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    Leah Jordan • Goldman Sachs Group, Inc.

    Leah Jordan's questions to Grocery Outlet Holding Corp (GO) leadership

    Leah Jordan's questions to Grocery Outlet Holding Corp (GO) leadership • Q2 2025

    Question

    Leah Jordan from Goldman Sachs asked for more detail on the opportunity to drive further SG&A leverage, including specific areas of optimization and a potential timeline.

    Answer

    President and CEO Jason Potter and CFO Chris Miller addressed the question. Potter pointed to future opportunities from optimizing systems post-stabilization, which will simplify processes and reduce costs. Miller added that the company is pleased with its cost reduction progress and is looking at all areas, including supply chain and freight. While some savings will be reinvested, he expects a meaningful net contribution to leverage in 2026.

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    Leah Jordan's questions to Grocery Outlet Holding Corp (GO) leadership • Q1 2025

    Question

    Leah Jordan asked about the trade-off between defending market share and maintaining margins, especially with a lower comp outlook, and how quickly the company can react on pricing.

    Answer

    CEO Jason Potter described his approach as having 'one foot on the gas and one foot on the brake.' The strategy is to improve the cost base to create optionality for reinvestment. He views current initiatives as 'no regret moves' that will drive sales and stated that comp growth is the #1 metric, indicating a willingness to balance margin for sales.

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    Leah Jordan's questions to Grocery Outlet Holding Corp (GO) leadership • Q4 2024

    Question

    Leah Jordan of Goldman Sachs questioned why the 2025 comparable sales growth guidance of 2-3% is below the company's historical mid-single-digit rate, especially in a normalized food environment, and asked if the competitive landscape has fundamentally changed.

    Answer

    An unnamed executive stated that they do not feel the competitive environment has fundamentally changed, noting that the promotional landscape remains rational and at pre-COVID levels. They expressed confidence in their value proposition and the flexibility of their model, asserting that competition is not the reason for the current comp guidance.

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    Leah Jordan's questions to Grocery Outlet Holding Corp (GO) leadership • Q3 2024

    Question

    Leah Jordan questioned why the Q4 gross margin guidance doesn't reflect a benefit from lapping last year's initial system disruption and why the company isn't seeing a greater lift from the closure of closeout competitors.

    Answer

    Interim CFO Lindsay Gray explained that while system visibility has improved, ongoing inefficiencies are still a drag on margin, and the cautious guidance reflects this reality. Interim President and CEO Eric Lindberg added that while they are benefiting from competitor closures through stronger opportunistic buying, they are choosing to reinvest those gains back into price to restore their value proposition and drive sales momentum.

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    Leah Jordan's questions to Tyson Foods Inc (TSN) leadership

    Leah Jordan's questions to Tyson Foods Inc (TSN) leadership • Q3 2025

    Question

    Leah Jordan from Goldman Sachs inquired about the near-term outlook for cattle supply and costs in the Beef segment, given management's comment that heifer retention has begun. She also asked for details on input cost pressures and pricing flow-through in the Prepared Foods segment, noting its narrowed AOI guidance.

    Answer

    President & CEO Donnie King stated that heifer retention has likely started, with herd rebuilding expected in earnest in 2026 and benefits seen around 2028. Group President Brady Stewart added that the company is managing the cycle through operational discipline. Regarding Prepared Foods, King acknowledged a $60 million unplanned raw material cost increase in the quarter, which was offset by strong operational execution. CFO Curt Calaway noted the guidance implies a strong Q4 performance.

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    Leah Jordan's questions to Sprouts Farmers Market Inc (SFM) leadership

    Leah Jordan's questions to Sprouts Farmers Market Inc (SFM) leadership • Q2 2025

    Question

    Leah Jordan of Goldman Sachs inquired about the Sprouts Rewards loyalty program, asking for key learnings and surprises from the rollout, and sought details on digital sales trends, including partner performance and the growth of shop.sprouts.com.

    Answer

    CEO Jack Sinclair explained that loyalty program sign-ups and customer scanning are exceeding expectations, with a focus on execution and a full rollout by October. CFO Curtis Valentine added that digital sales growth is balanced across all partners, with shop.sprouts.com growing fastest from a lower base, and noted basket size differences between partners like Instacart and DoorDash.

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    Leah Jordan's questions to Sprouts Farmers Market Inc (SFM) leadership • Q1 2025

    Question

    Leah Jordan inquired about the sustainability of strong gross margin expansion in light of decelerating comp guidance and macro uncertainty, asking about potential reinvestment plans and the balance between top-line and bottom-line growth. She also asked about the competitive landscape, questioning if other retailers are adopting health and wellness trends and how Sprouts can maintain its differentiated position.

