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    Brian Bittner • Oppenheimer & Co. Inc.

    Brian Bittner's questions to Sweetgreen Inc (SG) leadership

    Brian Bittner's questions to Sweetgreen Inc (SG) leadership • Q2 2025

    Question

    Brian Bittner from Oppenheimer & Co. Inc. asked if the recent sales weakness could be attributed to a degradation in Sweetgreen's price-value perception and requested any guardrails for 2026 EBITDA expectations.

    Answer

    Co-Founder, CEO & Director Jonathan Neman asserted that the issue is more about inconsistent execution than price-value, stating that when the product is delivered to their high standards, the value is clear. CFO Mitch Reback added that while 2026 guidance will be provided in February, he believes the current headwinds are temporary and that the business will return to its prior trajectory as operations improve and factors like the loyalty program become tailwinds.

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    Brian Bittner's questions to Sweetgreen Inc (SG) leadership • Q1 2025

    Question

    Brian Bittner of Oppenheimer sought to clarify if the mid-single-digit decline in April sales was driven by tougher year-over-year comparisons or true underlying consumer weakness. He also asked if the updated EBITDA guidance implies flat year-over-year G&A spending.

    Answer

    CFO Mitch Reback clarified that the April weakness was not due to lapping a difficult comparison but reflected a genuine shift in the external environment and consumer sentiment. Regarding guidance, he confirmed the company is focused on gaining leverage on G&A, as it has since going public, and will "relentlessly pursue" cost adjustments in the current environment without impacting strategic initiatives.

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    Brian Bittner's questions to Sweetgreen Inc (SG) leadership • Q3 2024

    Question

    Brian Bittner asked about the drivers behind the stronger sales trends in September and October and questioned how to model new unit economics for 2025, given the accelerated growth and mix of Infinite Kitchen (IK) units.

    Answer

    CFO Mitch Reback attributed stronger sales to a post-summer acceleration, particularly on the East Coast. CEO Jonathan Neman added that the return of the popular Harvest Bowl was a good driver. For IK unit economics, Mitch Reback advised modeling a higher build-out cost by about $500k and a ~700 basis point margin improvement, noting that second-order benefits like higher sales are harder to quantify at this stage.

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    Brian Bittner's questions to Restaurant Brands International Inc (QSR) leadership

    Brian Bittner's questions to Restaurant Brands International Inc (QSR) leadership • Q2 2025

    Question

    Brian Bittner from Oppenheimer & Co. Inc. inquired about the drivers behind the significant same-store sales outperformance at Carrols restaurants and sought clarification on the accelerated timeline for refranchising these locations.

    Answer

    CEO Josh Kobza attributed the outperformance to superior operations, strong restaurant management, and the positive impact of well-executed remodels. Regarding refranchising, Kobza confirmed they have started the process earlier than the initially communicated three-to-seven-year window, driven by a desire to move at a 'reasonable pace' while ensuring the restaurants are placed with high-quality, local operators.

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    Brian Bittner's questions to Restaurant Brands International Inc (QSR) leadership • Q1 2025

    Question

    Brian Bittner noted Burger King U.S.'s strong relative same-store sales performance in Q1 and asked for specific drivers behind this outperformance. He also requested an outlook for the brand for the remainder of the year, considering the challenging environment for low and middle-income consumers.

    Answer

    Executive Chairman Patrick Doyle attributed the outperformance to fundamental improvements in guest experience, driven by better restaurant operations, new ownership, and rapid remodels. CEO Josh Kobza added that while operational progress is significant, there is still a long way to go with remodels and improving underperforming locations. Kobza confirmed that absolute same-store sales have improved in Q2 and highlighted an exciting upcoming calendar, including a new family promotion and a refreshed focus on the Whopper and value offerings.

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    Brian Bittner's questions to Restaurant Brands International Inc (QSR) leadership • Q4 2024

    Question

    Brian Bittner asked for the same-store sales range assumed to achieve the 8%+ adjusted operating income (AOI) growth target for 2025, and whether additional cost efficiencies were built into the forecast.

