Analyst: Jason Brennan
The Chefs’ Warehouse Inc. (“the company” or “CW”) is a specialty foods distributor that sells niche products sought out by chefs at independent restaurants, country clubs, hotels, bakeries, and more in the United States and Canada. The company’s competitive advantage arises through a one-stop shop experience for high-end chefs with specific and unique demands.
Thesis - Excellent top line, but income calls for a focus on margins
Chefs’ Warehouse has succeeded in earning itself a strong position in the specialty foods market, despite the presence of dominant players in the foodservice