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    Robert Dickerson

    Research Analyst at Jefferies

    Robert Dickerson is a Managing Director, Consumer Staples Equity Research at Jefferies, specializing in the consumer goods sector with a coverage list spanning 41 stocks including names such as J.M. Smucker (SJM). He has established a notable performance record with a 57% success rate on his stock recommendations and an average return per transaction of 3.3%, as recognized by platforms such as TipRanks. Dickerson's career began prior to joining Jefferies, and he currently leads the firm's consumer staples research division. He is professionally credentialed with securities licenses and is known for his expertise and consistency in equity research within the consumer staples arena.

    Robert Dickerson's questions to Nomad Foods (NOMD) leadership

    Robert Dickerson's questions to Nomad Foods (NOMD) leadership • Q4 2024

    Question

    Robert Dickerson questioned if the outlook for gross margin has changed, given the company is already approaching its 30% target. He also asked for an update on the company's stance on inorganic growth and M&A opportunities.

    Answer

    CFO Ruben Baldew confirmed the strategy to drive supply chain efficiencies and reinvest them remains unchanged, declining to give specific 2025 gross margin guidance but reaffirming the long-term goal of recovery. CEO Stéfan Descheemaeker noted that the M&A valuation gap is narrowing, and the company is considering smaller, synergistic add-on deals while maintaining focus on the core business.

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    Robert Dickerson's questions to B&G Foods (BGS) leadership

    Robert Dickerson's questions to B&G Foods (BGS) leadership • Q4 2024

    Question

    Robert Dickerson from Jefferies inquired about the trade spending environment for 2025 and any other costs needed to support product velocities with retailers. He also asked for clarification on the pricing assumptions embedded in the full-year organic sales growth guidance.

    Answer

    CFO Bruce Wacha explained that trade spend is the company's primary lever to move volume and that higher trade levels from Q4 2023 were lapped in Q4 2024. CEO Casey Keller added that the 2025 outlook assumes flat to slightly positive pricing, with productivity and cost savings expected to offset modest input cost inflation. Bruce Wacha also reiterated that the Crisco brand is managed to protect gross profit dollars, with pricing adjusted to reflect commodity cost changes.

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    Robert Dickerson's questions to Vital Farms (VITL) leadership

    Robert Dickerson's questions to Vital Farms (VITL) leadership • Q4 2024

    Question

    Robert Dickerson inquired about the 2025 sales cadence, focusing on Q1 volume growth amid capacity constraints and a difficult prior-year comparison.

    Answer

    President and CEO Russell Diez-Canseco explained that Q1 growth will be meaningfully below the prior year's 24% due to lapping a period of significant inventory sell-through, which is not repeatable this year. He confirmed, however, that year-over-year volume is still expected to grow. CFO Thilo Wrede added that a positive price/mix benefit is anticipated from a continued shift to organic products and reduced promotions.

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    Robert Dickerson's questions to Vital Farms (VITL) leadership • Q3 2024

    Question

    Robert Dickerson from Jefferies inquired about the returns and learnings from the increased marketing spend and asked about the sustainability of the high gross margin, seeking to understand potential future offsets beyond feed costs.

    Answer

    CEO Russell Diez-Canseco positioned marketing as a long-term brand-building investment focused on consumer insights. CFO Thilo Wrede elaborated that returns are measured through rising brand awareness in surveys, not direct short-term sales. Regarding gross margin, Thilo Wrede stated that while the company is currently above its long-term target of 35%, factors like increased transportation costs from new farm locations and ongoing maintenance could weigh on margins, but they remain comfortable with the 35% or higher target through 2027.

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    Robert Dickerson's questions to Sprouts Farmers Market (SFM) leadership

    Robert Dickerson's questions to Sprouts Farmers Market (SFM) leadership • Q4 2024

    Question

    Robert Dickerson questioned the potential for growth deceleration in 2025 given the strong momentum but uncertain macro backdrop, and asked about the future mix of new stores between existing and new markets.

