TreeHouse Foods Q1 2025 Earnings Report

TreeHouse Foods EPS Results

• Actual EPS: $0.03
• Consensus EPS: -$0.21
• Beat/Miss: Beat by +$0.24
• One Year Ago EPS: -$0.03

TreeHouse Foods Revenue Results

• Actual Revenue: $792.00 million
• Expected Revenue: $789.66 million
• Beat/Miss: Beat by +$2.34 million
• YoY Revenue Growth: -3.50%

TreeHouse Foods Announcement Details

• Quarter: Q1 2025
• Date: 5/6/2025
• Time: Before Market Opens
• Conference Call Date: Tuesday, May 6, 2025
• Conference Call Time: 8:30AM ET

TreeHouse Foods (NYSE:THS) manufactures and distributes private brands snacks and beverages in the United States and internationally. The company provides snacking products, such as crackers, pretzels, in-store bakery items, frozen griddle items, cookies, and candies; and beverage and drink mixes, including non-dairy creamer, coffee, broths/stocks, powdered beverages and other blends, tea, and ready-to-drink-beverages. It also offers groceries comprising pickles, refrigerated dough, hot cereal, and cheese and puddings, as well as natural, organic, and gluten-free products. The company sells its products through various distribution channels, including retailers, foodservice distributors, food-away-from-home customers, refrigerated and frozen formats, and co-manufacturers, as well as industrial and export, which includes food manufacturers and repackagers of foodservice products. TreeHouse Foods, Inc. was founded in 1862 and is based in Oak Brook, Illinois.

TreeHouse Foods Q1 2025 Earnings Call Transcript

Key Takeaways

• TreeHouse delivered adjusted net sales within guidance and adjusted EBITDA above the upper range despite a $6 million expense shift, reflecting early returns from its margin improvement plan.
• All lines at the Brantford, Ontario frozen griddle facility are now running, positioning the business to positively impact second-half growth while tariff mitigation and ingredient reformulation efforts address rising costs.
• Private brand unit sales were slightly negative in Q1 due to a late Easter and consumer pressure, but healthy price gaps, category share gains, and a pickup in April trends underscore long-term demand for value offerings.
• The company is pursuing $250 million in supply chain savings through 2027, exercising disciplined margin management by exiting low-margin assortments and optimizing plant utilization, and streamlining its cost structure to boost profitability and cash flow.
• TreeHouse reaffirmed FY25 guidance of flat to 1% net sales growth and $345 million–$375 million adjusted EBITDA, with free cash flow of at least $130 million, while monitoring tariff and macroeconomic developments.

Presentation

[Operator]

Welcome to the TreeHouse Foods First Quarter twenty twenty five Conference Call. All participants are in a listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this call is being recorded. At this time, I would like to turn the call over to TreeHouse Foods for the reading of the Safe Harbor statement.

[Matt Siler, Vice President of Investor Relations at TreeHouse Foods]

Good morning and thank you for joining us today. Earlier this morning, we issued our first quarter earnings release and posted our earnings deck. These items are available within the Investor Relations section of our website at treehousefoods.com. Before we begin, I would like to advise you that all forward looking statements made on today's call are intended to fall within the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and projections and involve risks and uncertainties that may cause actual results to differ materially from our forward looking statements.

[Matt Siler, Vice President of Investor Relations at TreeHouse Foods]

Information concerning those risks is contained in the company's filings with the SEC. A reconciliation of non GAAP measures to their most direct comparable GAAP measures can be found in the release and in appendix tables of today's earnings deck. With that, let me now turn the call over to our Chairman, CEO and President, Mr. Steve Oakland.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

Thank you, Matt, and good morning, everyone. Today, Pat and I will discuss our first quarter financial results and provide an update on our operations and our outlook for the remainder of the year. Our results are outlined on Slide four. I'm pleased to report we achieved adjusted net sales within our guidance range and adjusted EBITDA that came in above the upper end of our guidance range. Note that adjusted EBITDA saw a benefit of approximately $6,000,000 of planned expenses that shifted from the first quarter to the second quarter.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

Despite this shift, the company was well above the upper end of our range, reflecting early returns on the execution of the margin improvement plan we previously discussed with you. While we are in the early stages, we are confident that the plan will meaningfully benefit results in the current year and beyond. The operating environment is clearly much more dynamic than we or anyone anticipated when we last spoke in February, but we are focused on controlling what we can control and executing against our plans to drive profits and cash flow regardless of the economic environment. Pat will provide more detail on these results later. Next, a few operational updates.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