    Answer

    CFO Sami Siddiqui stated that while the company is confident in its 8%+ organic AOI growth guidance for 2025, it will not provide specific year-to-year top-line components of its 5-year algorithm. He affirmed that planned marketing programs and operational improvements are expected to drive this bottom-line growth.

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    Brian Bittner's questions to Restaurant Brands International Inc (QSR) leadership • Q3 2024

    Question

    Brian Bittner asked about the drivers behind Burger King International's outperformance compared to its global peer set, questioning whether it stems from a favorable market mix or genuine market share gains, and inquired about the reasons for the segment's accelerating trends into the fourth quarter.

    Answer

    CEO Josh Kobza attributed the success to taking market share in key countries like Australia, Japan, Spain, and Brazil. He emphasized that local teams are winning by focusing on fundamentals: excellent operations, high-quality locations, and superior product quality, particularly by elevating the Whopper. This focus on basics, rather than just market mix, is driving the outperformance.

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    Brian Bittner's questions to Jack in the Box Inc (JACK) leadership

    Brian Bittner's questions to Jack in the Box Inc (JACK) leadership • Q3 2025

    Question

    Brian Bittner of Oppenheimer & Co. Inc. asked for clarity on the wide guidance range for Q4 same-store sales and inquired about the strategy behind the $100 million real estate sale target within the 'Jack on Track' plan, particularly how it relates to the pending Del Taco strategic review.

    Answer

    CEO Lance Tucker explained that Q4 sales trends have improved in recent weeks following a pivot to value-focused promotions like the Bonus Jack combo, supported by incremental marketing. He clarified that the $100 million in real estate sales is a minimum target and will act as a 'balancer' to achieve leverage goals after the outcome of the Del Taco process and other cash flows are determined.

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    Brian Bittner's questions to Jack in the Box Inc (JACK) leadership • Q1 2025

    Question

    Brian Bittner asked about the company's high-level strategy regarding capital allocation, inquiring if the slight reduction in CapEx guidance was a sign of a broader effort to improve free cash flow. He also asked about the priorities for capital use and whether debt reduction was seen as a key factor in creating shareholder value.

    Answer

    Lance Tucker, Interim Principal Executive Officer, confirmed that improving free cash flow is a top priority and that the initial CapEx reduction is a precursor to more significant changes to be announced in May. Tucker agreed that reducing leverage is a key 'unlock' for shareholder value that the company will be examining closely, alongside ensuring necessary investments for growth.

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

    Question

    Brian Bittner questioned the elevated level of store closures that are pressuring net unit growth, asking about the health of the bottom-quartile stores and the outlook for closures to subside.

    Answer

    CEO Darin Harris explained that the company accelerated some closures in Q4 but affirmed the overall health of the system, noting franchisee financials held flat year-over-year. He projected that future closures would normalize to the industry-standard rate of about 1% of the system, or 16-18 restaurants per year.

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    Brian Bittner's questions to Yum! Brands Inc (YUM) leadership

    Brian Bittner's questions to Yum! Brands Inc (YUM) leadership • Q2 2025

    Question

    Brian Bittner sought clarity on the BITE by Yum! platform, asking how many units have the full platform, the expected rollout cadence through 2026, and the most significant benefits for franchisees.

    Answer

    CFO Chris Turner reported that while approximately 25,000 restaurants have at least one BITE component, very few have the complete ecosystem. Taco Bell U.S. is the most advanced in its deployment. He explained that the expansion strategy involves both adding more components to existing restaurants and entering new markets. Following a recent global franchisee convention, demand for the platform is now significant, and the company's focus is on managing the deployment process to meet this demand.

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    Brian Bittner's questions to Yum! Brands Inc (YUM) leadership • Q1 2025

    Question

    Brian Bittner questioned the sustainability of KFC International's accelerating same-store sales growth, citing investor concerns over potential geopolitical headwinds for American brands.

