Company Overview - The Chefs' Warehouse, Inc. is a premier distributor of specialty food products in the United States, the Middle East, and Canada [3] - The company serves chefs operating leading independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos, and specialty food stores [3] - It carries and distributes over 88,000 products to more than 50,000 customer locations [3] Upcoming Event - The company will participate in a fireside chat at the BMO Global Farm to Market Conference in New York on May 14, 2025, starting at 11:00 a.m. ET [1] - Investors and interested parties can listen to a webcast of the fireside chat on the company's investor relations website [2]

Core Viewpoint - Altria Group Inc. reported mixed first-quarter 2025 results, with a decline in top-line revenue but an increase in bottom-line earnings, reaffirming its 2025 adjusted EPS guidance [1][2]. Financial Performance - Adjusted earnings per share (EPS) for the first quarter were $1.23, a 6% increase year over year, surpassing the Zacks Consensus Estimate of $1.17 [2]. - Net revenues totaled $5,259 million, down 5.7% year over year, missing the consensus estimate of $4,638.2 million [2]. - Revenues from smokeable products fell 5.8% to $4,622 million, primarily due to reduced shipment volume, although higher pricing provided some offset [4]. Segment Analysis - **Smokeable Products**: - Net revenues decreased 5.8% year over year to $4,622 million, with domestic cigarette shipment volumes down 13.7% [4][5]. - Adjusted operating income (OCI) increased 2.7% to $2,518 million, with adjusted OCI margins growing 4.2 percentage points to 64.4% [6]. - **Oral Tobacco Products**: - Net revenues rose 0.5% to $654 million, driven by higher pricing, despite a 5% decline in domestic shipment volumes [7][8]. - Adjusted OCI remained flat, with a slight decline in adjusted OCI margin by 0.3 percentage points to 69.2% [9]. Shareholder Returns and Guidance - The company repurchased 5.7 million shares for $326 million in the first quarter, with $674 million remaining under its $1 billion share repurchase program [11]. - Altria expects 2025 adjusted EPS in the range of $5.30 to $5.45, reflecting a year-over-year growth of 2% to 5% from a base of $5.19 in 2024 [12][13]. Market Context - Altria's stock has gained 12.6% over the past three months, compared to the industry's growth of 21.8% [15].

Financial Data and Key Metrics Changes - Net sales increased by approximately 8.7% to $950.7 million from $874.5 million in Q1 2024 [10] - Gross profit increased by 7.9% to $226 million, with gross profit margins decreasing by approximately 18 basis points to 23.8% [12] - GAAP net income was $10.3 million or $0.25 per diluted share, compared to $1.9 million or $0.05 per diluted share in Q1 2024 [13] - Adjusted EBITDA for Q1 2025 was $47.5 million compared to $40.2 million in the prior year [13] Business Line Data and Key Metrics Changes - Specialty sales grew by 10.7%, driven by unique customer growth of approximately 4.5% and placement growth of 7.7% [6] - Gross margins in the specialty category increased by approximately six basis points, while gross margins in the center of the plate category decreased by approximately 83 basis points year over year [7] Market Data and Key Metrics Changes - Net inflation was reported at 5.2%, with 4.8% inflation in the specialty category and 5.9% in the center of the plate category [10] - Average revenue per case in Hardee's increased approximately 12% versus Q1 2024, influenced by the mix of lower volume, higher revenue cases [11] Company Strategy and Development Direction - The company is focusing on digital platform investments to improve profitability and enhance customer-facing functionality [9] - The management emphasized a disciplined approach to capital expenditures and is exploring technology to build smaller, more efficient facilities [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand environment, noting that April trends were as expected and that the restaurant business remains strong [21] - The company remains cautiously optimistic about future performance despite some concerns regarding tourism and economic conditions [82] Other Important Information - Total liquidity at the end of Q1 was $278.9 million, comprising $116.5 million in cash and $162.4 million available under the ABL facility [14] - Full-year guidance for 2025 estimates net sales between $3.96 billion and $4.04 billion, with adjusted EBITDA between $234 million and $246 million [15][16] Q&A Session Summary Question: Inquiry about tariffs and input costs - Management indicated that tariffs are a small percentage of overall business and that they have diversified their supply chain to mitigate risks [18][20] Question: Impact of international travel on sales - Management noted that while tourism is significant, they do not foresee a material headwind due to a strong local customer base [28] Question: Slowdown in new restaurant formation - Management reported no significant slowdown in new restaurant openings, particularly in areas with population growth [40] Question: Update on Chef Middle East performance - The business is performing well, with continued growth and a new facility opened in December [43] Question: Impact of non-core customer attrition on margins - Management explained that the attrition of low-margin customers has impacted reported volume growth but is expected to lead to a more profitable business in the long run [62][92]

