category provides a stable backdrop for executing their strategy and that the company is seeing consumers, including lapsed ones, return to the category, partly driven by its Price Pack Architecture (PPA) initiatives.

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    Kenneth Goldman's questions to Hain Celestial Group Inc (HAIN) leadership

    Kenneth Goldman's questions to Hain Celestial Group Inc (HAIN) leadership • Q3 2025

    Question

    Kenneth Goldman questioned what makes the current turnaround plan different from past attempts, as the focus areas sound familiar. He also asked what actions can be taken to address the rising balance sheet leverage.

    Answer

    Interim CEO Alison Lewis responded that while the levers are familiar, Hain has not executed them well enough, and her focus will be on driving superior execution. Chair Dawn Zier added that Lewis has a strong track record in this area. On the balance sheet, CFO Lee Boyce clarified the recent credit amendment was for future flexibility. He stated deleveraging will come from continued working capital reduction, cleaning up tail assets, and ultimately, improving EBITDA.

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    Kenneth Goldman's questions to Hain Celestial Group Inc (HAIN) leadership • Q4 2024

    Question

    Kenneth Goldman of JPMorgan Chase & Co. questioned the path to Hain's 2027 financial targets, given the base year was moved to 2024. He asked for an update on the underlying drivers and sought to understand how the company expects to achieve a significant growth acceleration on a compressed timeline.

    Answer

    CFO Lee Boyce reiterated the company's commitment to its long-term algorithm, including 400-500 basis points of gross margin expansion and a 3%+ organic sales CAGR, but confirmed it is now off the fiscal 2024 base. CEO Wendy Davidson clarified that this re-basing was necessary to account for the portfolio simplification and divestitures executed in fiscal 2024, which created a new, lower organic revenue starting point.

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    Kenneth Goldman's questions to Bellring Brands Inc (BRBR) leadership

    Kenneth Goldman's questions to Bellring Brands Inc (BRBR) leadership • Q2 2025

    Question

    Kenneth Goldman followed up on the trade deload, asking for more color on why it was so substantial if consumption remains strong, as large deloads typically signal a consumption issue.

    Answer

    President and CEO Darcy Davenport reiterated that the dynamic is unique to BellRing's emergence from capacity constraints. She explained that retailers were 'hoarding' inventory for protection and now feel comfortable reducing stock due to consistent high in-stock rates. She emphasized there is no softness in consumption, citing Q2's 25% growth and a strong outlook.

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    Kenneth Goldman's questions to Bellring Brands Inc (BRBR) leadership • Q1 2025

    Question

    Kenneth Goldman from JPMorgan Chase & Co. requested guidance on the expected consumption cadence for Premier Protein ready-to-drink products in Q2 and the remainder of the year, and asked about the pricing and promotional environment in the ready-to-mix category amid rising input costs.

    Answer

    President and CEO Darcy Davenport projected that Premier shake consumption, which was up 17% in January, should accelerate to the mid-20s for the full second quarter. Regarding the ready-to-mix category, she stated that despite rising whey protein costs, the promotional environment has remained stable and no significant retail price increases have been observed yet, though they are expected later in the year.

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    Kenneth Goldman's questions to Bellring Brands Inc (BRBR) leadership • Q4 2024

    Question

    Kenneth Goldman questioned the source of increased optimism for the fiscal 2025 revenue guidance, which was raised from the high end of the long-term algorithm to a 12-16% range, and requested more clarity on expected Q1 EBITDA dollars.

    Answer

    President and CEO Darcy Davenport attributed the higher guidance to the finalization of the annual plan, which revealed more growth opportunities. CFO Paul Rode clarified that Q1 EBITDA margins will be meaningfully lower year-over-year due to a significant step-up in SG&A, particularly marketing spend, which will be partially offset by moderately favorable gross margins.

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    Kenneth Goldman's questions to Tyson Foods Inc (TSN) leadership

    Kenneth Goldman's questions to Tyson Foods Inc (TSN) leadership • Q2 2025

    Question

    Kenneth Goldman of JPMorgan Chase & Co. asked for the timing on when Prepared Foods could sustainably achieve margins above 10% and what makes the current strategy different from past efforts. He also inquired about chicken demand trends in the QSR channel.

