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.

• High-end and independent customers adapt menus to manage cost pressures and maintain profitability.

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

• International sales, especially in the Middle East, are a small but dynamic and resilient part of the business.

Inflation, tariffs, and supply chain management

• 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, technology, and operational strategy

• 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 and Chefs' Warehouse University.

• AI and digital platforms enhance sales productivity and customer experience, enabling more with less headcount.

• AI tools have improved inventory management and customer insights, with further integration planned.

• Drop ship model complements core business and adds to the bottom line.