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    Andrew Barish • Jefferies

    Andrew Barish's questions to CAVA Group Inc (CAVA) leadership

    Andrew Barish's questions to CAVA Group Inc (CAVA) leadership • Q1 2025

    Question

    Andrew Barish from Jefferies asked about the marketing calendar, questioning if the 'Spice World' campaign is the primary event for 2025 or if a new protein launch is planned, and also inquired about beef inflation.

    Answer

    CEO Brett Schulman confirmed that a major 'tentpole' marketing event, likely a new protein, is planned for the fall. CFO Tricia Tolivar addressed costs, stating the commodity basket was relatively flat, with the 100 basis point pressure on food costs being almost entirely due to steak, for which prices are contracted through year-end.

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    Andrew Barish's questions to Texas Roadhouse Inc (TXRH) leadership

    Andrew Barish's questions to Texas Roadhouse Inc (TXRH) leadership • Q1 2025

    Question

    Andrew Barish asked if any unique items impacted the Q1 labor line and requested an update on the G&A dollar growth outlook for 2025.

    Answer

    Executive Michael Bailen confirmed there were no unique items in the labor line; the deleverage was a mathematical result of slower average weekly sales growth relative to the 4.5% labor inflation. He reaffirmed the full-year G&A outlook for low-to-mid-single-digit dollar growth.

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    Andrew Barish's questions to Texas Roadhouse Inc (TXRH) leadership • Q4 2024

    Question

    Andrew Barish of Jefferies asked about the new guest management system (AGM 2.0) and its potential to reduce wait times, and also inquired about the financial impact of Easter's timing.

    Answer

    CEO Gerald Morgan explained that AGM 2.0 is a customized software designed to manage long waits and improve table efficiency, and that operators are eager for it. Executive Michael Bailen detailed the Easter shift, explaining that Q1 2025 comps will see an estimated 30 basis point benefit because Easter fell in the comparable 2024 period but not in 2025's. The second quarter will see a corresponding 30 basis point headwind.

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    Andrew Barish's questions to Dutch Bros Inc (BROS) leadership

    Andrew Barish's questions to Dutch Bros Inc (BROS) leadership • Q1 2025

    Question

    Andrew Barish sought clarification on the labor cost outlook, asking if investments in shop leadership would be offset by sales leverage. He also inquired about coffee costs and whether the company finished locking in prices near the previously modeled $4 level.

    Answer

    CFO Josh Guenser confirmed that the strategic investments in shop leadership compensation made in early Q2 are expected to offset what would otherwise be sales leverage in the labor line. On coffee, he stated they locked in prices at rates slightly below the $4 level, which allowed them to absorb the estimated impact of tariffs within their existing guidance.

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    Andrew Barish's questions to Dutch Bros Inc (BROS) leadership • Q4 2024

    Question

    Andrew Barish asked about the lower number of company-operated openings in Q4 and the shift in 2025 opening cadence towards the back half of the year. He also inquired if company-owned comps would continue to outpace the system.

    Answer

    CEO Christine Barone explained the shift in opening timing is a direct result of refined market planning efforts aimed at boosting new shop productivity and lowering CapEx. She guided for approximately 30 openings in each of Q1 and Q2, with an acceleration in the second half. CFO Josh Guenser stated he expects the positive spread between company and franchise comps to continue in 2025, driven by faster company growth in newer markets.

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    Andrew Barish's questions to Dutch Bros Inc (BROS) leadership • Q3 2024

    Question

    Andrew Barish of Jefferies sought clarification on whether sales transfer was included in the price/mix calculation and asked about the differences in marketing messages between new and mature markets.

    Answer

    CFO Josh Guenser clarified that sales transfer impacts the transaction metric, not mix, and amounted to a 260 basis point headwind to transactions in Q3. CEO Christine Barone explained that marketing in new markets focuses on brand introduction, while in mature markets it serves as a reminder and continues to build awareness, with the ultimate goal of driving customers into the Dutch Rewards program for direct communication.

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    Andrew Barish's questions to Portillos Inc (PTLO) leadership

    Andrew Barish's questions to Portillos Inc (PTLO) leadership • Q1 2025

    Question

    Andrew Barish requested an update on drive-thru operational improvements and asked about the company's pricing strategy in relation to inflation and potential tariffs.

    Answer

    CEO Michael Osanloo highlighted that drive-thru operations are improving, with better speed of service and significant gains in problem resolution, which boosts guest satisfaction. He also noted that while the company believes tariff impacts are manageable, the pricing strategy remains modest: to offset specific inflationary pressures rather than pricing ahead of them, given the volatile environment.

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    Andrew Barish's questions to Portillos Inc (PTLO) leadership • Q4 2024

    Question

    Andrew Barish sought clarification on whether the comp guidance includes the kiosk lift, asked about softness in the drive-thru channel, and inquired about commodity inflation, specifically for beef.