    Answer

    CEO Donnie King explained that unlike in the past, performance improvements in Prepared Foods are now being driven across the entire business from end-to-end, not just by one area. Group President Brady Stewart added that a sustainable operating system and a strong innovation pipeline are key differentiators. On QSR, Group President Devin Cole confirmed strong double-digit growth in the quarter and noted ongoing promotional activity for chicken.

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    Kenneth Goldman's questions to Freshpet Inc (FRPT) leadership

    Kenneth Goldman's questions to Freshpet Inc (FRPT) leadership • Q1 2025

    Question

    Kenneth Goldman asked about the updated 2025 guidance, questioning if enough downside risk was incorporated given macroeconomic uncertainty, and inquired about the drivers of the Q1 price/mix performance.

    Answer

    CEO William Cyr explained the guidance assumes the consumer environment from Q1 persists for the year, and while they feel it's a stable projection, they will take action if conditions change. CFO Todd Cunfer clarified that the positive price/mix was primarily driven by product mix, such as the strong performance of the Homestyle Creations sub-brand, and some favorable gross-to-net adjustments, noting this level of benefit is not expected to continue through the year.

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    Kenneth Goldman's questions to Freshpet Inc (FRPT) leadership • Q3 2024

    Question

    Kenneth Goldman asked for clarity on the future gross margin trajectory, balancing the goal of 'consistent performance' with the benefits of new technology, and also inquired about potential 2025 headwinds like inflation.

    Answer

    CFO Todd Cunfer clarified that the company does not see the current 46% gross margin as the peak and expects further upside from operational efficiencies and new technologies. Regarding 2025, he noted that while it's early, commodity costs are currently trending 'flattish,' and no major headwinds are anticipated at this time.

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    Kenneth Goldman's questions to Freshpet Inc (FRPT) leadership • Q3 2024

    Question

    Kenneth Goldman asked for clarity on the future path of gross margin, balancing recent 'consistent performance' with future benefits from new technology, and also inquired about potential 2025 headwinds like inflation.

    Answer

    Executive Todd Cunfer confirmed that while the company is thrilled to have exceeded its long-term gross margin target early, they are 'not stopping there' and see significant upside from efficiency gains and new technology. Regarding 2025, he noted that commodity costs currently appear 'flattish' but that it's still early in the planning process.

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    Kenneth Goldman's questions to Hershey Co (HSY) leadership

    Kenneth Goldman's questions to Hershey Co (HSY) leadership • Q1 2025

    Question

    Kenneth Goldman asked for quantification of the potential financial risk from tariffs in the second half of 2025 and sought clarity on the expected magnitude of the Q2 EPS decline.

    Answer

    SVP and CFO Steve Voskuil stated the unmitigated tariff impact could be up to $100 million per quarter in Q3 and Q4, with mitigation efforts underway. For Q2, he guided to a gross margin decline of approximately 700 basis points and high-teens year-over-year SG&A growth, contributing to an expected first-half EPS decline of about 30%.

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    Kenneth Goldman's questions to Sprouts Farmers Market Inc (SFM) leadership

    Kenneth Goldman's questions to Sprouts Farmers Market Inc (SFM) leadership • Q1 2025

    Question

    Kenneth Goldman asked about household additions, citing third-party data suggesting accelerating growth and questioning if this aligns with internal metrics and how new households convert to loyal customers. He also explored the thesis that Sprouts could benefit in a recessionary period if challenged consumers shop at more stores.

    Answer

    President and COO Nick Konat confirmed that Sprouts is seeing healthy customer metrics with strong new customer growth in both new and existing markets, alongside higher engagement from existing customers. CEO Jack Sinclair expressed confidence that Sprouts can thrive in any economic environment, noting that consumers under pressure tend to eat more at home and that customers with specialized diets will maintain them, positioning Sprouts well regardless of economic conditions.

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    Kenneth Goldman's questions to Mondelez International Inc (MDLZ) leadership

    Kenneth Goldman's questions to Mondelez International Inc (MDLZ) leadership • Q1 2025

    Question

    Kenneth Goldman inquired about the company's multifaceted strategy to mitigate cocoa inflation, asking about the balance between pricing, RGM, and productivity, and if success in pricing might allow for less aggressive action elsewhere.

    Answer

    CEO Dirk Van de Put emphasized that the company is pursuing its full, aggressive strategy, which includes a broad range of pack sizes (RGM), strong brand activations like the new Cadbury Biscoff product, and protecting key price points. He stated that while early elasticity is in line with expectations, the company will not pull back on its initiatives and plans to reinvest any upside to ensure the long-term health of the chocolate category.