First, the team at our Brantford, Ontario frozen griddle facility is making great progress. As of today, all of our lines are running and we are in the process of filling the customer pipeline. We are on plan to have this business in place to positively impact the second half of the year. Second, some comments regarding public policy changes with tariffs and food ingredients. As for tariffs, our manufacturing footprint consists of 22 plants in The United States and five in Canada.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

All of the products made in Canada that are shipped into The United States do so duty free as they qualify for the USMC agreement. That said, we do ship a limited subset of finished goods into Canada that are subject to tariffs, and we buy some raw materials and packaging from international sources. To mitigate this, we are executing alternative sourcing strategies or pricing to address these costs. With respect to the public policy changes regarding food ingredients, we have been working on reformulation for some time and in some cases are already meeting the future standards. We do applaud the efforts of the FDA to establish one national standard.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

Shifting gears, let's take a closer look at the consumer trends we experienced during the first quarter and the categories in which we operate, which are detailed on Slide five. For context, the Easter holiday was later this year and negatively impacted the March trends, which were the weakest in the period. Private brand unit sales were slightly negative in the quarter, which came in as a result of continued pressure on the consumer that impacted the broader market in addition to the Easter shift. We have seen the categories bounce back somewhat in April. This progression unfolded largely as we expected.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

At a macro level, private brand industry dynamics remain favorable related to national brands. As you can see on slide six, specifically, price gaps are healthy, and private brands continue to take share in this lower consumption environment. As it relates to promotion levels, what we've experienced thus far in 2025 is similar to what we experienced a year ago. As you can see on slide seven, private brands have been consistently gaining share over the last two decades, which we believe will continue over the long term. TreeHouse remains attractively positioned at the intersection of two incredibly powerful long term trends, the growth of private brand groceries in North America and the consumer shift towards snacking.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

Continuing with the discussion of the long term opportunity on Slide eight, it's clear that many grocery retailers also see further runway for growth in private brands and are making their own strategic investments accordingly. Aldi continues its store base expansion across The U. S. With an assortment that is focused almost exclusively on private brands. Walmart recently launched Better Goods, a private brand which makes quality, trend forward, and chef inspired food approachable and affordable.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

These are just two of many examples that underscore the opportunity available to TreeHouse to partner with our retail customers, gain share, and create value over the long term. I will conclude by providing some additional perspective on how we are managing the business in the near term to align with the realities of a slower category growth environment. We will continue to focus on the performance of our supply chain and our cost structure. While we've made significant progress in both of these areas, we still have opportunities to impact our results in both 2025 and beyond. The foundation we've built with our supply chain initiatives remains strong, and we are focused on executing what you see outlined on Slide nine.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

We have visibility to delivering our commitment of $250,000,000 of gross supply chain savings through 2027 with significant recent success across procurement as an example. In this economic environment, we think it is prudent to focus on profitability and cash flow. We continue to strengthen our margin management function, allowing us to enhance our profitability by allocating our capacity to the most attractive mix of businesses that drives profitability for both TreeHouse and our customers. This quarter's results are an example of making deliberate choices on bidding or not bidding on pieces of business that do not meet our margin hurdles. While this is impacting volumes, it is aligned with our strategy to focus on margin and cash flow, and the impact can be seen in our strong adjusted EBITDA.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

Finally, we are also focused on our cost structure and have undertaken some longer tail projects on this front. Consistent with a low growth environment, we made some appropriate decisions to streamline our cost structure. We reduced some layers of management as well as consolidated our operating divisions to empower our organization to make faster decisions and to better serve the complex needs of our customers. We are focused on running a lean organization and driving synergies through a broader utilization of shared services. We also have an opportunity to optimize our plants and their capacity.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

An example of this is our choice to close our new Hampton facility, which produces nondairy cream. In most of our categories, we have multiple production locations, which allows us to move production to gain efficiency depending on the needs of the business. I believe these types of strategic decisions improve our competitive positioning and also allow us to be more flexible with capital, focusing on our investments in areas that will provide better margin profiles and growth potential, all in an effort to drive improved profit and cash flow. I will now turn the call over to Pat for further detail on our first quarter results and our outlook. Pat?

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

Thanks, Steve, and good morning, everyone. I'd like to start by thanking the team for their commitment to execution this quarter. You can see a summary of our first quarter results on Slide 10. Our adjusted net sales were down approximately 3% year over year. We delivered strong adjusted EBITDA of $57,500,000 which was up 25% year over year.