    Answer

    CFO Michelle Hook confirmed the 0% to 2% comp guidance includes the kiosk contribution. She acknowledged that the drive-thru channel is the most pressured but emphasized that off-premise order accuracy is a key focus for improving guest satisfaction. She also stated that about 50% of beef flats are locked for the year, with commodity inflation expected to be relatively even.

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    Andrew Barish's questions to First Watch Restaurant Group Inc (FWRG) leadership

    Andrew Barish's questions to First Watch Restaurant Group Inc (FWRG) leadership • Q1 2025

    Question

    Andrew Barish of Jefferies inquired about the performance of the Florida market relative to the rest of the system and asked for clarification on the increase in repair & maintenance and utilities costs.

    Answer

    CEO Chris Tomasso stated that the Florida market has been outperforming the rest of the country, confirming the company's 'bullish' outlook on the state has been validated. CFO Mel Hope acknowledged that repair and maintenance costs have seen some growth but were not surprising to the company.

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    Andrew Barish's questions to First Watch Restaurant Group Inc (FWRG) leadership • Q4 2024

    Question

    Andy Barish asked about the expected decline in restaurant-level margins for 2025, its primary drivers, and where increased marketing costs would appear on the P&L. He also inquired about the potential for further labor productivity improvements.

    Answer

    CFO Mel Hope clarified that marketing costs are in G&A and the company is focused on growing absolute margin dollars, even if the margin percentage is pressured by transitory inflation. On labor, he noted that while managers constantly seek efficiencies, the significant gains of last year are not expected to be repeated. CEO Chris Tomasso added that there is significant leverage opportunity with a return to positive traffic.

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    Andrew Barish's questions to First Watch Restaurant Group Inc (FWRG) leadership • Q3 2024

    Question

    Andrew Barish from Jefferies asked if the slight negative mix in the quarter was due to promotional activity and whether mix would normalize in Q4. He also inquired about potential Q4 restaurant-level margin pressure from the high volume of new unit openings.

    Answer

    CFO Mel Hope clarified that while targeted promotions impacted the per-person average, overall sales mix was flat, a point echoed by CEO Chris Tomasso. Tomasso expects mix to normalize in Q4. Hope acknowledged the back-weighted Q4 opening schedule could pressure margins but confirmed this was already factored into the full-year guidance.

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    Andrew Barish's questions to Wingstop Inc (WING) leadership

    Andrew Barish's questions to Wingstop Inc (WING) leadership • Q1 2025

    Question

    Andrew Barish inquired about the recent 50 basis point increase in the ad fund, asking about its strategic focus, the returns from the NBA partnership, and if there's a shift towards individual occasions. He also sought clarification on the timing of the return to positive same-store sales growth in Q3.

    Answer

    CEO Michael Skipworth clarified the ad fund increase was to cover operating expenses for the MyWingstop platform, not for new media spend. He highlighted the success of the NBA partnership, which made Wingstop the most recognized brand during games, and noted the strategy is expanding to WWE and UFC. Executive Alex Kaleida addressed the guidance, stating that while not guiding by quarter, the full-year outlook implies a 3-year stacked comp in the high 30% range for the second half of the year.

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    Andrew Barish's questions to Wingstop Inc (WING) leadership • Q1 2025

    Question

    Andrew Barish asked for an update on the increased ad fund, the focus of the marketing spend, and the returns generated from partnerships like the NBA. He also sought clarification on the guidance for a 'return to same-store sales growth through the 3Q.'

    Answer

    CEO Michael Skipworth clarified the ad fund increase was to cover MyWingstop platform costs and highlighted the high ROI of their NBA partnership, where they became the most recognized brand despite fewer ad spots. He noted plans to extend this strategy to WWE and UFC. CFO Alex Kaleida addressed the guidance question by stating that while not guiding by quarter, the full-year outlook implies a 3-year stacked comp in the high 30% range for the second half of the year.

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    Andrew Barish's questions to Wingstop Inc (WING) leadership • Q3 2024

    Question

    Andrew Barish asked for more quantification of the advertising fund's growth and whether the new NBA sponsorship diverts funds from other marketing efforts. He also had a follow-up on food costs, asking about lag effects and the Q4 outlook.

    Answer

    CEO Michael Skipworth explained that while they are on "a heck of a lot more spots," they no longer use TRPs as a primary metric due to the media mix. He clarified the NBA deal enhances, not diverts, the media strategy. Executive Alex Kaleida noted that Q3 was likely the peak for food costs this year and expects them to step down in Q4, while flagging some minor acquisition-related expenses for company stores.

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    Andrew Barish's questions to Cheesecake Factory Inc (CAKE) leadership

    Andrew Barish's questions to Cheesecake Factory Inc (CAKE) leadership • Q1 2025

    Question

    Andrew Barish of Jefferies requested the same-store sales components (pricing, traffic, mix) for The Cheesecake Factory and the impact of the Easter holiday shift. He also asked if beverage alcohol sales were still a headwind for North Italia.