    Answer

    CFO Curtis Valentine clarified that investments are focused on long-term growth drivers like loyalty, supply chain systems, and talent, similar to last year. He noted that while comps and margins will moderate, he expects continued EBIT margin expansion in Q2. CEO Jack Sinclair added that Sprouts remains focused on its health enthusiast customer within a large and growing $290 billion target market, which provides ample room for growth. He emphasized that Sprouts' differentiation comes from doubling down on specific product attributes that larger competitors do not focus on.

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    Leah Jordan's questions to Sprouts Farmers Market Inc (SFM) leadership • Q4 2024

    Question

    Leah Jordan inquired about the expected magnitude of gross margin expansion for 2025 and the company's progress toward its long-term 10% store growth target, including any developer-related challenges.

    Answer

    CFO Curtis Valentine projected 25 to 30 basis points of gross margin expansion for the full year, driven by shrink improvements and supply chain leverage. CEO Jack Sinclair confirmed the company remains focused on disciplined new store growth, acknowledging some ongoing constraints with developers and interest rates but expressing confidence in the plan for at least 35 new stores in 2025.

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    Leah Jordan's questions to Kraft Heinz Co (KHC) leadership

    Leah Jordan's questions to Kraft Heinz Co (KHC) leadership • Q2 2025

    Question

    Leah Jordan of Goldman Sachs requested details on emerging market sales trends and the drivers of a timing shift for certain inflation and promotion costs from Q2 into Q3.

    Answer

    CEO Carlos Abrams-Rivera cited strong 8% top-line growth in emerging markets, driven by both volume and price, giving him confidence in a double-digit exit rate for the year. EVP & Global CFO Andre Maciel added that the cost shift into Q3 was minor (30-40 bps) and related to standard inventory accounting.

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    Leah Jordan's questions to Hershey Co (HSY) leadership

    Leah Jordan's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    Leah Jordan of Goldman Sachs asked for details on the phasing of pricing actions through 2026 and the strategic rationale for such a large increase now, given the elasticity assumptions.

    Answer

    Chairman, President & CEO Michele Buck explained the pricing is necessary to recover margins from sustained cocoa cost pressures and allows for continued brand investment. SVP & CFO Steve Voskuil detailed that the pricing will have a ~2 point impact on 2025 top-line, mostly in Q4, and a mid-teens impact in 2026, with about 80% of the profit benefit realized next year. The first season impacted will be Easter 2026.

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    Leah Jordan's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    Leah Jordan asked for details on the phasing of pricing actions through the back half of 2025 and into 2026, and questioned the rationale for such a large price increase now, given the elasticity risk.

    Answer

    Chairman, President & CEO Michele Buck justified the pricing as necessary to recover margins from sustained cocoa cost pressures and to fund brand investment. SVP & CFO Steve Voskuil detailed the phasing, noting a two-point impact to the enterprise top line this year, mostly in Q4, and a mid-teens impact next year. He added that about 80% of the profit benefit will be realized in 2026, with Easter 2026 being the first season impacted.

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    Leah Jordan's questions to Hershey Co (HSY) leadership • Q2 2025

    Question

    Leah Jordan asked for details on the phasing of pricing actions through 2026 and questioned the rationale for such a large increase now, given the risk of losing consumers.

    Answer

    Chairman, President & CEO Michele Buck justified the pricing as a strategic necessity for long-term margin recovery from cocoa inflation, emphasizing the portfolio's compelling value. SVP & CFO Steve Voskuil detailed the phasing: a ~2 point impact to 2025 top-line (mostly Q4) and a mid-teens impact in 2026, with Easter 2026 being the first season affected.

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    Leah Jordan's questions to Hershey Co (HSY) leadership • Q1 2025

    Question

    Leah Jordan asked for an update on the international competitive environment and inquired about the company's appetite for resuming share buybacks if the business outlook improves.

    Answer

    CEO Michele Buck reported that the competitive environment in key markets like Brazil has normalized, and Hershey gained share in India, Brazil, and Mexico. SVP and CFO Steve Voskuil stated that while M&A is the near-term focus, share repurchases remain a part of their long-term capital allocation strategy.

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    Leah Jordan's questions to Conagra Brands Inc (CAG) leadership

    Leah Jordan's questions to Conagra Brands Inc (CAG) leadership • Q4 2025

    Question

    Leah Jordan asked about the embedded elasticity assumptions in the guidance and the company's confidence in taking price amid consumer value-seeking behavior.

