Food Producers and Retailers Takeaways from Management Meetings with LW, OFRM, and SFM at the Fast Moving Consumer & Wellness Forum

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Food Producers and Retailers Takeaways from Management Meetings with LW, OFRM, and SFM at the Fast Moving Consumer & Wellness Forum

J P M O R G A N North America Equity Research

15 May 2026

Food Producers and Retailers

Takeaways from Management Meetings with LW,

OFRM, and SFM at the Fast Moving Consumer &

Wellness Forum

Yesterday, at the J.P. Morgan Fast Moving Consumer and Wellness Forum, we Food Producers & Retailers

hosted meetings with the senior management teams of Lamb Weston (LW), Once Thomas Palmer, CFA AC

Upon a Farm (OFRM), and Sprouts Farmers Market (SFM). We heard generally (1-212) 622-5582

constructive messages from each company (albeit in different ways) along with thomas.palmer@jpmorgan.com

some risk items to consider. Lamb Weston could benefit from a more stable pricing Elsa H Evans

environment in North America in CY27 (with perhaps some pricing for inflation) (1-212) 622-4922

elsa.evans@jpmchase.com

and from lapping unusual headwinds in International. But volume challenges J.P. Morgan Securities LLC

(foodservice industry) and overcapacity overseas could remain pressure points.

Once Upon a Farm discussed continued sales tailwinds from the strong

performance of baby cooler rollouts, innovation, and distribution growth LW, LW US

elsewhere. Pricing actions could be coming later this year to address mounting Neutral

inflation. Sprouts Farmers Market continues to look for comps to reaccelerate as Price (14 May 26): $42.33

Y/Y comparisons ease. It does not sound like higher fuel prices are impacting sales

trends – and the resulting food inflation could boost SFM’s pricing (starting with

OFRM, OFRM US

produce).

Overweight

• Lamb Weston (CFO Jim Grey and IR Debbie Hancock). In North America, Price (14 May 26): $16.32