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    Andy Barish

    Managing Director and Senior Equity Research Analyst at Jefferies

    Andy Barish is a Managing Director and Senior Equity Research Analyst at Jefferies, specializing in the restaurant and hospitality sectors. He regularly covers leading companies such as Shake Shack, Starbucks, Darden Restaurants, Wingstop, and The Chefs' Warehouse, maintaining a solid performance track record with a 63.01% success rate and an average return of 3.55%. Barish began his career in investment banking at Cowen before joining Jefferies, where he has established himself as a respected voice in the industry through in-depth sector coverage and consistent recommendation accuracy. He holds a Bachelor’s degree and is FINRA registered, reflecting his strong professional qualifications and industry standing.

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

    Andy Barish's questions to CAVA GROUP (CAVA) leadership • Q2 2025

    Question

    Andy Barish of Jefferies inquired about the product mix component of the Q2 comp and asked if the upcoming Chicken Shawarma menu item would be priced at a premium.

    Answer

    CFO Tricia Tolivar stated that product mix was stable with no significant changes in premium attachments. She confirmed that Chicken Shawarma will have a premium price, though not as high as steak, and reiterated that the company was not highly promotional during the quarter and does not plan to discount the brand.

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    Andy Barish's questions to Dutch Bros (BROS) leadership

    Andy Barish's questions to Dutch Bros (BROS) leadership • Q2 2025

    Question

    Andy Barish of Jefferies inquired about the strategy for the planned 2026 Consumer Packaged Goods (CPG) launch, specifically its geographic rollout and its role in supporting brand awareness.

    Answer

    CEO Christine Barone explained that the CPG products will be rolled out in markets where Dutch Bros already has a physical store presence to introduce the brand through shops first. She noted the launch would be phased throughout 2026, aligned with retailer reset schedules, and mentioned that the company is receiving positive feedback and excitement from potential retail partners.

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    Andy Barish's questions to Portillo's (PTLO) leadership

    Andy Barish's questions to Portillo's (PTLO) leadership • Q2 2025

    Question

    Andy Barish of Jefferies requested an update on drive-thru operations and speed, and asked for a breakdown of the factors contributing to the updated, lower revenue guidance for the year.

    Answer

    CEO Michael Osanloo noted steady improvement in drive-thru speed, aided by a promising AI technology test that could be deployed more broadly by 2026. CFO Michelle Hook explained the revenue guidance reduction is primarily driven by non-comp restaurant factors, including the slower sales ramp of the 2024 store class and development delays pushing 2025 openings later in the year.

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

    Andy Barish's questions to First Watch Restaurant Group (FWRG) leadership • Q2 2025

    Question

    Andy Barish from Jefferies asked if KDS implementation was a key driver for improved third-party delivery execution and when the company would lap the changes made to the channel. He also questioned if it was reasonable to expect flat to positive dine-in traffic in the second half of the year.

    Answer

    CEO Chris Tomasso stated that KDS helps with overall kitchen efficiency but the delivery improvement was a 'whole cocktail' of factors, including reduced surcharges and better team communication. CFO Mel Hope clarified that the third-party delivery changes were made in Q1 of the current year, not last year. Regarding dine-in traffic, management expressed optimism about the trend but did not provide a specific breakdown by channel for future guidance.

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    Andy Barish's questions to Wingstop (WING) leadership

    Andy Barish's questions to Wingstop (WING) leadership • Q2 2025

    Question

    Andy Barish from Jefferies asked for perspective on the exceptional unit growth in 2025, questioning if this is a new sustainable run rate or if some normalization should be expected in the future. He also inquired about the drivers of labor leverage in company-owned stores, asking if it was purely due to technology-driven efficiency gains.

    Answer

    President and CEO Michael Skipworth stated that while the development pipeline is at a record level, the company is not providing 2026 guidance but remains focused on its long-term algorithm. He noted the 2025 pace reflects the fruition of prior investments in systems and people. SVP & CFO Alex Kaleida explained that the labor leverage is a combination of Smart Kitchen efficiencies, the rollout of frozen fries which reduced prep, and the impact of refranchising the New York market.

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    Andy Barish's questions to CHEESECAKE FACTORY (CAKE) leadership

    Andy Barish's questions to CHEESECAKE FACTORY (CAKE) leadership • Q2 2025

    Question

    Andy Barish asked for a high-level perspective on the current strength in experiential casual dining and inquired about the development pipeline for 2026, specifically if unit growth would accelerate.

    Answer

    David Gordon, President, attributed the success of experiential dining to consumers seeking value and an energetic experience, not just a transaction. He emphasized that their concepts' high-touch hospitality and scratch-made food help them take market share. He also confirmed they anticipate opening more than 25 units in 2026, continuing to hit their percentage unit growth targets.

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

    Andy Barish's questions to Dave & Buster's Entertainment (PLAY) leadership • Q1 2025

    Question

    Andy Barish from Jefferies inquired about the predictability of the same-store sales trajectory for the remainder of the year and asked for a breakdown of the front-loaded Q1 capital expenditures.

    Answer

    Interim CEO Kevin Sheehan stated that the company is in the "early innings" of its turnaround and, while not providing a specific forecast, outlined a long-term goal of ~3% same-store sales growth. CFO Darin Harper confirmed CapEx was front-loaded as planned, breaking down the $115 million gross spend into $53 million for new stores, $20 million for remodels, $30 million for games, and $12.5 million for maintenance, while reiterating the full-year guidance.

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    Andy Barish's questions to El Pollo Loco Holdings (LOCO) leadership

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

    Question

    Asked about chicken contracting for 2025 and its influence on menu pricing, the outlook for promotional mix in Q4, and the overall health of the unit fleet, including any potential for store closures or refranchising.

    Answer

    The company plans very moderate price increases for next year, supported by favorable commodity opportunities, and is finalizing its chicken contracts. The promotional mix will moderate in Q4 after a strong Q3 driven by new items and upselling. The executive team views the store fleet and franchise system as healthy, with a tight distribution of sales volumes and no significant plans for closures.

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