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    Andrew Barish

    Managing Director and Senior Equity Research Analyst at Jefferies

    Andrew Barish is a Managing Director and Senior Equity Research Analyst at Jefferies, specializing in the Consumer Cyclical and Communication Services sectors with a strong focus on restaurant and hospitality companies such as McDonald's, Shake Shack, Starbucks, Texas Roadhouse, Darden Restaurants, and Wingstop. He has achieved a price target met ratio of approximately 64% and an average return of 3.55%, with his top-performing recommendations including high-profile calls on Shake Shack and Texas Roadhouse. Barish began his investment career at Cowen before joining Jefferies, where he has established a reputation for analytical rigor and industry insight. He holds a Bachelor’s degree and is a FINRA-registered analyst, recognized for his consistent performance and depth of sector coverage.

    Andrew Barish's questions to CAVA GROUP (CAVA) leadership

    Andrew Barish's questions to CAVA GROUP (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 El Pollo Loco Holdings (LOCO) leadership

    Andrew Barish's questions to El Pollo Loco Holdings (LOCO) leadership • Q1 2025

    Question

    Andrew Barish sought reasons for the March sales decline beyond the macro backdrop, asked for more detail on the operational gaps identified by the new SMG feedback system, and requested an update on the system-wide kiosk rollout and its observed benefits.

    Answer

    CEO Elizabeth Williams attributed the March softness to significant rainfall in Southern California impacting lunch traffic and some operational execution weaknesses that hindered repeat business for the Mango Habanero LTO. She explained that the SMG feedback highlighted opportunities in order accuracy and hospitality, which are being addressed through a 'back-to-basics' program. Executive Ira Fils added that kiosks are in most company stores and the next step is to leverage them as a merchandising tool to drive check.

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    Andrew Barish's questions to El Pollo Loco Holdings (LOCO) leadership • Q1 2025

    Question

    Andrew Barish probed for specific reasons behind the sales decline in March beyond the macro environment, asked for more detail on the operational gaps identified by the new SMG feedback system, and requested an update on the system-wide kiosk rollout and its observed benefits.

    Answer

    CEO Elizabeth Williams attributed the March softness to three factors: the Mango Habanero LTO running its course, suboptimal operational execution on repeat visits, and significant, unusual rainfall in Southern California impacting lunch traffic. She described the operational gaps as 'back-to-basics' issues like order accuracy and hospitality, which are being addressed with new standards and audits. CFO Ira Fils reported that kiosks are now in most company restaurants, with the current focus shifting to leveraging them as merchandising tools to drive check size and guest engagement.

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    Andrew Barish's questions to El Pollo Loco Holdings (LOCO) leadership • Q1 2025

    Question

    Questioned the specific drivers of the sales drop-off in March, sought more detail on the operational gaps identified through customer feedback, and asked for an update on the kiosk rollout and its benefits.

    Answer

    The March sales softness was attributed to significant rainfall in Southern California and weaker-than-expected repeat business for the Mango Habanero LTO. Operational gaps in accuracy and hospitality are being addressed with a 'back-to-basics' program to improve consistency, rather than requiring new investment. Kiosks are now in most company restaurants, with the future focus on leveraging them as a merchandising tool to drive check.

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    Andrew Barish's questions to El Pollo Loco Holdings (LOCO) leadership • Q3 2024

    Question

    Andrew Barish asked about the status of chicken contracting for 2025 and its influence on menu pricing, the expected promotion and discounting mix for Q4, and management's assessment of the overall health of the store fleet.

    Answer

    CFO Ira Fils indicated that the company expects to take very moderate price increases next year, supported by a favorable outlook on commodity costs as the chicken RFP process nears completion. He noted that positive mix from innovation in Q3 would moderate in Q4 due to new value promotions. CEO Elizabeth Williams described the store fleet as healthy, with a tight distribution of sales volumes and a financially sound franchisee base that is enthusiastic about future growth.

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    Andrew Barish's questions to El Pollo Loco Holdings (LOCO) leadership • Q3 2024

    Question

    Andrew Barish asked about chicken contracting for 2025 and its influence on menu pricing, the promotional and discounting mix for Q4, and the overall health and strategy for the restaurant fleet, including potential closures or refranchising.

    Answer

    CFO Ira Fils stated that the company is considering moderate price increases for next year, supported by favorable commodity opportunities, and is finalizing its chicken contracts. He noted that Q3's positive mix was driven by menu innovations like Crunchy Tacos and combo upsells. CEO Elizabeth Williams described the restaurant fleet as healthy with a tight distribution of volumes and a strong, engaged franchisee base, indicating no plans for significant closures.