    Answer

    CEO David Gibbs confirmed the encouraging trends, noting that excluding China, international same-store sales were up 5%. He stated the company has not seen any anti-American sentiment impacting stores and that the issues from the Middle East are largely behind them. Gibbs credited the team's execution, including leaning into value and successful product innovation like the Double Down Zinger in the U.K. and Crispy Naan Burger in France, for driving the widespread recovery.

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    Brian Bittner's questions to Yum! Brands Inc (YUM) leadership • Q4 2024

    Question

    Brian Bittner asked for details on how Yum! Brands plans to achieve its 2025 core operating profit growth target of at least 8%, given that unit growth may be below the 5% algorithm due to closures in Turkey.

    Answer

    CEO David Gibbs stated that the 8% core operating profit target can be achieved through various combinations of performance. He clarified that the Turkey closures have a non-material financial impact due to low royalty income. Gibbs emphasized that the company's 'twin growth engines'—the recovery at KFC International and the sustained momentum at Taco Bell U.S.—provide strong confidence in hitting the 2025 target, deferring further details to the upcoming Investor Day.

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    Brian Bittner's questions to Yum! Brands Inc (YUM) leadership • Q3 2024

    Question

    Brian Bittner asked for confirmation on the global same-store sales assumptions behind the Q4 guidance and questioned how Taco Bell successfully protected its value leadership amid increased competition, as well as its plans for new value offerings in 2025.

    Answer

    CEO David Gibbs confirmed Taco Bell's strong momentum from Q3 continued into Q4, attributing its success to a unique ability to deliver innovative products at compelling value price points, which also benefits franchisee margins. He highlighted the '$7 Lux Cravings Box' as a current example of blending innovation with value. Regarding forward-looking sales guidance, Gibbs noted the difficulty of forecasting in the current global environment but reiterated that Q3 trends were generally continuing into Q4.

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    Brian Bittner's questions to Yum China Holdings Inc (YUMC) leadership

    Brian Bittner's questions to Yum China Holdings Inc (YUMC) leadership • Q2 2025

    Question

    Brian Bittner of Oppenheimer & Co. Inc. asked about the specific drivers behind KFC's average check turning from a 4% drag in Q1 to a 1% tailwind in Q2, and whether this positive trend is expected to continue.

    Answer

    CFO Adrian Ding clarified that the positive shift was driven by a higher delivery mix, which carries a higher ticket average, offsetting the downward trend in ticket sizes for both dine-in and delivery due to more small orders. He expects the overall ticket average to see a slight decrease in H2. CEO Joey Wat added that the ultimate focus remains on driving same-store transaction growth while protecting margins.

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    Brian Bittner's questions to Yum China Holdings Inc (YUMC) leadership • Q2 2025

    Question

    Brian Bittner from Oppenheimer & Co. Inc. asked about the drivers behind the significant shift in KFC's average check, which improved from a 4% decline in Q1 to a 1% increase in Q2.

    Answer

    CFO Adrian Ding explained the increase was driven by a higher delivery mix, which carries a higher ticket average and more than offset the downward trend from smaller orders in both dine-in and delivery channels. CEO Joey Wat added this is part of a long-term strategy to expand into new occasions and lower-tier cities, with the primary focus remaining on driving same-store transaction growth while protecting margins.

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    Brian Bittner's questions to Yum China Holdings Inc (YUMC) leadership • Q1 2025

    Question

    Brian Bittner asked for more detail on the consumer environment in China and how KFC's 4% transaction growth compares to the industry, in order to gauge market share gains.

    Answer

    CEO Joey Wat explained that consumers continue to favor wider price ranges and value, which is driving transaction growth. She highlighted strong performance in smaller delivery orders and a 20% increase in K-Coffee cup sales. Wat stated that based on available data in a fragmented market, both KFC and Pizza Hut are gaining meaningful market share, particularly in the delivery segment.

