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Andrew North

Research Analyst at Baird Financial Group, Inc.

Andrew North is an equity research analyst at Robert W. Baird & Co., specializing in coverage of industrial and manufacturing sectors for institutional clients. He is known for analytical rigor and deep fundamental research on publicly traded companies—though specific covered company names and performance metrics were not directly available, Baird's research team, which he is part of, is routinely recognized in industry rankings, with several analysts ranking in the top 5-10% on Wall Street by TipRanks. North's career reflects a tenure at Baird and previously at established financial institutions, bringing years of sector expertise to client portfolios. He maintains professional credentials required for equity analysts, including FINRA licenses such as the Series 7 and Series 63.

Andrew North's questions to CHIPOTLE MEXICAN GRILL (CMG) leadership

Question · Q3 2025

Drew North asked for guardrails on Chipotle's 2026 comparable sales outlook, including the timeline for returning to positive traffic and the expected shape of the year, considering comparisons, pricing dynamics, and internal initiatives.

Answer

Adam Rymer (CFO) explained that multiple underlying step-downs throughout 2025 (February, May, August, October) mean Chipotle is ending the year at a lower sales level, creating tougher comparisons for 2026. He anticipates a negative starting baseline for 2026 comparable sales but expressed confidence that planned initiatives will drive improvement. Scott Boatwright (CEO) outlined the 'Recipe for Growth' strategy, a roadmap of initiatives aligned with five strategic priorities, designed to accelerate the consumer flywheel, strengthen the value proposition, and return to mid-single-digit comparable sales growth.

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Question · Q3 2025

Drew North sought guardrails for Chipotle's 2026 comps perspective, including the timeline for returning to positive traffic and the anticipated shape of the year, considering comparisons, pricing dynamics, and internal initiatives.

Answer

CFO Adam Rymer explained that due to several underlying step-downs in 2025 (February, May, August, October), the company is ending the year at a lower sales level, creating tougher comparisons for 2026. He anticipates a negative baseline for 2026 comps initially, but expressed confidence that planned initiatives will build upon this to achieve positive growth. CEO Scott Boatwright outlined the "Recipe for Growth" strategy, a roadmap of initiatives aligned with five strategic priorities, designed to accelerate the consumer flywheel, strengthen the value proposition, and return to mid-single-digit comp growth.

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Andrew North's questions to CHEESECAKE FACTORY (CAKE) leadership

Question · Q2 2025

Drew North asked for perspective on labor retention levels compared to pre-pandemic benchmarks and the potential for future labor leverage. He also requested the Q2 comparable sales breakdown for The Cheesecake Factory and the pricing outlook for the second half of the year.

Answer

David Gordon, President, stated that both hourly and management retention levels are at or exceed historical pre-pandemic highs, which should continue to yield benefits in productivity and lower costs. Matthew Clark, Executive VP & CFO, provided the Q2 comp breakdown for Cheesecake Factory (approx. 4% price, -1.1% traffic, with the rest from mix) and noted that the back-half forecast reflects this stable trend.

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Question · Q3 2024

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

Question · Q1 2025

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 (JACK) leadership

Question · Q4 2024

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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