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    Kenneth Goldman's questions to Mondelez International Inc (MDLZ) leadership • Q4 2024

    Question

    Kenneth Goldman inquired about the health of the U.S. biscuit category, noting that Q4 price and volume/mix were below expectations, and asked for the 2025 outlook for North American volume and price. He also questioned if management's confidence in an eventual decline in cocoa prices has lessened.

    Answer

    CEO Dirk Van de Put described the U.S. biscuit category as 'softer' due to concerned consumers, but noted Mondelez improved its share in Q4. For 2025, he expects limited pricing but good volume growth driven by new lower price-point packs and strong brand activations. CFO Luca Zaramella acknowledged it's tough to justify current cocoa prices, citing market thinness and speculation, and confirmed the company is planning for prices to remain elevated through 2025.

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    Kenneth Goldman's questions to Mondelez International Inc (MDLZ) leadership • Q3 2024

    Question

    Kenneth Goldman inquired about the factors allowing Mondelez's North American categories to outperform broader snacking trends. He also sought clarification on whether the comment about the 'majority of the portfolio' growing within its algorithm in the next year referred to top-line or bottom-line performance.

    Answer

    CEO Dirk Van de Put attributed the North American resilience to the category's importance to consumers and the company's effective price-pack architecture, particularly hitting the crucial $3 to $4 price point. CFO Luca Zaramella clarified that the comment about the algorithm referred to the bottom line, stating that the 70% of the portfolio that is not chocolate is expected to be on-algorithm for profit growth, while the chocolate business is not.

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    Kenneth Goldman's questions to Lamb Weston Holdings Inc (LW) leadership

    Kenneth Goldman's questions to Lamb Weston Holdings Inc (LW) leadership • Q3 2025

    Question

    Kenneth Goldman from JPMorgan Chase & Co. asked about potential conservatism in the Q4 outlook given its implied deceleration and questioned the full scope of the AlixPartners strategic review, including whether all options were on the table.

    Answer

    Executive Bernadette Madarieta affirmed the Q4 guidance is a fair representation based on soft restaurant traffic and higher costs from production curtailments, not extra conservatism. CEO Mike Smith confirmed that while "everything is on the table" in the strategic review, the primary focus is on fundamental value creation across the P&L.

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    Kenneth Goldman's questions to Lamb Weston Holdings Inc (LW) leadership • Q2 2025

    Question

    Kenneth Goldman asked for the company's response to an activist investor's call for board changes or a sale, and also inquired if underlying consumer demand trends are expected to improve sequentially in the back half of the year.

    Answer

    President and CEO Thomas Werner declined to comment on the activist letter, stating the purpose of the call was to discuss earnings and the CEO transition. On the topic of demand, CFO Bernadette Madarieta noted that they are expecting incremental volume from customer wins, which should provide positive momentum, particularly in the International segment.

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    Kenneth Goldman's questions to Lamb Weston Holdings Inc (LW) leadership • Q1 2025

    Question

    Kenneth Goldman requested more details on the projected $500 million in environmental capital spending over five years, including its purpose and potential mitigation. He also asked about the strategic trade-offs and financial impact of delaying the next phase of the ERP system implementation.

    Answer

    CFO Bernadette Madarieta explained the $500 million is primarily for wastewater capital investments required at manufacturing plants to comply with regulations and maintain capacity. The company is exploring government incentives to offset costs. Regarding the ERP system, she stated that pausing the next phase was opportune, and while it delays future benefits, it is not expected to have a major impact on medium-term financial targets.

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    Kenneth Goldman's questions to Conagra Brands Inc (CAG) leadership

    Kenneth Goldman's questions to Conagra Brands Inc (CAG) leadership • Q3 2025

    Question

    Kenneth Goldman inquired about the impact of weaker convenience store (C-store) channel performance on Conagra's products and the overall Grocery & Snacks segment.

    Answer

    CEO Sean Connolly acknowledged that the C-store channel faces challenges when consumers are financially stretched, which has impacted Conagra's portfolio. However, he emphasized that the company's total consumption remains strong as it tends to make up for C-store weakness in other channels, as reflected in total scanner data.

