Question · Q3 2025
Peter Mokhlis Saleh inquired about the impact of inflation and beef costs on margins and the go-forward outlook for the beef market. He also asked for an update on the recovery trajectory of the Chefs' Middle East business.
Answer
Chris Pappas, Founder, Chairman, and CEO, and Jim Leddy, CFO, noted elevated protein inflation in Q3, which impacted year-over-year protein margins but resulted in good gross profit dollar growth. They confirmed the Middle East business continues to grow nicely, with expanded capacity and double-digit growth, despite temporary summer impacts.