The Chefs' Warehouse (CHEF) Q1 2025 Earnings Call April 30, 2025 08:30 AM ET Company Participants Alexandros Aldous - Gen. Counsel, Chief Government Relations Officer, Corporate Secretary & Chief Administrative OfficerChristopher Pappas - Founder, Chairman, CEO & PresidentJim Leddy - CFOMark Carden - Director - Equity ResearchPeter Saleh - MD - RestaurantsKelly Bania - MD - Equity Research Conference Call Participants Alexander Slagle - Stock AnalystAndrew Wolf - SVP & Senior Research AnalystTodd Brooks - E ...

Fiscal Q3 2025 Earnings Results April 29, 2025 It is important to note that actual results could differ materially from those estimated in or implied by such forward-looking statements based on numerous factors, including those outside of Sysco's control. Such forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties, estimates, and assumptions. Risks and uncertainties include without limitation: the impact of geopolit ...

First Quarter 2025 Earnings Presentation The Chefs' Warehouse, Inc. 1 Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this presentation regarding the business of The Chefs' Warehouse, Inc. (the "Company") that are not historical facts are "forward-looking statements" that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which c ...

RIDGEFIELD, Conn., April 30, 2025 (GLOBE NEWSWIRE) -- The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) (the “Company” or “Chefs’”), a premier distributor of specialty food products in the United States, the Middle East, and Canada, today reported financial results for its first quarter ended March 28, 2025. Financial highlights for the first quarter of 2025: Net sales increased 8.7% to $950.7 million for the first quarter of 2025 from $874.5 million for the first quarter of 2024.GAAP net income was $10.3 million, ...

Financial Data and Key Metrics Changes - Sysco reported sales of $19.6 billion, an increase of 1.1% on a reported basis and 1.8% excluding the divestiture of Mexico [9][34] - Adjusted operating income was $773 million, down 3.3% year-over-year, while adjusted EPS remained flat at $0.96 [9][34] - Gross profit was $3.6 billion, down 0.8%, with a gross margin of 18.3% [37][41] Business Line Data and Key Metrics Changes - The USFS national sales business experienced flat volume growth and 2.3% sales growth, both below expectations [11] - Local business volume declined by 3.5%, a step down from Q2 performance [11] - The Sigma segment achieved 9.5% sales growth, driven by strong customer wins [12] Market Data and Key Metrics Changes - Foot traffic to restaurants decreased by 3.1% overall, with January down 1.3%, February down 5.7%, and March down 2.3% [5] - The International segment posted double-digit profit growth for the sixth consecutive quarter, with local volume increasing by 4.5% [22][36] Company Strategy and Development Direction - Sysco is focused on improving local business performance through hiring and retention of sales consultants, with a target of 4% growth in headcount by the end of Q4 [56][64] - The company is expanding fulfillment capacity with new facilities in key markets, including a new distribution center in Tampa [19][31] - A pilot program for cash and carry stores, called Sysco To Go, is being introduced to capture the growing market segment [29][31] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with Q3 performance due to adverse weather and declining consumer confidence, but noted stronger performance in April compared to March [7][9] - The company is cautiously optimistic about Q4, expecting improved volume performance and continued momentum from cost-saving initiatives [46][51] - Management highlighted the importance of maintaining a strong balance sheet to navigate uncertain macroeconomic conditions [28][42] Other Important Information - Sysco's tariff management task force is actively working to mitigate the impact of tariffs on costs and supply chain [25][27] - The company has repurchased $700 million in shares and paid out $752 million in dividends year-to-date, with a 6% increase in the quarterly cash dividend [33][34] Q&A Session Summary Question: Local business sales headcount investments and their impact - Sysco expects to end the year with approximately 4% growth in sales consultant headcount, with strong performance from new hiring cohorts [56][58] Question: Local restaurant industry performance compared to national - National restaurants faced a tough quarter, with local performance consistent with industry trends, but certain sectors like food service management remained stable [68][70] Question: Clarification on local case growth and EPS guidance - Sysco's local case growth was consistent with market performance, and the company is confident in its guidance despite recent challenges [79][81]