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

Our adjusted EBITDA margin was 7.2%, which was up 160 basis points compared to last year. On Slide 11, we have provided further detail on the drivers of our year over year adjusted net sales. The decline in volume and mix reflects planned margin management actions, service impacts due to the restoration of our griddle facility and some slower takeaway later in the quarter. Our acquisition of Harris Teas was a benefit of almost 5% and was in line with our expectations. Pricing was a benefit of approximately 1% due to commodity related pricing adjustments, primarily in our coffee business.

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

Additionally, net sales were negatively impacted by the direct griddle recall related returns, our ready to drink business exit and a modest foreign exchange drag, which in total resulted in a decline of approximately 1%. Moving on to Slide 12, I'll take you through our adjusted EBITDA drivers. Volume and mix, including absorption, were up a combined $2,200,000 driven by better product mix in the quarter, some of which was driven by Harris Teas and our margin management actions. PNOC, pricing net of commodities, was up $1,300,000 year over year and was driven by pricing to recover commodity inflation. Operations and Supply Chain delivered an $8,000,000 benefit versus the prior year, driven by Supply Chain cost savings as well as improved service.

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

Lastly, SG and A and other had no significant impact in the period versus the prior year. As mentioned earlier, operations, SG and A and other each saw a partial benefit due to the $6,000,000 timing shift of expense from Q1 into Q2. Moving on to our capital allocation strategy, which is outlined on Slide 13. The Board and management continue to be focused on deploying capital in a manner that enhances returns for shareholders. Our first priority remains investing in our business, which we do organically through CapEx, and inorganically by strategically adding depth and capabilities, as we did with our recent acquisition of Harris Teat.

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

We will maintain our balance sheet, which currently involves building cash throughout the year to drive our net debt to adjusted EBITDA ratio closer to our desired range. We will continue to be disciplined and look at all capital deployment decisions by evaluating risk adjusted returns. Moving to our outlook on Slide 14. We are reiterating our full year adjusted net sales of negative 1% to growth of 1% year over year or $3,340,000,000 to $3,400,000,000 Company volume and mix are expected to decline approximately one percent year over year, driven by an expected 1% decline in organic volume and mix. The Harris Tees volume benefit is expected to be offset by our previously announced decision to exit the ready to drink business and other margin management actions along with the impact of the griddle recall.

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

We expect that commodity related pricing will be an approximately 1% benefit in 2025. We are reiterating our adjusted EBITDA guidance range of $345,000,000 to $375,000,000 We are also reiterating our free cash flow expectations of at least 130,000,000 Our guidance for net interest expense remains 80,000,000 to $90,000,000 and capital expenditures of approximately 125,000,000 remain unchanged. Based on the current environment, our guidance contemplates what is in place as it relates to tariff policies as of today. With that said, we will continue to monitor and evaluate any potential additional impacts as new information becomes known. As it relates to the second quarter, we expect adjusted net sales to be in the range of $785,000,000 to 800,000,000 representing approximately flat growth at the midpoint.

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

Organic volume and mix are expected to decline mid single digits, driven primarily by continued margin management actions and the Griddle product recall. Pricing is expected to provide an approximately 1% benefit. Our second quarter adjusted EBITDA is expected to be in the range of 61,000,000 to $71,000,000 which reflects the shift of $6,000,000 of expenses from Q1 to Q2. In the first half of the year, in terms of both adjusted net sales and adjusted EBITDA, continues to trend in line with our expectation. With that, I'll turn it back over to Steve for closing remarks.

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

Steve?

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

Thanks, Pat. As we continue to navigate this backdrop in 2025, we are focused on further strengthening the foundation of our supply chain, margin management initiatives, restoring production levels in key categories and pursuing profitable new business opportunities. With that, I'll turn the call over to the operator to open the line for your questions.

[Operator]

Our first question comes from the line of Jon Andersen with William Blair. Your line is now open.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

Morning, John. Are you on mute?

[Jon Andersen, Equity Research Analyst - Consumer at William Blair & Company, L.L.C]

I'm sorry. Can you hear me?

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

John. Thank you. Good morning.

[Jon Andersen, Equity Research Analyst - Consumer at William Blair & Company, L.L.C]

Great. Good morning. Apologize for that. I wanted to ask you about the kind of the macro uncertainty, you know, that we're experiencing and and and how that's being expressed in maybe consumer demand, particularly for private label. You you noted on slide five that, March was kind of a trough in unit trends in your categories with some recovery in April.