    Answer

    CEO Jack Sinclair stated that the discerning nature of their customer base provides some insulation from economic shifts. CFO Curtis Valentine cited macro uncertainty and the challenge of lapping 2024's exceptionally strong comps as reasons for the measured guidance. He also clarified that new stores will be in existing markets through 2026, with expansion into new regions planned for 2027 and beyond.

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    Robert Dickerson's questions to Sprouts Farmers Market (SFM) leadership • Q3 2024

    Question

    Robert Dickerson asked what specifically changed to cause the upside surprise in performance, why the long-term comp algorithm remains 2-4% despite high momentum, and for clarity on Q4 SG&A dollar expectations.

    Answer

    CFO Curtis Valentine attributed the acceleration to a surprising increase in brick-and-mortar traffic, with multiple business areas all working simultaneously. He explained the 2-4% comp is an algorithm they are confident in delivering on the new higher base, even against tougher compares next year. For SG&A, he stated the basis point impact in Q4 should be similar to Q3.

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    Robert Dickerson's questions to Utz Brands (UTZ) leadership

    Robert Dickerson's questions to Utz Brands (UTZ) leadership • Q4 2024

    Question

    Robert Dickerson inquired about current channel dynamics, particularly in the C-store channel, and consumer purchasing behavior related to value-seeking and promotional lumpiness. He also asked if the focus on price pack architecture was a more efficient way to drive demand than heavy promotions.

    Answer

    CEO Howard Friedman noted strong performance in grocery and club channels but acknowledged that C-stores remain a challenge, with improvement expected over the coming year. He described consumer behavior as value-seeking, leading to lumpy promotional lift from multi-buys. Friedman believes promotional intensity will normalize and that a varied price pack architecture is crucial for meeting consumer needs at different price points, complementing traditional brand building and innovation.

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    Robert Dickerson's questions to Utz Brands (UTZ) leadership • Q3 2024

    Question

    Robert Dickerson asked if heightened competitive activity is impacting the company's ability to secure new distribution in its expansion geographies or if the impact is felt more on post-win velocity. He also inquired about the early consumer reaction to the holiday-related merchandising that shipped in Q3.

    Answer

    CEO Howard Friedman stated that competitive activity is not expected to alter the geographic expansion strategy, as retailers value Utz for bringing incremental buyers and a broad portfolio. He positioned the promotional environment as more of a factor for in-market velocity and volume-to-value translation. Regarding early holiday merchandising, he confirmed the shipments were planned and that promotional lifts and elasticities are performing as anticipated.

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    Robert Dickerson's questions to TreeHouse Foods (THS) leadership

    Robert Dickerson's questions to TreeHouse Foods (THS) leadership • Q4 2024

    Question

    Robert Dickerson asked for a technical clarification on whether the broth business recovery in Q4 2024 offset the prior year's disruption and also inquired about the expected increase in promotional activity, questioning if both branded and private label would participate to drive volume.

    Answer

    EVP and CFO Patrick O'Donnell clarified that the broth business recovery was not fully complete in Q4 and will continue into Q1 2025. Chairman, CEO and President Steven Oakland explained the expectation is primarily for increased branded promotions, which TreeHouse has factored into its guidance. He noted private label promotions are structured differently within retailer contracts and that current price gaps provide a strong value proposition.

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    Robert Dickerson's questions to TreeHouse Foods (THS) leadership • Q3 2024

    Question

    Robert Dickerson of Jefferies inquired about the net impact of the frozen griddle recall versus the broth business recovery in Q4 and asked which specific snack categories TreeHouse is successfully emphasizing.

    Answer

    CFO Patrick O'Donnell stated that the financial impacts from the griddle recall and broth recovery are expected to be largely offsetting in Q4. CEO Steve Oakland identified pretzels and in-store baked cookies as particularly strong-performing snack categories where the company is leaning in and has secured new business wins.