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    Brian Bittner's questions to Cheesecake Factory Inc (CAKE) leadership

    Brian Bittner's questions to Cheesecake Factory Inc (CAKE) leadership • Q2 2025

    Question

    Brian Bittner inquired about the primary drivers for the increased full-year 2025 net income margin guidance and whether the Q3 revenue outlook assumes a stable same-store sales trend for The Cheesecake Factory brand.

    Answer

    Matthew Clark, Executive VP & CFO, confirmed the improved margin outlook is driven by better-than-expected four-wall operational performance, as demonstrated in Q2. He also stated that the high end of the Q3 revenue guidance assumes a stable sales environment, consistent with recent trends, without forecasting any acceleration.

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    Brian Bittner's questions to Cheesecake Factory Inc (CAKE) leadership • Q1 2025

    Question

    Brian Bittner of Oppenheimer & Co. Inc. sought to clarify the implied comparable sales assumptions within the Q2 revenue guidance. He also questioned why the full-year net income margin guidance was not raised despite strong Q1 restaurant margin performance, suggesting it might be due to conservatism around tariffs.

    Answer

    EVP and CFO Matt Clark clarified that the Q2 guidance implies comps closer to the 0% to 1% range, factoring in a restaurant closure and holiday timing. He confirmed that the full-year margin outlook remains unchanged because the company has proactively absorbed the anticipated impact of tariffs into its forecast, which offsets some of the underlying operational momentum.

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    Brian Bittner's questions to Cheesecake Factory Inc (CAKE) leadership • Q4 2024

    Question

    Brian Bittner questioned why the 2025 revenue growth forecast of 6% is below the long-term target of 7-8% and asked about the company's confidence in the negative sales mix trend flattening out.

    Answer

    EVP and CFO Matt Clark explained that the 2025 growth rate is impacted by unique 2024 events (unplanned closures and relocations) and that the underlying new unit contribution is already at a run rate consistent with the long-term target. He expressed confidence that the sales mix will stabilize, supported by the new menu's attractive price points and a focus on non-alcoholic beverages.

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    Brian Bittner's questions to Wendy's Co (WEN) leadership

    Brian Bittner's questions to Wendy's Co (WEN) leadership • Q1 2025

    Question

    Brian Bittner asked why limited-time offers (LTOs) and promotions like the SpongeBob collaboration are so effective, how Wendy's plans to convert that success into sustainable growth, and if similar catalysts are planned for 2025.

    Answer

    Kirk Tanner, President and CEO, emphasized that a balanced approach is crucial, focusing on the core menu, incremental innovation, and compelling value. He explained that collaborations like SpongeBob are effective because they connect the brand to culture and tap into consumer passion points, driving excitement and traffic. For 2025, he highlighted upcoming partnerships with brands like Oreo, Pop-Tarts, and Takis, which are intentionally chosen to target specific demographics like Gen Z and build long-term brand affinity.

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    Brian Bittner's questions to Wendy's Co (WEN) leadership • Q4 2024

    Question

    Brian Bittner of Oppenheimer pointed out the change in 2025 unit growth guidance from 3-4% last quarter to 2-3% now, asking what caused the shift and if it reflects a new, more conservative guidance philosophy.

    Answer

    CEO Kirk Tanner acknowledged the change, attributing it to shifts in the timing of development, but affirmed the restaurants will still be built in the future. He reiterated high confidence in the 2-3% guidance for 2025, which still represents a 15-year high in new builds. He also confirmed that the new guidance philosophy is part of an effort to build credibility with investors.

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    Brian Bittner's questions to BJ's Restaurants Inc (BJRI) leadership

    Brian Bittner's questions to BJ's Restaurants Inc (BJRI) leadership • Q1 2025

    Question

    Brian Bittner of Oppenheimer & Co. asked for a hypothesis on why the casual dining customer is holding up better than QSR and inquired about the drivers of the significant labor leverage and its sustainability.