[Jon Andersen, Equity Research Analyst - Consumer at William Blair & Company, L.L.C]

How are you thinking about kind of the consumption trends as you know, move forward from here? Is is private label positioned to to perhaps benefit from some of this additional, you know, external pressure that the consumer may be feeling? And what are your kind of assumptions related to that as they incorporated into the full year outlook? Thanks.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

Sure, John. Yes. Well, first of all, let me remind you, look, we guided zero trend in our number, right? So any trend that would happen or any shift more shift to private label would be upside in our number. We do see an environment where the consumer searching for value and private label when it comes to quality assortment and price gap are probably the best they've ever been.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

So if that trend comes our way, it's going to be upside. But we've just taken a really conservative stance in our sales guidance and we feel very comfortable with what we see in front of us and the order pattern that we see that we can deliver that. But we wouldn't be surprised if we saw some upside there.

[Jon Andersen, Equity Research Analyst - Consumer at William Blair & Company, L.L.C]

Great. Can I do a quick follow-up? The margin management activity, I think, was about a 3% headwind in the first quarter. Is that the kind of the level that we should expect through the balance of the year? Thanks for that.

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

Yes. I'd say, John, on the full year, there's probably just a little bit of timing of when we exited some of that. I think for the full year, we still see organic volume and mix down about 1%. We see the benefit of Harris Teas being offset by some of those margin management actions as well as the ready to drink business exit and the critical recall. And then pricing, you'll see probably about a 1% pickup.

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

That's how we think about the top line number.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

Yes. And John, I would just say that when we made that pivot, really, we knew about it in the fourth quarter of last year. So we wanted to get on that quickly to get the full year benefit of some of those exits. And so that's what you see early in the year.

[Jon Andersen, Equity Research Analyst - Consumer at William Blair & Company, L.L.C]

Makes sense. Thanks so much.

[Operator]

Thank you. The next question comes from the line of Jim Salera with Stephens Incorporated. Your line is now open.

[Jim Salera, Research Analyst at Stephens Inc]

Hey, Steve. Hey, Pat. Thanks for taking our question.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

Hi, Jeff.

[Jim Salera, Research Analyst at Stephens Inc]

I wanted to actually ask a little bit about the some of the bids you guys are talking about and the decisions to not pursue business that doesn't meet certain margin targets. Have you found that as retailers are trying to maybe mitigate some potential tariff impacts that they're being more aggressive in the numbers that they're putting out and what they expect private label suppliers to bid on?

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

I would say it really isn't that. Let me give an example maybe. I'll take a really simple one, sandwich cream cookies, okay? That's a business that it's a great category. Private label has a small share, but it's one that capacity is really tight, okay?

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

So at the end of last year, we exited some really complex seasonal things that assortment that we had with key customers. That has allowed us to run our plants much more efficiently and literally take the whole category off allocation. So what we've done is we've narrowed our mix. We've exited some, what I would call, great products but really complex and difficult to make. And that has allowed us to unleash a lot more capacity and fill those customers' demand on our core items, the chocolate and vanilla sandwich cream cookie, right?

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

So I think in some cases, it's been literally that simple of in categories where capacity is really tight, let's streamline the assortment, let's pick those right places where we can serve the customer and where we can run our plants incredibly efficiently. So I would say it's less the customer pushing us for price and more us just trying to get our absolute capacity aligned with the opportunity to serve the customer the best.

[Jim Salera, Research Analyst at Stephens Inc]

Got it. And you kind of answered the question, but maybe just to put a finer point on that. So in these instances where you opt not to pursue certain business, it's usually the case that that just gets removed from the assortment, not that it goes to a competitor. Is that a fair way to frame it?

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

Those seasonals may go to a smaller competitor, quite frankly. I think it's more about us being much more disciplined on aligning what we do really well with what the customer needs and maybe not trying to do everything for them. Sometimes when we try to do everything, we end up just being inefficient and that impact rolls downhill in facilities. So I think it's really about us aligning what we do best with what they need. And boy, they appreciate it, right?

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

They appreciate the fact we can take those other categories off allocation. We can fill their needs in full. So I think it's a great relationship with the customer. And in some cases, a smaller vendor may get that specialty item, and that's great. I think that's fine.

[Jim Salera, Research Analyst at Stephens Inc]

Okay. Perfect. Appreciate the color.

[Operator]

Thank you. Our next question comes from the line of Scott Marks with Jefferies. Your line is now open.