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    Robert Dickerson's questions to WK Kellogg (KLG) leadership

    Robert Dickerson's questions to WK Kellogg (KLG) leadership • Q4 2024

    Question

    Robert Dickerson asked if 2025 commercial plans will prioritize better-performing brands and whether innovation could eventually extend beyond the cereal category.

    Answer

    CEO Gary Pilnick confirmed the company leverages its portfolio's breadth by focusing on brands with momentum and growth opportunities. He stated that while the current priority is optimizing cereal (Horizon 1), the infrastructure being built is scalable and will allow for future expansion into new areas (Horizon 2).

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    Robert Dickerson's questions to WK Kellogg (KLG) leadership • Q3 2024

    Question

    Asked about the innovation strategy (core brands vs. new items like 'Wednesday') and the state of the promotional environment in the category.

    Answer

    The company stated their innovation strategy is an 'and' approach, focusing on both core brand innovation (e.g., Frosted Flakes flavors) and exciting seasonal items like 'Wednesday'. Regarding promotions, they see the environment as rational and at historical norms (pre-COVID), which they view as healthy for the category.

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    Robert Dickerson's questions to WK Kellogg (KLG) leadership • Q3 2024

    Question

    Robert Dickerson inquired about 2025 innovation plans, asking if more standalone products like the 'Wednesday' seasonal item are needed to drive category growth. He also asked for an assessment of the promotional environment and whether it is becoming more competitive.

    Answer

    Gary Pilnick, Chairman and CEO, described the innovation strategy as an 'and' approach, combining innovation within core brands (e.g., Frosted Flakes flavors) with exciting seasonal offerings. On promotions, he stated the environment is largely at historical 2019 norms. He explained that while WK Kellogg's activity is up, it's a return to normal levels after lapping prior supply constraints, and he views ROI-focused promotions as healthy for the category.

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    Robert Dickerson's questions to WK Kellogg (KLG) leadership • Q3 2024

    Question

    Robert Dickerson asked about the innovation strategy for 2025, questioning whether the focus would be on core brand extensions or more on novel, licensed products like the 'Wednesday' cereal. He also inquired if the promotional environment in the category is becoming more competitive.

    Answer

    Gary Pilnick, Chairman and CEO, described the strategy as an 'and' approach, utilizing both innovation within core brands like Frosted Flakes and Raisin Bran and exciting in-and-out seasonal items like 'Wednesday' to drive business and category engagement. Regarding promotions, he stated that the environment is largely at historical 2019 norms and that WK Kellogg Co.'s increased activity is a return to normal levels now that supply has improved.

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    Robert Dickerson's questions to J&J SNACK FOODS (JJSF) leadership

    Robert Dickerson's questions to J&J SNACK FOODS (JJSF) leadership • Q1 2025

    Question

    Robert Dickerson from Jefferies asked for more detail on the recovery seen in the convenience store channel. He also inquired about the gross margin outlook for the second half of the year, the retail launch of Dippin' Dots, and the strategy behind the new $50 million stock repurchase authorization.

    Answer

    CEO Daniel Fachner attributed the convenience store rebound to strong performance in the pretzel business, driven by a focused team securing new business. For the outlook, executive Shawn Munsell stated the goal is to return to a low 30% gross margin in the second half, with Q2 being a transitional quarter due to lapping strong churros volumes. Fachner expressed confidence in this recovery, citing theater traffic growth and new wins. He also highlighted the successful January launch of Dippin' Dots sundaes with a major nationwide retailer. Munsell described the share repurchase plan as an opportunistic and complementary part of their capital deployment strategy.

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    Robert Dickerson's questions to J&J SNACK FOODS (JJSF) leadership • Q4 2024

    Question

    Robert Dickerson asked for insights on what could drive a recovery in the convenience store channel beyond general economic improvement. He also questioned if the long-term (3-year) operating profit margin outlook has changed, given the recent supply chain progress and the current softer consumer environment.