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    Kenneth Goldman's questions to McCormick & Company Inc (MKC) leadership

    Kenneth Goldman's questions to McCormick & Company Inc (MKC) leadership • Q1 2025

    Question

    Kenneth Goldman asked about key tariff risks investors should monitor and requested directional guidance for Q2 EBIT and EPS given the timing shifts in Q1.

    Answer

    Chairman, President and CEO Brendan Foley stated that known tariffs on China are already factored into the forecast, but the situation for potential new tariffs remains fluid. EVP and CFO Marcos Gabriel declined to give specific Q2 guidance but advised looking at Q1 and Q2 combined for a normalized view, as Q1 headwinds like stock-based compensation will become Q2 tailwinds. He reiterated that gross margin and operating profit growth are expected to build progressively throughout the year.

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    Kenneth Goldman's questions to McCormick & Company Inc (MKC) leadership • Q4 2024

    Question

    Kenneth Goldman asked for color on the expected margin expansion between the Consumer and Flavor Solutions segments for fiscal 2025, noting the Consumer segment's margin was flat in 2024.

    Answer

    CFO Marcos Gabriel stated that while overall gross margin is expected to expand 50-100 basis points, he anticipates more of that expansion will come from the Flavor Solutions segment. This is driven by a strategic shift toward higher-margin categories like flavors and branded foodservice, which is a key part of their plan to restore the segment's operating margin to the 14.5% target by 2028.

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    Kenneth Goldman's questions to McCormick & Company Inc (MKC) leadership • Q3 2024

    Question

    Kenneth Goldman asked for quantification of the Q3 benefit from the timing of customer activities in Americas Flavor Solutions and if it will fully reverse in Q4. He also probed about the 2025 outlook, asking if there's any reason McCormick wouldn't meet its long-term algorithm and for clarification on the underlying EPS algorithm ex-M&A.

    Answer

    EVP and CFO Mike Smith confirmed a positive impact from timing shifts occurred in Q3 and would normalize in Q4. Regarding 2025, President and CEO Brendan Foley stated they were not prepared to give guidance but would share more context on long-term drivers at the upcoming Investor Day. Smith added that 2024 investments were designed to build momentum into 2025 and that they feel well-positioned despite economic uncertainty.

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    Kenneth Goldman's questions to General Mills Inc (GIS) leadership

    Kenneth Goldman's questions to General Mills Inc (GIS) leadership • Q3 2025

    Question

    Kenneth Goldman requested a broad overview of the financial tailwinds and headwinds for the next fiscal year, including factors like trade, innovation, cost efficiencies, tariffs, and investments, asking if his assessment was missing any key elements.

    Answer

    CFO Kofi Bruce confirmed the analyst's list was largely accurate. He highlighted a potential 5-point profit headwind from a future divestiture and noted the annualization impact from current year investments. Bruce emphasized that the company is building financial flexibility to ensure it can sufficiently invest to improve growth trends.

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    Kenneth Goldman's questions to General Mills Inc (GIS) leadership • Q3 2025

    Question

    Kenneth Goldman requested a review of the key financial tailwinds and headwinds for fiscal '26, including trade, innovation, HMM, investments, and tariffs, to ensure his model captured all major factors.

    Answer

    CFO Kofi Bruce confirmed the analyst's list was broadly accurate but highlighted a significant potential headwind not mentioned: a 5-point impact on profit from a pending divestiture. He reiterated the company's commitment to investing for growth and maintaining financial flexibility to improve performance trends.

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    Kenneth Goldman's questions to Kroger Co (KR) leadership

    Kenneth Goldman's questions to Kroger Co (KR) leadership • Q4 2024

    Question

    Kenneth Goldman asked about the competitive pricing environment, questioning whether food retailers are absorbing wholesale inflation rather than passing it to consumers, and how this dynamic influences Kroger's pricing strategy.

    Answer

    Interim CFO Todd Foley responded that Kroger is not seeing widespread supplier price increases outside of select fresh categories. He affirmed that the environment is assumed to be highly competitive and that Kroger made progress in narrowing its price gaps versus competitors in Q4, a strategy it plans to continue through ongoing price investments.

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    Kenneth Goldman's questions to Kroger Co (KR) leadership • Q3 2024

    Question

    Kenneth Goldman of JPMorgan Chase & Co. inquired about any unusual tailwinds or headwinds for the upcoming year, given the strong core business and stable inflation. He also asked for Kroger's stance on seeking price investments from CPG vendors, contrasting it with competitors' more aggressive approaches.

