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    Scott Mushkin • R5 Capital

    Scott Mushkin's questions to Sprouts Farmers Market Inc (SFM) leadership

    Scott Mushkin's questions to Sprouts Farmers Market Inc (SFM) leadership • Q2 2025

    Question

    Scott Mushkin from R5 Capital questioned the implied low fourth-quarter comp from the full-year guidance, given current momentum. He also asked about the long-term comp potential, suggesting it could be above the industry average of 5-6%.

    Answer

    CFO Curtis Valentine acknowledged the Q4 guidance implies a lower comp but noted key variables are still ahead, including cycling a major comp step-up in September and the impact of new stores and the loyalty program. CEO Jack Sinclair added that while there are industry tailwinds and ambitions to grow, the company remains disciplined to avoid pressuring SG&A.

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    Scott Mushkin's questions to Sprouts Farmers Market Inc (SFM) leadership • Q1 2025

    Question

    Scott Mushkin drew a parallel to Whole Foods' history and asked how Sprouts can expand its competitive moat as competitors inevitably try to copy its successful model. He questioned what, beyond product differentiation, could drive a unique customer experience, such as investing more in customer service.

    Answer

    CEO Jack Sinclair outlined a multi-faceted strategy to maintain differentiation. He stated Sprouts will double down on its strengths: a leading position in produce, especially fast-growing organics; a rapid pace of innovation with thousands of new products launched annually; a sharp price differential on fresh items; and creating a superior in-store atmosphere. He emphasized that the operations team is focused on being the best in service, and efficiency gains from other initiatives are being reinvested to fund this service and product differentiation, creating a durable moat.

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    Scott Mushkin's questions to Sprouts Farmers Market Inc (SFM) leadership • Q4 2024

    Question

    Scott Mushkin asked what further actions Sprouts could take to solidify its brand identity and differentiation in the market beyond its current plans for distribution and marketing.

    Answer

    CEO Jack Sinclair emphasized that a significant opportunity remains in simply increasing brand awareness through new stores and more effective communication, highlighting the potential of the upcoming loyalty program. President and COO Nick Konat added that there is still substantial runway within their existing strategic pillars of loyalty, store density, and assortment differentiation.

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    Scott Mushkin's questions to United Natural Foods Inc (UNFI) leadership

    Scott Mushkin's questions to United Natural Foods Inc (UNFI) leadership • Q3 2025

    Question

    Scott Mushkin of R5 Capital inquired about the current operational status of UNFI's distribution network following the cyberattack, including shipping capacity, potential for contract breaches, and the timeline for disclosing the incident to the market.

    Answer

    CEO Sandy Douglas stated that shipping is occurring on a limited, customized basis and is improving daily, but declined to provide a specific capacity percentage. He emphasized that the company is focused on partnering with customers to meet their needs, viewing it as a defining moment for relationships. Regarding the disclosure, Douglas detailed that the unauthorized activity was detected Thursday, systems were locked down late Friday, and an 8-K was filed Monday morning, asserting they could not have communicated faster.

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    Scott Mushkin's questions to United Natural Foods Inc (UNFI) leadership • Q2 2025

    Question

    Scott Mushkin of R5 Capital questioned the long-term strategic fit of the conventional and natural businesses, referencing the original 'one truck' merger thesis. He also requested details on the core volume growth for the conventional business, excluding the impact of new customer wins.

    Answer

    CEO James Alexander Douglas responded that the strategy incorporates both specialization and scale; product-focused teams for conventional and natural serve customer needs better, while a scaled supply chain and back office provide enterprise-wide efficiencies. President & CFO Giorgio Tarditi added that conventional volume was roughly flat, which slightly outperformed the industry benchmark, showing positive sequential progress.

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    Scott Mushkin's questions to United Natural Foods Inc (UNFI) leadership • Q1 2025

    Question

    Scott Mushkin of R5 Capital inquired about the revenue split between legacy UNFI and SUPERVALU, the level of operational integration, the plan for proceeds from DC sales, and the potential for divesting the Cub retail business.

    Answer

    CEO Sandy Douglas confirmed a 50/50 revenue split and noted fulfillment systems remain largely separate. President & CFO Matteo Tarditi stated proceeds from selling the three owned, legacy SUPERVALU DCs will be used to pay down debt. Regarding retail, Douglas said the current strategy is to drive performance at Cub, as it is deeply integrated into the ecosystem, but did not rule out future strategic changes.

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    Scott Mushkin's questions to SpartanNash Co (SPTN) leadership

    Scott Mushkin's questions to SpartanNash Co (SPTN) leadership • Q1 2025

    Question

    Scott Mushkin from R5 Capital asked about the long-term implications of potential volume declines in CPG, the impact of changes to food stamp programs, and the company's current perspective on M&A.

    Answer

    President and CEO Tony Sarsam expressed confidence in the business's ability to adapt to shifting consumer trends, viewing them as opportunities. EVP & CFO Jason Monaco added that the company has proven its flexibility, such as catering to GLP-1 users, and noted the Q1 impact from SNAP changes was negative but less severe than in prior periods. Regarding M&A, Sarsam confirmed that the company remains very active in evaluating opportunities of all sizes to maximize shareholder value.