    Answer

    CEO Daniel Fachner stated that the company is focused on promotional activities and 'curb-in' marketing to attract consumers in the convenience channel. Regarding long-term margins, Fachner confirmed the company's goals have not changed, though he emphasized the 'last mile is the hardest.' CFO Ken Plunk supported this by pointing to the 110 basis point improvement in adjusted EBITDA margin in fiscal 2024 as proof the strategy is delivering results.

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    Robert Dickerson's questions to MCCORMICK & CO (MKC) leadership

    Robert Dickerson's questions to MCCORMICK & CO (MKC) leadership • Q4 2024

    Question

    Robert Dickerson asked about the necessity of continued price gap investments in Q1 given strong Q4 volumes, and for an updated perspective on how at-home cooking trends are benefiting McCormick's portfolio.

    Answer

    CEO Brendan Foley explained that the Q1 price investment is a maintenance of the program established in 2024, not an increase, as they are lapping its initial implementation. He reaffirmed that consumer trends like cooking at home, seeking value, and healthier eating continue to be strong tailwinds, directly fueling demand for their flavor products as consumers buy more fresh ingredients.

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    Robert Dickerson's questions to MCCORMICK & CO (MKC) leadership • Q3 2024

    Question

    Robert Dickerson sought clarification on the drivers of the implied year-over-year EPS decline in Q4, suggesting SG&A was the primary factor. He also asked if the mentioned IT and digital transformation spend is a one-time Q4 item or part of a larger, ongoing investment program.

    Answer

    EVP and CFO Mike Smith confirmed the SG&A investments, along with a tougher comparison for unconsolidated income, were key factors. Incoming CFO Marcos Gabriel elaborated that the SG&A increase includes a shift of IT and digital transformation investments into Q4, such as building a data analytics hub. He noted that the digital transformation journey is ongoing and more details would be shared at the Investor Day, deferring specifics on 2025.

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    Robert Dickerson's questions to Lamb Weston Holdings (LW) leadership

    Robert Dickerson's questions to Lamb Weston Holdings (LW) leadership • Q2 2025

    Question

    Robert Dickerson asked for the rationale behind competitors adding significant capacity, especially smaller international players, and sought clarification on the fiscal 2026 CapEx target of $550 million.

    Answer

    President and CEO Thomas Werner suggested that competitors likely saw the same strong category growth rates pre-COVID and planned expansions accordingly, which are now coming online during a demand slowdown. CFO Bernadette Madarieta firmly reiterated her comfort with the $550 million capital expenditure target for fiscal 2026.

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    Robert Dickerson's questions to Lamb Weston Holdings (LW) leadership • Q1 2025

    Question

    Rob Dickerson asked for an update on the progress of regaining market share lost from the ERP disruption and how that might be impacted by weak base business trends. He also asked for the capacity percentage represented by the Connell plant closure.

    Answer

    President and CEO Tom Werner stated that the company is winning back business, with volume benefits expected in Q3 and Q4. However, he cautioned that the overall volume picture could be 'murky' due to challenging restaurant traffic impacting the base business. Both Werner and CFO Bernadette Madarieta confirmed the Connell facility represented about 5% of North American capacity.

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    Robert Dickerson's questions to KROGER (KR) leadership

    Robert Dickerson's questions to KROGER (KR) leadership • Q3 2024

    Question

    Robert Dickerson of Jefferies LLC asked if the company has observed any incremental, real-time improvement in customer traffic in physical stores during the current holiday season, following comments about improving consumer sentiment.

    Answer

    Chairman and CEO Rodney McMullen stated that they feel good about their current position and are tracking slightly ahead of their own expectations. However, he expressed caution due to the five fewer shopping days between Thanksgiving and Christmas this year. He confirmed that most customer segments are beginning to feel more relaxed about their financial situation.