[Scott Marks, Equity Research Analyst at Jefferies]

Hey. Good morning, guys. Thanks so much for taking our questions. First, I wanted to ask about is we've heard from a number of branded peers around the food space about some pressure on the snacking categories that was notable in Q1. Just wondering if you can kind of share some of your thoughts around that and and what you're seeing.

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

Yes. I I think we've seen a little bit. I think some of our beverage categories, think we've seen do, really well. I think some of our snacking categories in the first half of last year had some really good quarters. And so you're having some tough comparisons early on in the year.

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

You know, we still see those as good categories for the consumer, but, obviously, not not where they were last year when you're lapping, you know, some of those tougher comparisons. So it still seems to us in the data we've looked at that consumers are snacking, and it's just a a question of, you know, what categories they've been in here.

[Scott Marks, Equity Research Analyst at Jefferies]

Got it. And then, if if I heard you correct, you were talking about, organic volume mix for the year down about 1%, which I I believe implies a pretty material improvement in h two, given, you know, q one results and and the guide for kind of, you know, down mid single digit in q two. So just wondering if you can kind of share maybe some thoughts around what gives you that conviction for the back half of the year. Yes.

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

And I would look at that as sort of net after a couple of things, right? So I would say, the organic bowel mix, about 1% is net of Harris Teas, and then Harris Teas is offset a bit by some of the margin management actions, the ready to drink business exit and then the frozen griddle recall. We do expect some acceleration in the back half of the year. Some of that is just normal seasonality for us, and some of it is the recovery of the griddle plant that we have been restoring over the first half of the year. So that's how we think a little bit about the complexion of net sales.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

Griddle will be a nice positive lap in the fourth quarter.

[Scott Marks, Equity Research Analyst at Jefferies]

Understood. Thanks so much. I'll pass it on.

[Operator]

Thank you. The next question comes from the line of William Rutter with Bank of America. Your line is now open.

[William Reuter, Analyst at Bank of America]

Good morning. My first question on the refill of your griddle pipeline. How has that gone so far? Kind of where are you at with regard to capacity utilization versus prior to having the recall?

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

Sure. I give that team a lot of credit. We're up and running. We're running all of our lines. It will take us a few months to get the customer pipeline and all the inventory filled back up.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

That's why we say it'll probably the benefit of that will come in the back half of the year, not the front half of the year. But we're in good shape. So I would look at the broth recall as an example. The broth recall today, have a larger broth business than we did before that incident happened. And that's because we work closely with the customer and they have confidence in what we've done and the value of that capacity, quite frankly.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

And I think it's a bit early to claim victory on the waffle one, but I we see very similar trends happening with waffles.

[William Reuter, Analyst at Bank of America]

Got it. That's helpful. And then when you were discussing capital allocation, you talked about trying to move closer to your leverage goals. I think your target is three to 3.5 times and you're only very slightly above that. Did that indicate that they're kind of are you focusing on a lower target than you previously had?

[William Reuter, Analyst at Bank of America]

Do you want to be at the low end of the range? And I guess, how does that impact your interest in share repurchases this year?

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

Yes. No, I don't think we're changing the target. So we still want to be in that 3% to 3.5 range. To your point, we are just above that in the first quarter and likely will be for a couple of quarters while we rebuild our cash position. So I I think the way to think about that is, you know, we will we'll rebuild that cash position as we get into the second half of the year and maybe the fourth quarter in particular.

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

We'll reevaluate what options make sense at that point. So I

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

I

[Patrick O'Donnell, Executive Vice President and CFO at TreeHouse Foods]

would say you'll see us just think about it that way over the next couple quarters.

[William Reuter, Analyst at Bank of America]

Great. That's all for me. Thank you.

[Operator]

Thank you. At this time, there are no further questions. So that concludes our question and answer session. So I'd like to now turn the conference back over to Mr. Oakland for closing remarks.

[Steven Oakland, President, CEO & Chairman at TreeHouse Foods]

Sure. I'd just like to thank everyone for being with us today. I know it's a busy day for you all as well as for us. So we'll look forward to being together with you shortly. Have a great day.

[Operator]

Thank you. This concludes today's conference call. You may now disconnect.

Participants

Executives

• Matt Siler, Vice President of Investor Relations
• Steven Oakland, President, CEO & Chairman
• Patrick O'Donnell, Executive Vice President and CFO

Analysts

• Jon Andersen, Equity Research Analyst - Consumer at William Blair & Company, L.L.C
• Jim Salera, Research Analyst at Stephens Inc
• Scott Marks, Equity Research Analyst at Jefferies
• William Reuter, Analyst at Bank of America