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    Andrew North • Robert W. Baird & Co.

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

    Andrew North's questions to Shake Shack Inc (SHAK) leadership • Q1 2025

    Question

    Andrew North from Baird sought clarification on the Q2 comp outlook, asking if the low single-digit guidance is a simple extrapolation of recent trends or if other factors are at play.

    Answer

    CFO Katherine Fogertey clarified that while the guidance assumes the current macro environment persists, the key incremental driver is new menu innovation. She highlighted the summer BBQ menu and other upcoming launches, stressing that compelling LTOs are a known traffic driver that was absent during the long-running Black Truffle promotion in Q1.

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    Andrew North's questions to Jack in the Box Inc (JACK) leadership

    Andrew North's questions to Jack in the Box Inc (JACK) leadership • Q4 2024

    Question

    Andrew North requested a breakdown of the Jack in the Box brand's Q4 same-store sales performance, specifically the traffic and mix components, and asked about the traffic assumptions embedded in the 2025 guidance.

    Answer

    CFO Brian Scott specified that Q4 traffic was down approximately 5%, a slight improvement from Q3. CEO Darin Harris added that overall trends were flat quarter-over-quarter with a slight improvement in mix. For the 2025 outlook, Scott indicated that the gap between the price guidance and the same-store sales target would be filled by a combination of traffic and mix, without providing a specific traffic forecast.

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

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

    Question

    Andrew North asked for an expansion on the company's portfolio strategy, particularly its willingness to consider separating growth brands, and for details on the 2025 unit development outlook.

    Answer

    EVP and CFO Matt Clark stated that the board regularly reviews all strategic options but underscored the significant value the Cheesecake Factory ecosystem currently provides for incubating the smaller growth concepts. President David Gordon added that the 2025 unit opening mix will be similar to 2024's, with a goal of achieving a more balanced opening cadence throughout the year.

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