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    Scott Mushkin's questions to SpartanNash Co (SPTN) leadership • Q3 2024

    Question

    Scott Mushkin from R5 Capital asked how SpartanNash is addressing industry trends like the growth of broadline retailers and organic/specialty products, and whether to expect increased CPG promotions in 2025.

    Answer

    President and CEO Tony Sarsam explained that SpartanNash counters these trends by focusing on local and specialty products, citing the Metcalfe's acquisition as a key example. He confirmed they are working with suppliers on more promotions, which are resonating with shoppers. EVP and CFO Jason Monaco added that this aligns with their merchandising transformation and that continued promotional activity is expected from vendors, which is a factor in their 2025 EBITDA growth outlook.

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    Scott Mushkin's questions to SpartanNash Co (SPTN) leadership • Q2 2024

    Question

    Scott Mushkin questioned the strategy for achieving organic revenue growth in a difficult market, asking if it relies on acquisitions or if there are paths to taking market share. He followed up by asking about wholesale growth opportunities, specifically within the dollar store channel, as they expand into fresh categories.

    Answer

    President and CEO Tony Sarsam asserted that the company's strategy involves both organic growth through share gains and M&A. He highlighted the CVP initiative as a key driver for taking share. CFO Jason Monaco added that the company's focus on strengthening margins has created a solid foundation for this growth. Regarding the dollar channel, Mr. Sarsam confirmed that SpartanNash is currently seeing growth there and is well-positioned to support their expansion, particularly in fresh products.

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    Scott Mushkin's questions to SpartanNash Co (SPTN) leadership • Q4 2024

    Question

    Scott Mushkin asked for more details on the growth strategy for SpartanNash's ethnic store footprint. He also questioned if the tuck-in acquisitions included in the 2025 adjusted EBITDA guidance were expected to be material.

    Answer

    CEO Tony Sarsam explained that the company leverages its expertise from three high-performing ethnic stores in Nebraska and plans to double that footprint in 2025 by expanding into other Midwest cities, viewing it as a long-term growth vector. CFO Jason Monaco clarified that the 2025 guidance primarily reflects the full-year impact of acquisitions already completed in 2024, and any future tuck-ins are not considered material to the current forecast. Monaco also emphasized the positive retail comp trend and the company's overall growth vectors.

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    Scott Mushkin's questions to Natural Grocers by Vitamin Cottage Inc (NGVC) leadership

    Scott Mushkin's questions to Natural Grocers by Vitamin Cottage Inc (NGVC) leadership • Q1 2025

    Question

    Scott Mushkin of R5 Capital inquired about the full-year gross margin outlook given strong Q1 leverage, the drivers behind working capital movements, the long-term potential for operating margin expansion, and the possibility of accelerating the pace of new store openings.

    Answer

    Richard Halle, Chief Financial Officer, explained that the outlook for relatively flat gross margin is a conservative stance, factoring in moderating comps in the second half of the year and uncertainty around potential tariffs. He confirmed that Q1 working capital movements were timing-related. Regarding operating margins, Halle noted that while sales leverage provides upside, the company's core value proposition of affordable pricing differentiates it from higher-margin competitors. Co-President Kemper Isely reiterated the fiscal 2025 plan for 4-6 new stores, stating a goal to potentially increase that to 6-8 stores in subsequent years.

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    Scott Mushkin's questions to Natural Grocers by Vitamin Cottage Inc (NGVC) leadership • Q4 2024

    Question

    Scott Mushkin of R5 Capital inquired about recent sales trends compared to competitors, the impact of competition from Sprouts, and the potential effects of weight-loss drugs and stricter food additive regulations on the business. He also asked about the primary revenue drivers for fiscal 2025, with a focus on the {N}power loyalty program's growth and execution.

    Answer

    Co-President Kemper Isely explained that recent sales performance remained strong and consistent, and that store performance is solid even in markets with heavy competition. He believes general health awareness, rather than weight-loss drugs, is the key consumer trend, and that stricter food additive regulations would validate the company's long-standing principles. Isely identified driving {N}power membership, which now accounts for 81% of sales, through in-store engagement as the key revenue initiative for fiscal 2025. CFO Todd Dissinger added that promotions are a key driver for program sign-ups.

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    Scott Mushkin's questions to Costco Wholesale Corp (COST) leadership

    Scott Mushkin's questions to Costco Wholesale Corp (COST) leadership • Q1 2025

    Question

    Scott Mushkin of R5 Capital asked a high-level question about the primary drivers behind Costco's consistently strong traffic growth and the outlook for sustaining this momentum.

    Answer

    Executive Ron Vachris attributed the strong traffic growth to the collective success across all parts of the business, including pharmacy, food court, and fresh foods. He credited the company's buyers and operators for maintaining relevance to member needs by offering a dynamic product mix, from lower-cost proteins to high-end items. He emphasized that strong execution by the teams across a robust non-food business and growing e-commerce is key to the sustained performance.

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