    Answer

    Chairman and CEO Rodney McMullen identified increased new store openings as a tailwind and reiterated the focus on improving digital profitability. Interim CFO Todd Foley cited momentum in pharmacy, digital, and alternative profits as positives, with ongoing investments in price and wages as typical headwinds. Regarding CPGs, McMullen stated that while he encourages trade investments for mutual tonnage growth, Kroger is content to grow its higher-margin 'Our Brands' portfolio if national brands are unwilling to partner on value.

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    Kenneth Goldman's questions to Kroger Co (KR) leadership • Q2 2024

    Question

    Kenneth Goldman asked how Kroger is balancing rising producer price inflation (PPI) with the need to maintain value for consumers, and how this reconciles with strong gross margin results.

    Answer

    CEO Rodney McMullen explained that the company passes on permanent cost increases while managing short-term volatility. He noted that CPG pricing remains consistent with their ~1% inflation forecast. He also highlighted a beneficial trend of customers shifting from higher-cost food-away-from-home back to grocery.

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    Kenneth Goldman's questions to Campbell's Co (CPB) leadership

    Kenneth Goldman's questions to Campbell's Co (CPB) leadership • Q2 2025

    Question

    Kenneth Goldman questioned the feasibility of the Snacks division's 17% margin target for fiscal '27 given current challenges. He also asked for reassurance on the Rao's brand growth outlook, noting that consumption data appears to be decelerating.

    Answer

    CEO Mick Beekhuizen expressed confidence that the foundational building blocks for Snacks margin expansion remain intact, though he conceded the timeline to reach the 17% target might be pushed back. Regarding Rao's, he attributed the apparent Q2 consumption slowdown to a shift in club channel promotional timing from Q1 and reiterated confidence in achieving the full-year growth target of slightly above 10%. CFO Carrie Anderson affirmed the long-term margin drivers are still valid.

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    Kenneth Goldman's questions to Campbell's Co (CPB) leadership • Q1 2025

    Question

    Kenneth Goldman from JPMorgan Chase & Co. asked about the performance of gross margin and marketing expenses relative to expectations and sought clarity on the drivers for the significant back-half weighted guidance for fiscal 2025.

    Answer

    CEO Mark Clouse explained that while core productivity and pricing were in line, the gross margin mix was impacted by stronger-than-expected performance from the lower-margin Rao's brand and softer organic sales. CFO Carrie Anderson added that better interest expense helped the bottom line. For the back half, Anderson detailed several drivers for the expected improvement, including Sovos Brands contributing to organic growth, improving base business trends, a more neutral net price and marketing impact, higher cost savings, a lower interest expense headwind, and the benefit of a 53rd week in Q4.

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    Kenneth Goldman's questions to Campbell's Co (CPB) leadership • Q4 2024

    Question

    Kenneth Goldman asked about the competitive pressure in the Snacks division, questioning if new entrants pose a more significant threat than promotional activity and whether the planned innovation and marketing response is sufficient. He also sought clarification on whether the fiscal 2025 guidance assumes a reversal of the recent market share gains in broth.

    Answer

    CEO Mark Clouse acknowledged the competitive pressure in salty snacks from new entrants but expressed confidence in Campbell's ability to respond. He stated the strategy relies on the strength of its brand portfolio, a robust innovation pipeline, and increased marketing support in fiscal 2025, focusing on differentiation rather than price. He confirmed that the fiscal 2025 guidance prudently assumes a normalization of broth market share in the second half of the year.

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    Kenneth Goldman's questions to Hormel Foods Corp (HRL) leadership

    Kenneth Goldman's questions to Hormel Foods Corp (HRL) leadership • Q1 2025

    Question

    Kenneth Goldman asked for more details on the near-term pressures in the turkey supply chain and questioned the company's ability to implement pricing increases when whole-bird commodity prices appear stable. He also followed up on the CEO retirement announcement, asking about the timing and whether it was ideal to change leadership in the middle of the Transform & Modernize program.

    Answer

    CEO James Snee clarified that the pricing actions relate to the entire value-added 'turkey complex,' not just whole birds, driven by both turkey illness impacting supply and certain underlying turkey commodity costs reaching all-time highs. EVP John Ghingo added that strong consumer demand for value-added turkey products supports the pricing. Regarding his retirement, Snee explained the timing allows for a thorough external search and gives the next leader the opportunity to shape the future strategy, noting the T&M initiative is team-driven and will continue seamlessly.