    Answer

    President & CEO Sean Connolly explained that Conagra's elasticity is historically better than peers, and they have assumed a standard elasticity of nearly -1 for the grocery business. He detailed a bifurcated strategy: investing margin to drive volume in the growth-oriented Frozen & Snacks businesses, while taking necessary, inflation-justified pricing in the cash-generating canned food business to protect cash flow.

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    Leah Jordan's questions to Conagra Brands Inc (CAG) leadership • Q3 2025

    Question

    Leah Jordan asked about Conagra's confidence in achieving its 3x leverage target by the end of next year and sought details on the recent $40 million reduction in the current year's CapEx guidance.

    Answer

    CFO Dave Marberger stated that while cash flow remains strong and debt paydown is a priority, an update on the 3x leverage target will be provided in July. He clarified the CapEx reduction is purely a timing issue, with spending shifting into the next fiscal year. CEO Sean Connolly added that the company remains committed to its multiyear supply chain modernization investment plan.

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    Leah Jordan's questions to Kroger Co (KR) leadership

    Leah Jordan's questions to Kroger Co (KR) leadership • Q1 2025

    Question

    Leah Jordan of Goldman Sachs asked for details on growth trends in Retail Media, including partner engagement and its profit impact. She also inquired about the drivers and magnitude of the improvement in shrink and the remaining opportunity for the year.

    Answer

    EVP & CFO David Kennerly stated that while CPG partners remain cautious with spending, the retail media business continues to grow at a healthy rate, driven by a strong product suite and differentiated 'closed-loop measurement' capabilities. On shrink, Mr. Kennerly attributed the continued improvement to investments in AI-enabled technology and new processes. Interim CEO & Chairman Ronald Sargent added that higher sales and more store hours also contributed to better shrink results.

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    Leah Jordan's questions to Kroger Co (KR) leadership • Q1 2025

    Question

    Leah Jordan of Goldman Sachs asked for details on growth trends in Retail Media, CPG partner engagement, and its profit impact. She also inquired about the drivers and magnitude of the improvement in shrink and the remaining opportunity for the year.

    Answer

    EVP & CFO David Kennerly noted that while CPGs remain cautious with spending, Kroger's retail media business continues to grow at a healthy rate, aided by its 'closed-loop measurement' capabilities. On shrink, he attributed progress to investments in AI-enabled technology and new processes. Interim CEO & Chairman Ronald Sargent added that higher sales and more store hours also contribute to lower shrink.

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    Leah Jordan's questions to Kroger Co (KR) leadership • Q4 2024

    Question

    Leah Jordan inquired about the long-term path to improving digital profitability and how effectively lower costs and retail media growth can offset ongoing investments, such as price reductions, in the digital channel.

    Answer

    Interim CFO Todd Foley highlighted that Q4 delivered the best digital profit improvement to date, driven by progress in both pickup and delivery. He stated that while they are not yet at their target, the trajectory is positive. He also noted that value creation from levers like alternative profits, Our Brands, and productivity initiatives provides the necessary funds to continue investing in competitive pricing and associate wages.

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    Leah Jordan's questions to Kroger Co (KR) leadership • Q3 2024

    Question

    Leah Jordan from Goldman Sachs Group, Inc. asked for the outlook on food inflation into next year based on vendor conversations. She also requested more details on the new RFID tag initiative in the bakery, including the sales lift, current store rollout, and future plans.

    Answer

    Interim CFO Todd Foley indicated that while it's early, they expect inflation to remain relatively stable, possibly with a slight expansion, but nothing meaningfully different from the current rate. Chairman and CEO Rodney McMullen added that CPGs are offering more trade dollars. On RFID, McMullen described it as a promising test with positive early results for freshness and in-stock levels, but noted it's too early to quantify the lift and that tag costs need to come down before a broader rollout.

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    Leah Jordan's questions to Kroger Co (KR) leadership • Q2 2024

    Question

    Leah Jordan requested commentary on Kroger's market share trends during the quarter, with a specific interest in the performance of the Fresh category.

    Answer

    CEO Rodney McMullen reported that Fresh trends outpaced the center store. While stating they feel 'okay' about their current position, he noted they are not satisfied. He emphasized that strong growth in total and loyal households is a positive leading indicator for future market share gains.

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    Leah Jordan's questions to United Natural Foods Inc (UNFI) leadership

    Leah Jordan's questions to United Natural Foods Inc (UNFI) leadership • Q3 2025

    Question

    Leah Jordan of Goldman Sachs asked about UNFI's long-term strategy for the conventional segment following the Key Food termination and the drivers behind the quarter's strong volume growth amidst macro uncertainty.

