The Chefs' Warehouse (CHEF) UBS Global Consumer and Retail Conference summary

Consumer and market trends

• Food away from home sector remains resilient, driven by events, travel, and celebrations.

• Customer traffic has outperformed the broader industry, with continued momentum from last year.

• Menu flexibility and entrepreneurial customers help adapt to cost changes without significant price hikes.

• Temporary demand bumps from events like tax refunds or the World Cup are not built into guidance.

• International sales, especially in the Middle East, are resilient despite geopolitical volatility.

Inflation, tariffs, and supply chain

• Diversified sourcing and 90,000 SKUs help manage inflation and deflation across categories.

• Aggregate inflation has remained in the 1-4% range, with 3-3.5% last year despite volatility.

• Tariff changes have minimal impact due to flexible sourcing and customer choice.

• Supply chain disruptions in the Middle East are managed effectively, with no major macro impact expected.

• Fuel cost increases are managed through contracts and surcharges, with limited impact on expenses.

Sales force and technology

• Hybrid selling model combines digital tools with face-to-face expertise, improving efficiency.

• Team selling and deep product knowledge are emphasized, with significant investment in training.

• AI tools and digital platforms enhance sales productivity and customer experience.

• AI and robotics are being integrated in operations, with greater impact expected in coming years.

• Mature sales reps are highly valued due to the complexity of the product assortment.