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    Kenneth Goldman's questions to Hormel Foods Corp (HRL) leadership • Q4 2024

    Question

    Kenneth Goldman asked about the expected decline in underlying EBIT growth when excluding T&M benefits, questioned if the guidance includes a degree of conservatism, and sought confirmation on the long-term target of $250 million in net operating income improvement by 2026.

    Answer

    CEO Jim Snee explained that the T&M initiative is deeply interconnected with the business, creating a 'flywheel' of growth and reinvestment, rather than being a standalone item. He acknowledged the guidance is 'appropriate' given recent volatility in the turkey market and the ongoing recovery of the Planters brand. Snee confirmed that the company remains on track to achieve its $250 million net operating income improvement target by 2026, citing the strength of the underlying business and the accelerating T&M initiative.

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    Kenneth Goldman's questions to Hormel Foods Corp (HRL) leadership • Q3 2024

    Question

    Kenneth Goldman of JPMorgan Chase & Co. asked if the current guidance includes any financial impact from recent storm damage to a facility. He also questioned the strategy behind selling products at zero or negative margin and whether supply chain efficiencies could reduce this practice.

    Answer

    CFO Jacinth Smiley clarified that the guidance does not include a top-line impact from the storm, as the costs are related to facility repairs, not lost sales. CEO James Snee addressed the margin question by explaining that harvesting operations naturally produce some commodity products with variable margins. He emphasized that the 'transform and modernize' initiative is actively focused on portfolio optimization to eliminate non-strategic, negative-margin items, with benefits expected to materialize further in fiscal 2025 and 2026.

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    Kenneth Goldman's questions to Beyond Meat Inc (BYND) leadership

    Kenneth Goldman's questions to Beyond Meat Inc (BYND) leadership • Q4 2024

    Question

    Kenneth Goldman of JPMorgan Chase & Co. asked for a more detailed explanation of the drivers behind the significant expected increase in gross margin for 2025, from 12.8% in 2024 to a guided 20%.

    Answer

    CEO Ethan Brown explained that after a complex production network consolidation in 2024, the company can now focus on optimization, including automation investments and new material RFPs. CFO Lubi Kutua added that key drivers include a full-year benefit from 2024 price increases, further network consolidation in Missouri, warehouse rationalization, and select new price increases for 2025.

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    Kenneth Goldman's questions to Beyond Meat Inc (BYND) leadership • Q3 2024

    Question

    Kenneth Goldman followed up on the gap between U.S. retail shipments and consumption data, asking if it implies a sharp reversal in Q4, and also inquired if positive sales growth is a reasonable expectation for 2025.

    Answer

    CEO Ethan Brown suggested consumption data should improve to better align with shipment numbers, rather than shipments falling off, but noted it was speculative. CFO Lubi Kutua added that non-measured channels contribute to the delta. Regarding 2025, Ethan Brown expressed personal optimism for growth but stated it was too early to provide official guidance.

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    Kenneth Goldman's questions to Kellanova (K) leadership

    Kenneth Goldman's questions to Kellanova (K) leadership • Q2 2024

    Question

    Kenneth Goldman highlighted the impressive gross margin expansion across the food industry and asked how Kellanova is balancing its own margin growth with the increasing awareness and potential pushback from retail customers who are seeing constrained volumes.

    Answer

    Steven Cahillane, Chairman, President and CEO, responded that the key is to create a constructive dialogue with retailers by driving growth. He emphasized that Kellanova's margin improvement is fueled by productivity and recovery from past supply issues, which in turn funds a substantial increase in brand-building investment. This investment helps create winning retail programs that drive volume through their customers' stores, aligning interests.

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    Kenneth Goldman's questions to Kellanova (K) leadership • Q1 2024

    Question

    Kenneth Goldman of JPMorgan Chase & Co. inquired about the impact of private label share gains in crackers and salty snacks, and how Kellanova's performance might improve as it laps last year's SNAP benefit reductions.

    Answer

    Chairman, President and CEO Steven Cahillane responded that private label trends are not a significant concern, citing noise in the data and growth in non-measured channels. He expressed confidence in improving volume performance, particularly in the second half of the year, as the company laps SNAP benefit reductions and its return to full merchandising activity gains traction, noting that elasticities are already moderating faster than initially forecast.

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