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    Robert Dickerson's questions to J M SMUCKER (SJM) leadership

    Robert Dickerson's questions to J M SMUCKER (SJM) leadership • Q2 2025

    Question

    Robert Dickerson requested color on the full-year operating margin outlook for the coffee segment and asked for a breakdown of expected profitability trends across all segments in the second half of the year.

    Answer

    CFO Tucker Marshall stated that coffee margins, which were strong at 28% in the first half, are expected to decline to the mid-to-low 20s in the second half due to green coffee inflation. He acknowledged the complex interplay of profitability across segments for the back half but deferred a detailed model discussion to a follow-up call.

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    Robert Dickerson's questions to J M SMUCKER (SJM) leadership • Q2 2025

    Question

    Robert Dickerson requested color on the full-year operating margin outlook for the coffee segment and asked for a broader assessment of how profitability is expected to play out across all segments in the second half of the year.

    Answer

    CFO Tucker Marshall stated that while coffee margins were strong in the first half (around 28%), they are expected to decline substantially to the mid-to-low 20s in the back half due to green coffee inflation. He acknowledged the moving pieces across segments, with Pet performing better than expected, and suggested a follow-up call to discuss the detailed puts and takes of the model for the second half.

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    Robert Dickerson's questions to Post Holdings (POST) leadership

    Robert Dickerson's questions to Post Holdings (POST) leadership • Q4 2024

    Question

    Robert Dickerson sought to clarify the guidance for a balanced quarterly EBITDA cadence in FY25 against the backdrop of potentially improving volume trends later in the year. He also asked for commentary on the competitive and promotional environment in the cereal category.

    Answer

    CFO Matt Mainer confirmed that the guidance assumes a relatively stable volume trajectory throughout the year, without a significant lift baked into the back half. Regarding the cereal category, Mainer described the competitive environment as rational. He noted that while retailers are asking for more promotions, Post would only increase promotional activity in exchange for benefits like improved shelf space or distribution.

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    Robert Dickerson's questions to LANC leadership

    Robert Dickerson's questions to LANC leadership • Q1 2025

    Question

    Sought clarification on QSR traffic trends, asked for an example of their new sauce products, and questioned if overall company volumes should accelerate for the rest of the year given the outlook.

    Answer

    The executive clarified that overall QSR traffic is still down, but their outperformance is driven by custom culinary work on 'hero sauces' for chicken concepts. While not providing a specific example, they confirmed their role in supporting major advertised chicken items. They maintained the low single-digit volume growth outlook for the full year but noted the mix will shift, with the retail segment expected to deliver stronger growth in upcoming quarters due to a robust pipeline of new products.

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    Robert Dickerson's questions to KELLANOVA (K) leadership

    Robert Dickerson's questions to KELLANOVA (K) leadership • Q2 2024

    Question

    Robert Dickerson of Jefferies inquired about the key drivers for the expected sustained volume improvement in North America during the second half, questioning whether it's primarily from innovation and distribution or from proactive price investments.

    Answer

    Chairman, President and CEO Steven Cahillane attributed the volume recovery to a return to "full commercial activation," led by the Pringles brand. He highlighted that this includes increased distribution, a full slate of innovation, and a return to more typical promotional activity in what he described as a rational environment. Cahillane confirmed that volume growth is expected to continue and improve through the second half of the year.

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    Robert Dickerson's questions to KELLANOVA (K) leadership • Q4 2023

    Question

    Asked about the strategy and potential for the international expansion of Cheez-It, and for details on the drivers of gross margin improvement, including the cost environment and quarterly phasing.

    Answer

    The international expansion of Cheez-It is a long-term play, with launches planned for major European markets in the second half of 2024. Gross margin is expected to approach 35% in 2024, driven by pricing and productivity, with a broadly neutral cost environment. Margin progress is expected to be balanced across the quarters, while A&P spending will be front-loaded.

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