    Answer

    EVP and CFO Matt Clark provided the components for The Cheesecake Factory: 4% pricing, -1.2% traffic, and negative mix, attributing the traffic impact to weather. He confirmed the Easter shift was a headwind in Q1 but a benefit in Q2. For North Italia, he noted that the LA fires and weather were significant factors and that alcohol sales were a minor component of the stable underlying trend.

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    Andrew Barish's questions to Cheesecake Factory Inc (CAKE) leadership • Q4 2024

    Question

    Andrew Barish asked for details on the latest menu rollout and inquired about the key drivers behind Flower Child's strong double-digit comparable sales growth.

    Answer

    President David Gordon described the new menu as extensive, featuring over 20 new items across various cuisines and price points. EVP and CFO Matt Clark attributed Flower Child's 11% comp growth to a combination of factors, including the introduction of catering, traffic gains from brand awareness, operational improvements like KDS, and the relaunch of its rewards program.

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    Andrew Barish's questions to Cheesecake Factory Inc (CAKE) leadership • Q3 2024

    Question

    Andrew Barish inquired about signs of stabilization and holiday bookings in the external bakery business, and also asked for a qualitative update on the 2025 development pipeline regarding challenges like permitting.

    Answer

    EVP and CFO Matt Clark reported that the bakery business is entering new channels, including a significant agreement with a large grocery chain, and sees international green shoots, expecting a return to growth in 2025. President David Gordon expressed high confidence in the 2025 development pipeline, noting that permitting has become easier and the equipment supply chain is stable.

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    Andrew Barish's questions to Shake Shack Inc (SHAK) leadership

    Andrew Barish's questions to Shake Shack Inc (SHAK) leadership • Q4 2024

    Question

    Andrew Barish of Jefferies sought to level-set expectations for the new labor scheduling system, asking if the 80 basis point benefit seen in Q4 is expected to continue until it is lapped.

    Answer

    CFO Katie Fogertey confirmed they are planning for about the same level of benefit throughout the year until they begin to lap the rollout in the fourth quarter. However, she cautioned that sales deleverage from weather, wildfires, and lapping a strong LTO in Q1 creates some pressure, but the operational strategies are helping to deliver strong year-over-year margin improvement despite these headwinds.

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    Andrew Barish's questions to Dave & Buster's Entertainment Inc (PLAY) leadership

    Andrew Barish's questions to Dave & Buster's Entertainment Inc (PLAY) leadership • Q3 2024

    Question

    Andrew Barish from Jefferies asked for clarification on the expected impact of the fiscal calendar shift in Q4. He also questioned the sales lift from the 'fully programmed' remodels, noting the absence of a specific double-digit figure, and inquired about the company's plans for the number of remodels in fiscal 2025.

    Answer

    CFO Darin Harper clarified that the favorable calendar shift impact in Q4 would be around $5 million, significantly less than the negative impact from lapping the 53rd week. He stated that while the initial 'proof-of-concept' remodels are still seeing double-digit growth, the broader set of fully programmed remodels are seeing mid-to-high single-digit growth due to learnings in marketing and execution. Regarding fiscal 2025, he confirmed the company is still working with the Board on the exact cadence but remains committed to the program.

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    Andrew Barish's questions to Dave & Buster's Entertainment Inc (PLAY) leadership • Q2 2024

    Question

    Andrew Barish questioned if the success of the highest price tier indicates a more resilient higher-end demographic, asked if all remaining 2024 remodels would be 'fully programmed,' and inquired about the strategy and returns of the '50% off food' promotion.

    Answer

    CEO Christopher Morris explained that the pricing tiers are primarily based on cost of living adjustments rather than specific demographic profiles. He confirmed the vast majority of remaining remodels will be fully programmed, with only a few exceptions due to space constraints. Regarding promotions, Morris described the half-off food offer as a break-even, loyalty-fenced tool in their 'arsenal' designed to drive loyalty sign-ups and F&B awareness, exemplifying their new test-and-learn marketing approach.

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    Andrew Barish's questions to Darden Restaurants Inc (DRI) leadership

    Andrew Barish's questions to Darden Restaurants Inc (DRI) leadership • Q1 2025

    Question

    Andrew Barish inquired about the expected lifecycle of the extended Never Ending Pasta Bowl promotion, particularly how it will perform as it laps last year's launch. He also asked if the sales comparisons for October and November become more difficult.

    Answer

    President and CEO Rick Cardenas acknowledged that the promotion's impact might wane towards the end of its 12-week run compared to last year's shorter promotion, but it remains a net positive. They are introducing a new sauce and media to maintain excitement. CFO Raj Vennam added that sales comparisons actually get slightly easier in October and November, as Darden's brands outside of Olive Garden experienced some softness during that period last year.

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