    Answer

    President Lyle Tick suggested BJ's resilience stems from a higher-income customer base, improved execution, and a focus on 'social splurge' occasions, which are less transactional. Interim CEO Brad Richmond added that BJ's is taking share from weaker independent operators. Regarding labor, CFO Tom Houdek stated the performance is very sustainable, resulting from better scheduling, overtime management, and growing team member tenure, all while guest satisfaction scores are hitting multiyear highs.

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    Brian Bittner's questions to BJ's Restaurants Inc (BJRI) leadership • Q3 2023

    Question

    Brian Bittner asked about the reasons for the Q3 restaurant margin underperformance versus guidance despite meeting sales targets, and what factors support the optimistic Q4 margin outlook. He also inquired about the long-term margin potential for the brand.

    Answer

    CFO Tom Houdek attributed the Q3 margin miss to a higher-than-expected promotional mix, specifically the Pizookie Pass, along with higher supply chain costs and reduced labor leverage. For Q4, he anticipates improvement from better food costs and refined labor models. Interim CEO Brad Richmond added that while the Pizookie Pass was inefficient, the newer Pizookie Meal Deal has strong margins and is successfully driving traffic. Regarding long-term potential, Richmond stated that the primary focus should be on growing same-restaurant sales to leverage the brand's high AUVs, rather than just cost-cutting, which presents a significant opportunity for margin expansion.

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    Brian Bittner's questions to Darden Restaurants Inc (DRI) leadership

    Brian Bittner's questions to Darden Restaurants Inc (DRI) leadership • Q3 2025

    Question

    Brian Bittner questioned the implied flattish operating margins in the Q4 guidance, suggesting it seemed conservative given the strong sales outlook. He also requested an update on the performance and learnings from the Olive Garden delivery rollout.

    Answer

    CFO Raj Vennam explained that the Q4 margin outlook is shaped by a significant step-up in overall inflation to approximately 3%, which outpaces the company's pricing. President and CEO Ricardo Cardenas added that the delivery pilot has been successful, with pilot locations now seeing delivery mix at around 2.5% of sales and other restaurants following a similar growth trajectory, especially after initial digital marketing efforts.

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    Brian Bittner's questions to Darden Restaurants Inc (DRI) leadership • Q1 2025

    Question

    Brian Bittner inquired about the potential sales impact of the new Uber partnership for Olive Garden, its exclusivity terms, and the drivers behind the recent sales improvement in September. He also asked about Olive Garden's future promotional strategy in a competitive environment.

    Answer

    President and CEO Rick Cardenas explained that while Uber's internal estimates for the partnership's impact are significant, Darden is taking a more conservative view, expecting incrementality to build over time. He confirmed a two-year exclusive agreement with Uber for Olive Garden, with options to expand to other brands. Cardenas attributed the September sales lift to a broader industry trend. Regarding promotions, he stated Olive Garden will focus on highlighting existing value and price points rather than engaging in deep discounting, ensuring any new offers align with their filters of being simple, brand-building, and not deeply discounted.

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    Brian Bittner's questions to Papa John's International Inc (PZZA) leadership

    Brian Bittner's questions to Papa John's International Inc (PZZA) leadership • Q4 2024

    Question

    Brian Bittner from Oppenheimer requested a breakdown of the investments embedded in the 2025 EBITDA guidance and asked how the company plans to balance value-driven promotions with franchisee profitability.

    Answer

    President and CEO Todd Penegor explained the balance involves a barbell menu strategy, strategic pricing, and long-term supply chain efficiencies. CFO Ravi Thanawala detailed the investments impacting the $200M-$220M EBITDA guide: up to $25M in marketing spend on the company P&L, $4M for the franchisee convention, and a $14M reset in performance-based compensation. These investments are aimed at winning consumer consideration and transactions.

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    Brian Bittner's questions to Papa John's International Inc (PZZA) leadership • Q3 2024

    Question

    Brian Bittner inquired about the primary driver of same-store sales underperformance versus peers and the strategy to protect franchisee profitability while increasing value offerings in 2025.