    Answer

    CEO Sandy Douglas explained that UNFI's strategy targets a $90 billion addressable market of differentiation-focused retailers, and the Key Food exit was a unique, profitability-driven decision. President & CFO Giorgio Matteo Tarditi detailed that the 7.5% sales growth was driven by 400 bps from volume, 150 bps from inflation, and 200 bps from positive category mix, noting strong underlying momentum in the natural business.

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    Leah Jordan's questions to United Natural Foods Inc (UNFI) leadership • Q1 2025

    Question

    Leah Jordan from Goldman Sachs asked about the drivers behind the implied sales deceleration for the remainder of the year, given strong Q1 volume, and questioned which categories are driving new business gains.

    Answer

    President & CFO Matteo Tarditi stated the guidance balances strong natural customer trends against modest conventional declines and DC optimization impacts. CEO Sandy Douglas added that growth is coming from differentiated retailers, particularly those with a multicultural focus, and from categories like fresh, natural, and professional and digital services.

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    Leah Jordan's questions to United Natural Foods Inc (UNFI) leadership • Q4 2024

    Question

    Leah Jordan from Goldman Sachs Group, Inc. inquired about the key drivers for the fiscal 2025 gross margin outlook, including vendor promotions, and asked for an update on the retail segment's performance.

    Answer

    President & CFO Matteo Tarditi noted that benefits from shrink reduction are expected to be balanced by customer mix pressure, with promotions not yet at pre-pandemic levels. CEO Sandy Douglas added that higher-margin digital and professional services provide a tailwind and that a new strategy is being implemented to improve retail performance.

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    Leah Jordan's questions to Smithfield Foods Inc (SFD) leadership

    Leah Jordan's questions to Smithfield Foods Inc (SFD) leadership • Q1 2025

    Question

    Leah Jordan from Goldman Sachs asked for more detail on how Packaged Meats volumes trended through Q1 to isolate the Easter shift and the outlook for the volume/price balance. She also questioned the current competitive and promotional environment given consumer trade-downs.

    Answer

    Steve France, President of Packaged Meats, explained the Q1 volume was impacted by the Easter shift, higher raw material costs, and consumer trade-downs, but reiterated the full-year volume growth target of 1%. He noted the company's diverse brand portfolio and strength in private label help mitigate trade-down effects. On the competitive front, France stated that their promotional strategy remains consistent and focused on long-term consumer acceptance rather than short-term share grabs via price.

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    Leah Jordan's questions to Smithfield Foods Inc (SFD) leadership • Q4 2024

    Question

    Leah Jordan asked if Smithfield has observed actual shifts in consumer behavior amid the 'cautious' environment and requested an update on the visibility of its Hog Production optimization plan to reach its medium-term reduction goals.

    Answer

    President of Packaged Meats, Steve France, noted that while some category shifts are occurring, Smithfield is well-positioned to capture consumers through its brand portfolio and strong private label partnerships. CEO Shane Smith detailed the regional strategies for reducing hog production, including converting growers to independent producers, and confirmed ongoing discussions to reach the medium-term goal of 10 million hogs.

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    Leah Jordan's questions to General Mills Inc (GIS) leadership

    Leah Jordan's questions to General Mills Inc (GIS) leadership • Q3 2025

    Question

    Leah Jordan asked for more detail on the Cereal segment's recent decline, how it compared to internal expectations, and what provides confidence for a Q4 rebound and the category's long-term durability.

    Answer

    CEO Jeffrey Harmening stated the Q3 Cereal performance was largely expected due to an inventory reduction and a tough competitor comparison. He expressed confidence in a Q4 improvement driven by increased media spend and strong merchandising. For the long term, he believes growth will come from meeting consumer demand for benefits like protein and for beloved tastes like Cinnamon Toast Crunch.

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    Leah Jordan's questions to General Mills Inc (GIS) leadership • Q3 2025

    Question

    Leah Jordan requested more detail on the Cereal segment's decline, asking how it compared to internal expectations, what provides confidence for a Q4 rebound, and what the long-term outlook is for the category's durability.

    Answer

    CEO Jeffrey Harmening stated the Q3 Cereal performance was largely in line with expectations, impacted by a prior-quarter inventory build, a competitor being off-shelf in the prior year, and lower media spend. He expressed confidence in a Q4 improvement driven by increased media, normalized inventory, and strong merchandising. Long-term, he believes growth comes from meeting consumer needs, from protein innovation to beloved indulgent brands.

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