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

    Andrew Barish's questions to Texas Roadhouse (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 (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 (BROS) leadership

    Andrew Barish's questions to Dutch Bros (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 (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 (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 Portillo's (PTLO) leadership

    Andrew Barish's questions to Portillo's (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 Portillo's (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 (FWRG) leadership

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

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

    Question

    Asked for details on the increased ad fund contribution, its focus, and returns, and sought clarification on the phrasing of the third-quarter same-store sales growth outlook.

    Answer

    The ad fund increase was to cover operating expenses for the MyWingstop digital platform. The overall ad fund continues to grow with system sales, and advertising is performing well, particularly the NBA partnership. They are expanding into partnerships with WWE and UFC. Regarding Q3, they declined to give specific quarterly guidance but noted 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 (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 (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 (CAKE) leadership

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

    Andrew Barish's questions to Dave & Buster's Entertainment (PLAY) leadership • Q4 2024

    Question

    Andrew Barish asked for details on the business improvements seen in March and April, the impact of calendar shifts like a late Easter, and clarification on whether the FY25 net CapEx guidance of $220 million includes proceeds from sale-leaseback transactions.

    Answer

    Interim CEO Kevin Sheehan and CFO Darin Harper explained that March and April trends are "markedly better" in both traffic and food and beverage ticket. They noted that despite a net unfavorable impact from spring break timing, the business is building momentum. Darin Harper confirmed that the $220 million net CapEx forecast for FY25 does assume proceeds from typical tenant improvements and anticipated sale-leaseback transactions.

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

    Question

    Andrew Barish inquired about the magnitude of the fiscal calendar shift benefit expected in Q4 guidance. He also asked for an update on the sales lift from fully programmed remodels and whether the company still plans for 60 remodels in fiscal 2025.

    Answer

    CFO Darin Harper clarified that the Q4 calendar shift benefit would be around $5 million, significantly less than the negative Q3 impact and not enough to offset the prior year's 53rd week. He stated that initial remodels still show double-digit growth, while the broader set sees mid-to-high single-digit growth, attributing the difference to learnings in marketing and execution. Regarding 2025, he said the company could do 60 remodels but may take a more 'judicious' approach, with more color to come later.

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

    Question

    Andrew Barish asked if the success of the highest price tier indicates a stronger high-end demographic, whether upcoming remodels will be fully programmed, about the returns on the 50% off food promotion, and for commentary on Q3 trends.

    Answer

    CEO Christopher Morris clarified that pricing tiers are more reflective of cost-of-living adjustments than consumer demographics. He confirmed the vast majority of future remodels will be fully programmed. Regarding promotions, he described the 'half-off food' offer as a break-even, loyalty-fenced tool that drove sign-ups and will remain in their arsenal. For Q3, he noted that the first period's sales performance was better than the previous two periods of Q2 but emphasized it was only one period.

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    Andrew Barish's questions to NOODLES & (NDLS) leadership

    Andrew Barish's questions to NOODLES & (NDLS) leadership • Q4 2024

    Question

    Andrew Barish of Jefferies inquired about the primary drivers of recent guest satisfaction score improvements and the expected cadence of same-store sales growth to achieve the full-year guidance.

    Answer

    CEO Andrew Madsen attributed satisfaction gains to improved taste of food, accuracy, and overall value, which directly correlate with traffic. Executive Michael Hynes outlined the sales growth path, noting that while Q1 is tracking above 3%, the bulk of the acceleration to mid-single-digits is anticipated in Q3 and Q4, following a challenging Q2 comparison.

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

    Andrew Barish's questions to Shake Shack (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 Shake Shack (SHAK) leadership • Q3 2024

    Question

    Andrew Barish of Jefferies asked about the development strategy in mature, infill markets and whether brand awareness efforts can offset potential sales transfer.

    Answer

    CEO Rob Lynch expressed excitement about infill opportunities in penetrated markets like New York and California. He explained that format innovation, including drive-thrus, allows the company to enter these areas in a different way that still drives great restaurant margins. He sees market penetration as a positive that creates operational and marketing efficiencies.

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    Andrew Barish's questions to DARDEN RESTAURANTS (DRI) leadership

    Andrew Barish's questions to DARDEN RESTAURANTS (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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