    Answer

    President and CEO Todd Penegor identified 'value perception' as the main issue, outlining a strategy to amplify the brand's quality message, enhance the loyalty program, and use data for targeted deals. CFO and EVP, International Ravi Thanawala noted that year-to-date corporate restaurant EBITDA dollars were stable and that the high gross margin per transaction underscores the long-term profit potential from driving volume.

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    Brian Bittner's questions to Texas Roadhouse Inc (TXRH) leadership

    Brian Bittner's questions to Texas Roadhouse Inc (TXRH) leadership • Q4 2024

    Question

    Brian Bittner of Oppenheimer & Co. Inc. asked for clarification on the effective pricing run rate for 2025 after the planned 1.4% increase and whether to anticipate deleverage on the cost of sales line given the updated commodity outlook.

    Answer

    CFO David Monroe clarified the pricing cadence: 3.1% in Q1, dropping to 2.3% from Q2 onwards after a 2.2% increase rolls off and the new 1.4% is added. Executive Michael Bailen added that with the updated 3-4% commodity inflation guidance, the math implies some deleverage on the cost of sales line as the year progresses, particularly after the first quarter.

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    Brian Bittner's questions to Chipotle Mexican Grill Inc (CMG) leadership

    Brian Bittner's questions to Chipotle Mexican Grill Inc (CMG) leadership • Q4 2024

    Question

    Brian Bittner from Oppenheimer & Co. Inc. asked a high-level question for new CEO Scott Boatwright about any differences in his strategic view of the business or areas where he might lean in more compared to his predecessor.

    Answer

    CEO Scott Boatwright outlined three core focus areas while affirming the five key strategies remain unchanged. The focus areas are: 1) Being 'guest obsessed' to improve the total experience, 2) Modernizing the back-of-house with new equipment to drive efficiency and culinary consistency, and 3) Focusing on growth, not just in restaurants globally but also in people development to foster careers within Chipotle.

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    Brian Bittner's questions to Chipotle Mexican Grill Inc (CMG) leadership • Q3 2024

    Question

    Brian Bittner requested a breakdown of the 90 basis points of COGS deleverage between portion investments and underlying inflation. He also asked how management is thinking about a base case for menu pricing heading into 2025.

    Answer

    CFO Adam Rymer provided a bridge for the cost of sales increase, attributing approximately 60 basis points to the portion investment, 50 basis points to an unfavorable avocado cost comparison, and 40-50 basis points to the mix impact from the premium brisket LTO. Regarding future pricing, he stated that after accounting for these factors, the underlying inflation would suggest a potential menu price increase in the 2% to 3% range would be needed to maintain margins.

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    Brian Bittner's questions to Restaurant Brands International LP (RSTRF) leadership

    Brian Bittner's questions to Restaurant Brands International LP (RSTRF) leadership • Q1 2024

    Question

    Brian Bittner of Oppenheimer & Co. asked about the Burger King U.S. remodel strategy, questioning the impact of the new $300 million co-investment program and whether another round of store closures should be expected to optimize the portfolio.

    Answer

    CEO Josh Kobza stated that another sizable batch of closures is not expected. He anticipates all remodels will be highly impactful, particularly the new 'Sizzle' image which integrates more digital features. Executive Chairman Patrick Doyle added that reaching 85-90% modern image creates a 'catalytic effect' for the brand, improving overall consumer perception.

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    Brian Bittner's questions to QSP.UN.TO leadership

    Brian Bittner's questions to QSP.UN.TO leadership • Q1 2024

    Question

    Brian Bittner from Oppenheimer & Co. Inc. asked about the Burger King U.S. remodel plan, questioning if the next 1,100 remodels will be as impactful as initial ones and whether another round of store closures should be expected.

    Answer

    CEO Josh Kobza stated that another sizable batch of closures is not expected. He anticipates the remodels will be highly impactful due to larger scopes and the new 'Sizzle' image, which integrates digital elements. Executive Chairman J. Patrick Doyle added that reaching a high percentage of modern restaurants creates a 'catalytic effect' for the brand's overall perception.

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