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    Mark Carden • UBS

    Mark Carden's questions to Performance Food Group Co (PFGC) leadership

    Mark Carden's questions to Performance Food Group Co (PFGC) leadership • Q4 2025

    Question

    Mark Carden of UBS Investment Bank inquired about Performance Food Group's recent performance trends in July and August, the industry traffic assumptions embedded in the fiscal 2026 guidance, and the current landscape for hiring sales talent.

    Answer

    CEO George Holm confirmed an uptick in the independent foodservice business in July and early August, supporting the company's confidence in achieving its 6% case growth target. COO Scott McPherson added that restaurant traffic trends are improving, though the convenience segment remains pressured. Regarding hiring, McPherson noted that Q4 was the strongest quarter for adding sales reps, with an 8.8% year-over-year increase, and that quality talent remains available. Holm emphasized this hiring is a strategic investment to accelerate growth.

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    Mark Carden's questions to Performance Food Group Co (PFGC) leadership • Q2 2025

    Question

    Mark Carden asked for management's outlook on food cost inflation over the next few quarters and the potential impact on the business if new tariffs were implemented on goods from Mexico or Canada.

    Answer

    CFO Patrick Hatcher stated that PFG expects inflation to remain at levels similar to Q2, with low-to-mid single digits for Foodservice. Regarding potential tariffs, Hatcher explained that the company views them similarly to inflation, as a cost increase that would largely be passed through to customers, given their pass-through business model.

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    Mark Carden's questions to Performance Food Group Co (PFGC) leadership • Q1 2025

    Question

    Mark Carden inquired about the current pace of sales force hiring, any shifts in compensation due to the macroeconomic environment, and the cadence of independent case growth throughout the quarter.

    Answer

    CEO George Holm responded that the sales force has been growing consistently in the 5-6% range, which aligns with recent growth trends. He noted no significant changes to the commission-based compensation structure. Holm added that independent case growth accelerated by 1-2 percentage points from Q1 into Q2, with each week showing improvement, but cautioned that the company faces a tough comparison against a very strong December in the prior year.

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    Mark Carden's questions to US Foods Holding Corp (USFD) leadership

    Mark Carden's questions to US Foods Holding Corp (USFD) leadership • Q2 2025

    Question

    Mark Carden of UBS asked about the potential impact on demand if consumer pressures like tariffs cause CPI to outpace wage growth. He also inquired about any geographic pockets of strength or weakness in independent case growth and the impact of the Freshway divestiture.

    Answer

    CFO Dirk Locascio noted that consumer demand has been relatively stable, as historical data shows people consistently spend a similar portion of their income on dining out through various economic cycles. CEO Dave Flitman stated the Freshway divestiture had an immaterial impact on independent growth. He identified the Southeast and South as areas of strength, with some relative softness in the Pacific Northwest and Upper New England.

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    Mark Carden's questions to US Foods Holding Corp (USFD) leadership • Q4 2024

    Question

    Mark Carden of UBS inquired about US Foods' exposure to potential food tariffs, the ability to pass on costs, and the balance between new account growth and penetration for independent restaurant case growth in the upcoming year.

    Answer

    CEO David Flitman explained that the company has low to mid-single-digit import exposure and that most customer agreements are pass-through in nature. He emphasized that the company's core strategy involves helping customers manage inflation through private label brands and operational consulting. Flitman also noted that while penetration has been challenging due to foot traffic, the majority of growth comes from new account generation, which saw its fastest rate of the year in December.

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    Mark Carden's questions to US Foods Holding Corp (USFD) leadership • Q3 2024

    Question

    Mark Carden asked about the progress and key learnings from the Descartes routing technology rollout and questioned the overall demand trends and hurricane impacts on the hospitality sector.

    Answer

    CEO David Flitman stated the Descartes rollout is proceeding "extremely well," with learnings from early pilots improving customer dialogue and ensuring smooth implementation. CFO Dirk Locascio added that while the hospitality sector was affected by storms and soft traffic, it has shown recent improvement and maintains a strong new business pipeline.

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    Mark Carden's questions to Grocery Outlet Holding Corp (GO) leadership

    Mark Carden's questions to Grocery Outlet Holding Corp (GO) leadership • Q2 2025

    Question

    Mark Carden of UBS Investment Bank inquired about the current health of the consumer, any changes in shopping habits, the potential impact of SNAP changes, and the overall health of the Independent Operator (IO) base.

    Answer

    President and CEO Jason Potter stated that the company is not yet seeing significant changes in consumer behavior but is focused on execution to be ready for any market eventuality. He noted that changes to SNAP benefits typically drive value-seeking behavior, which benefits Grocery Outlet. Regarding the IO base, Potter described it as healthy, citing voluntary attrition below 10% and emphasizing his commitment to improving communication and making the business easier to run for operators.