Financial Data and Key Metrics Changes - Sysco reported sales of $19.6 billion, an increase of 1.1% on a reported basis and 1.8% excluding the divestiture of Mexico [9][34] - Adjusted operating income was $773 million, down 3.3% year-over-year, while adjusted EPS remained flat at $0.96 [9][34] - Gross profit was $3.6 billion, down 0.8%, with a gross margin of 18.3% [37] Business Line Data and Key Metrics Changes - The US Foodservice (USFS) segment experienced a 2% decrease in total volume, with local volume down 3.5% [35][11] - The national sales business had flat volume growth but achieved a sales growth of 2.3% [11] - The Sigma segment delivered a sales growth of 9.5%, with year-to-date growth of 9% in top line and 17% in bottom line [12] Market Data and Key Metrics Changes - Foot traffic to restaurants declined by 3.1% overall, with January down 1.3%, February down 5.7%, and March down 2.3% [5][6] - The Michigan Consumer Confidence Survey indicated one of the lowest levels of consumer confidence in approximately 20 years, raising concerns for future performance [6][27] Company Strategy and Development Direction - Sysco is focusing on improving local business performance through strategic sourcing and logistics efficiency, with a target of $100 million in profit improvement [10][28] - The company is expanding fulfillment capacity with new facilities in Allentown, PA, and Tampa, FL, as well as internationally in Sweden and Ireland [19][22] - A pilot program for cash and carry store locations called Sysco To Go is being introduced to capture the fast-growing segment of value-seeking customers [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with Q3 performance but noted stronger trends in April compared to March, indicating cautious optimism for Q4 [7][51] - The company is preparing for a challenging environment due to tariff uncertainties and consumer confidence issues, while maintaining a focus on disciplined cost management [28][46] - Sysco's strong balance sheet is viewed as a competitive advantage, allowing continued investment in growth opportunities [33][28] Other Important Information - Sysco's international segment posted double-digit profit growth for the sixth consecutive quarter, with local volume increasing by 4.5% [10][22] - The company has repurchased $700 million in shares and paid out $752 million in dividends year-to-date, with a 6% increase in planned quarterly cash dividends [33][34] Q&A Session Summary Question: Local business sales headcount investments and their impact - Management expects to end the year with approximately 4% growth in sales consultant headcount, with strong performance from new hiring cohorts [56][58] Question: Local restaurant industry performance compared to national - National restaurants faced a tough quarter, with local performance consistent with industry trends, but certain sectors like food service management remained stable [67][68] Question: Clarification on local case growth and fiscal 2025 guidance - Management is confident that local performance was consistent with the market, and the guidance reflects cautious optimism due to macro uncertainties [79][91]

Core Insights - Appian announced the winners of the 2025 Appian Innovation Awards, highlighting the transformative applications created by customers that leverage AI and process orchestration on the Appian Platform [1][2][4] North America Winners - Gordon Food Service (GFS) utilized Appian to enhance its customer ordering process, achieving a 70% reduction in order entry time and a 40% increase in quote production, leading to higher sales productivity [5] - MagMutual implemented AI-powered solutions on the Appian Platform, resulting in a 30% reduction in turnaround times for quotes and a 25% decrease in claims processing times, which improved employee productivity by 20% and customer satisfaction by 15% [6] - Regeneron developed a clinical trial feasibility platform that integrates data from over 10 sources, achieving a 50% reduction in data query time, thus accelerating clinical trials and reducing costs [7] EMEA and LATAM Winners - Novartis streamlined clinical trial operations by connecting over 15 core systems on the Appian Platform, benefiting over 10,000 professionals with improved productivity and faster decision-making [8] - Towerbank International launched "Ikigii" to enhance its onboarding process, reducing onboarding time from seven hours to under two by automating 96% of processes, and processed $30 million in crypto-to-fiat transactions [9] Asia-Pacific and Japan Winners - Ramsay Health Care deployed multiple applications on the Appian Platform, achieving a 25% increase in adoption rates and recovering $30 million through workflow automation [10] - Westpac Banking Corporation introduced a Mortgage Assessor AI solution on the Appian platform, improving loan assessment times and speeding up approvals [11] Global Public Sector Winner - Idaho Workforce Development Council (WDC) created a system for the LAUNCH grant program on the Appian Platform, enabling over 14,000 students to receive nearly $40 million in aid, while saving the agency the equivalent of three full-time staff members [12] Conclusion - The Innovation Award winners exemplify how organizations are leveraging AI and process orchestration to create significant operational improvements and deliver measurable value to employees and customers [13]