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Matt Rothway

Research Analyst at UBS Investment Bank

Matthew Rothway is an Analyst at UBS Securities LLC, specializing in consumer staples and grocery retail sectors. He covers companies such as Grocery Outlet Holding Corp and Performance Food Group, actively participating in earnings calls as the covering analyst. Rothway joined UBS in 2024 after previous experience at TIAA-CREF Investment Management LLC, with his career timeline reflecting a transition into equity research roles at major financial institutions. He holds relevant FINRA registrations as a registered broker at UBS Securities LLC.

Matt Rothway's questions to Chefs' Warehouse (CHEF) leadership

Question · Q4 2025

Matt Rothway asked about the impact of extreme winter weather on year-to-date sales and the drivers behind the implied flat gross margin and healthy operating expense leverage in the 2026 guidance.

Answer

CFO Jim Leddy explained that January was strong despite seasonal slowness, with the storm impacting only the first fiscal week of February, followed by a quick bounce back. Regarding margins, Mr. Leddy noted that gross profit margin is typically guided flat due to product mix and category growth, with the focus on growing gross profit dollars faster than adjusted operating expenses to achieve leverage.

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