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    Mark Carden's questions to Grocery Outlet Holding Corp (GO) leadership • Q4 2024

    Question

    Mark Carden of UBS asked CEO Jason Potter if he sees any parallels between his experience leading a turnaround at Fresh Market and the current opportunities at Grocery Outlet, particularly regarding low-hanging fruit.

    Answer

    CEO Jason Potter acknowledged his experience at Fresh Market, where the team drove growth by focusing on execution, the guest experience, and a clear strategy. He noted that while there are takeaways, his current priority at Grocery Outlet is listening and learning to inform long-term thinking, while aligning with the clear near-term priorities set by the team.

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    Mark Carden's questions to Grocery Outlet Holding Corp (GO) leadership • Q3 2024

    Question

    Mark Carden asked for an update on the United Grocery Outlet (UGO) acquisition, including its performance relative to expectations, the impact of recent execution challenges, and any changes to the timeline for converting stores to the independent operator model.

    Answer

    Interim President and CEO Eric Lindberg reported that the UGO integration is proceeding as planned, with no aggressive transition schedule. He clarified that the conversion of UGO stores to the independent operator model is not planned until after 2025. Near-term priorities include infusing UGO stores with Grocery Outlet's product assortment and performing minor store refreshes.

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    Mark Carden's questions to Sprouts Farmers Market Inc (SFM) leadership

    Mark Carden's questions to Sprouts Farmers Market Inc (SFM) leadership • Q2 2025

    Question

    Mark Carden from UBS Investment Bank asked if recent strikes at conventional competitors have created broader wage pressure for Sprouts. He also questioned if the company is seeing a sales lift from declining restaurant traffic, particularly in prepared foods.

    Answer

    CEO Jack Sinclair stated that Sprouts has not seen major wage pressure, emphasizing their proactive approach to compensation, including paying above average in their markets and offering bonuses to all store team members. He also noted that while the company is investing heavily in its prepared foods program, which may be helping, it's part of a broader strategy.

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    Mark Carden's questions to Sprouts Farmers Market Inc (SFM) leadership • Q1 2025

    Question

    Mark Carden asked if Sprouts has seen a step-up in capturing sales from the food-away-from-home channel and how it approaches customer retention for this segment. He also inquired about the potential impact of tariffs on the pace of new store growth due to higher construction costs.

    Answer

    President and COO Nick Konat responded that Sprouts believes it is capturing some of that spend, particularly from its core customer seeking healthy, convenient meals. He emphasized that the loyalty program is the key opportunity for retention by personalizing offers. CEO Jack Sinclair addressed tariffs, stating that while the food business is well-protected, they are monitoring construction costs. However, he expressed confidence that the strong returns on new stores can absorb potential cost increases for now.

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    Mark Carden's questions to Sprouts Farmers Market Inc (SFM) leadership • Q4 2024

    Question

    Mark Carden questioned which channels Sprouts is taking market share from, whether the demographic profile of new shoppers is changing, and the company's exposure to potential import tariffs.

    Answer

    President and COO Nick Konat described growth as balanced across all channels and regions, with new customer demographics remaining consistent with the existing base of higher-educated, higher-income shoppers. CEO Jack Sinclair stated that while some produce is imported, the company is prepared to manage sourcing and margins to mitigate any potential tariff impacts.

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    Mark Carden's questions to Chefs' Warehouse Inc (CHEF) leadership

    Mark Carden's questions to Chefs' Warehouse Inc (CHEF) leadership • Q2 2025

    Question

    Mark Carden of UBS Investment Bank inquired about the underlying health of the restaurant industry, asking if The Chef's Warehouse is seeing any pockets of weakness or elevated closures, and questioned the impact of return-to-office policies on business dining.

    Answer

    Christopher Pappas, Founder, Chairman, and CEO, described the current environment as a "Goldilocks" scenario, stating their customer base is resilient and the company is gaining market share from prior investments. He noted that while return-to-office policies are a net positive, the effect is balanced as it shifts dining from local suburban areas to major cities, particularly impacting lunch and Friday dinners.

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    Mark Carden's questions to Chefs' Warehouse Inc (CHEF) leadership • Q1 2025

    Question

    Mark Carden from UBS asked if a reported decline in international travel to the U.S. could be a material headwind and whether potential tariffs might impact the company's facility growth plans and return on capital.

    Answer

    Christopher Pappas, Founder, Chairman and CEO, acknowledged tourism's importance but highlighted the company's resilience due to its diverse business in suburbs and with local restaurants, stating they haven't seen a major impact. James Leddy, CFO, added that current facility projects are not affected by tariff risks, and future plans will adapt. Mr. Pappas also noted a strategic shift towards using technology to build smaller, more efficient facilities to manage costs.

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    Mark Carden's questions to Chefs' Warehouse Inc (CHEF) leadership • Q4 2024

    Question

    Mark Carden inquired about the impact of softer industry traffic in December and recent weather events on Q4 and Q1-to-date performance. He also asked about the company's potential exposure to tariffs from Mexico, Canada, and Europe and its ability to mitigate these through pricing or sourcing adjustments.

    Answer

    CEO Christopher Pappas stated that Q4 business was consistently strong without material impact from holiday timing. He noted that while January weather and California fires had some effect, it was not material to the overall business. Regarding tariffs, Pappas explained that with over 4,000 suppliers and a large domestic product base, the company has historically navigated tariffs by finding solutions and passing on costs, noting that such increases are a small part of their high-end customers' overall expenses.

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    Mark Carden's questions to Chefs' Warehouse Inc (CHEF) leadership • Q3 2024

    Question

    Mark Carden inquired about business trends during the third quarter, asking if any new areas of softness emerged beyond the summer travel impact, and questioned the current hiring environment for salespeople.

    Answer

    CFO Jim Leddy confirmed a softer July and early August due to international travel, which he noted may be a 'new normal,' impacting top-line revenue by about 1%. However, he highlighted that trends improved into September and October. CEO Chris Pappas added that the company is continuously hiring to build its talent 'bench,' emphasizing the long training cycle for relationship managers and noting low turnover among experienced staff.

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    Mark Carden's questions to Sysco Corp (SYY) leadership

    Mark Carden's questions to Sysco Corp (SYY) leadership • Q4 2025

    Question

    Mark Carden of UBS Investment Bank inquired about industry dynamics, asking if Sysco is seeing increased promotional activity and whether independent restaurants are showing signs of incremental stress or higher closure rates.

    Answer

    CEO Kevin Hourican noted that restaurants with strong value propositions are succeeding and that Sysco is not observing any disproportionate stress among local mom-and-pop restaurants compared to larger customers. CFO Kenny Cheung supported this by stating that bad debt as a percentage of sales remains very low at less than 0.1%, indicating no material risk from restaurant closures.

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    Mark Carden's questions to Sysco Corp (SYY) leadership • Q3 2025

    Question

    Mark Carden from UBS asked for an assessment of the local restaurant industry's performance compared to national restaurants, and whether there were any notable regional challenges or fluctuations.

    Answer

    CEO Kevin Hourican explained that national restaurants experienced a 'really tough quarter.' He noted that Sysco's overall national case volume remained stable due to offsetting strength in non-commercial sectors like food service management, travel, and education. He also mentioned that adverse weather headwinds in Q3 were geographically widespread across the U.S., while the International division continued to perform strongly, being less affected by these factors.

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    Mark Carden's questions to Sysco Corp (SYY) leadership • Q2 2025

    Question

    Mark Carden of UBS inquired about January sales trends, particularly considering headwinds from winter storms and wildfires, and whether these events would disproportionately affect the local or national business segments.

    Answer

    CEO Kevin Hourican acknowledged that January is a seasonally low-volume month and was affected by weather events, but stated the impact was equal across both national and local businesses. He reiterated confidence in second-half performance, citing strong momentum in the international, national, and SYGMA segments, along with clear internal progress in the local business.

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    Mark Carden's questions to Sysco Corp (SYY) leadership • Q1 2025

    Question

    Mark Carden from UBS questioned how the sales force is adapting to territory adjustments related to the new compensation model and whether the company is achieving the expected benefits from its team-based selling initiatives.

    Answer

    CEO Kevin Hourican clarified that new headcount is strategically placed in high-growth markets, minimizing disruption to existing sales staff. He confirmed that the total team selling initiative is on track, with sales teams successfully collaborating to introduce specialty offerings to Broadline customers. He reiterated that when a customer adds just one specialty business, their total purchases with Sysco typically increase threefold.

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    Mark Carden's questions to United Natural Foods Inc (UNFI) leadership

    Mark Carden's questions to United Natural Foods Inc (UNFI) leadership • Q3 2025

    Question

    Mark Carden of UBS Investment Bank asked about the annualized value of the Key Food contract and whether the situation was unique or might influence how UNFI approaches future large contracts. He also inquired about the customer response to the cyberattack.

    Answer

    CEO Sandy Douglas declined to comment on specific contract values but stressed that UNFI now employs a rigorous underwriting process to ensure all agreements are mutually beneficial. He noted that the customer response to the cyberattack has been "extremely constructive and collaborative," and the company's immediate priority is serving existing customers rather than new business acquisition.

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    Mark Carden's questions to United Natural Foods Inc (UNFI) leadership • Q2 2025

    Question

    Mark Carden from UBS asked if UNFI has observed any recent shifts in end-customer behavior early in the third quarter. He also inquired about the company's exposure to potential tariffs and the expected impact on pricing and consumer demand.

    Answer

    CEO James Alexander Douglas stated that no significant changes in consumer behavior have been observed and that UNFI's customer base continues to perform strongly. Regarding tariffs, he noted the situation is fluid and the company is leveraging lessons from past disruptions to ensure supply chain resiliency, but it is too early to predict the ultimate impact on food-at-home versus food-away-from-home spending.

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    Mark Carden's questions to United Natural Foods Inc (UNFI) leadership • Q4 2024

    Question

    Mark Carden of UBS Group AG asked about the expected growth balance between independent conventional grocers and chains, and the traction of professional services within the natural and organic customer base.

    Answer

    CEO Sandy Douglas responded that performance varies by individual retailer rather than by segment. He also stated that professional services, while historically conventional-focused, are being expanded across the entire customer base and are significantly outgrowing the general business.

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    Mark Carden's questions to Ollie's Bargain Outlet Holdings Inc (OLLI) leadership

    Mark Carden's questions to Ollie's Bargain Outlet Holdings Inc (OLLI) leadership • Q4 2024

    Question

    Matt Rothway, on behalf of Mark Carden, asked when the acquired 99 Cents Only stores might reach full sales productivity and inquired about the lease term lengths for the newly acquired Big Lots stores.

    Answer

    Executive Eric van der Valk stated it was too early to predict the exact maturity curve for the 99 Cents Only stores but noted they are performing well. Executive Robert Helm highlighted that securing long lease terms was a key acquisition criterion, with many of the Big Lots leases extending 20 to 30 years, which provides confidence for future growth and profitability.

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    Mark Carden's questions to Ollie's Bargain Outlet Holdings Inc (OLLI) leadership • Q3 2025

    Question

    Mark Carden asked how Ollie's balances potential incremental costs from tariffs with the potential for increased demand from budget-conscious consumers. He also requested initial takeaways from the new credit card rollout.

    Answer

    CFO Robert Helm noted that market disruptions like tariffs often create more closeout opportunities, and being a price follower positions them well. CEO-elect Eric van der Valk reported the credit card test is going well, with higher-than-expected approval rates and spending. A full rollout is planned for 2025, though customer demographic data is not yet available.

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    Mark Carden's questions to Kroger Co (KR) leadership

    Mark Carden's questions to Kroger Co (KR) leadership • Q2 2024

    Question

    Mark Carden, on for Michael Lasser, asked about behavioral changes observed in middle and higher-income customer cohorts, particularly regarding trade-down activity.

    Answer

    CEO Rodney McMullen noted that behavior changes, like shifting from restaurants to home cooking or purchasing more Our Brands products, are more pronounced at the end of the month. He emphasized that many of these shifts are beneficial to Kroger and that the company proactively addresses these trends with offerings like its Smart Way brand.

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    Mark Carden's questions to BJ's Wholesale Club Holdings Inc (BJ) leadership

    Mark Carden's questions to BJ's Wholesale Club Holdings Inc (BJ) leadership • Q2 2024

    Question

    Mark Carden of UBS inquired if the reduced merchandise margin outlook was driven by price investments or product mix, and if there was a need to increase discounts for new members. He also asked if BJ's sees a membership uptick when conventional grocery competitors close stores.

    Answer

    CEO Robert Eddy confirmed the margin pressure is mainly from proactive price investments but also includes a mix impact from the growth of perishables. He stated that the company's successful discounted first-year membership model will continue. Regarding competitor closures, he views it as a significant opportunity to play offense and gain market share by highlighting BJ's superior value proposition.

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    Mark Carden's questions to BJ's Wholesale Club Holdings Inc (BJ) leadership • Q1 2025

    Question

    Mark Carden asked how higher materials costs, potentially from tariffs, might impact the timing of new store and distribution center growth and whether it affects the prioritization of new versus existing markets.

    Answer

    EVP, Strategy and Development Bill Werner confirmed that while they have seen some cost impacts, they view new clubs as long-term, 20- to 40-year investments. He said the company is leveraging its scale to manage construction costs and that the overall investment case and returns for new clubs remain highly attractive. As a result, they plan to 'keep going' with their expansion plans, and he noted the new DC construction is progressing well.

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    Mark Carden's questions to BJ's Wholesale Club Holdings Inc (BJ) leadership • Q1 2025

    Question

    Mark Carden asked how higher materials costs, potentially related to tariffs, could impact the timing and prioritization of new store and distribution center (DC) growth.

    Answer

    EVP, Strategy and Development Bill Werner acknowledged some construction cost impacts but stressed that these are long-term, 20-to-40-year investments. He stated that the company leverages its scale to manage costs and that the overall investment returns for new clubs remain highly attractive, so they plan to 'keep going.' He also confirmed that construction of the new DC is progressing well.

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