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Brian Michael Vaccaro

Managing Director in Equity Research at Raymond James

Brian Michael Vaccaro is a Managing Director in Equity Research at Raymond James, specializing in restaurant sector analysis with a focus on major publicly traded restaurant operators. He covers prominent companies such as Wingstop, recently upgrading the stock to Strong Buy and maintaining a bullish position that aligns with top-tier brokerage recommendations. With a strong track record highlighted by accurate price targets and an influential voice in restaurant stock performance, Vaccaro is recognized for driving market confidence and providing actionable insights to clients. He built his equity research career at Raymond James, rising through roles to his current leadership position, and holds advanced professional credentials, though specific FINRA registration and securities licenses details are not publicly listed.

Brian Michael Vaccaro's questions to DARDEN RESTAURANTS (DRI) leadership

Brian Michael Vaccaro's questions to DARDEN RESTAURANTS (DRI) leadership • Q1 2026

Question

Brian Michael Vaccaro asked for a breakdown of Olive Garden's comps between traffic and check, and if it's reasonable to expect check to continue exceeding pricing in future quarters. He also inquired about the increase in labor per operating week, whether it reflects reinvestments in guest experience, and specific examples.

Answer

CFO Raj Vennam reported Olive Garden's same-restaurant sales at 5.9%, with traffic at 2.8% (3.6% including catering), and check at 2.3% (pricing 1.9%, Uber fees 40bps). He expects check to continue exceeding pricing due to delivery and service fees. He clarified that total labor inflation was 3.1%, and productivity improvements are leveraging traffic, rather than necessarily reflecting specific reinvestments causing deleverage.

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Brian Michael Vaccaro's questions to DARDEN RESTAURANTS (DRI) leadership • Q1 2026

Question

Brian Michael Vaccaro asked for a breakdown of Olive Garden's comparable sales into traffic and check components, and whether check is expected to continue exceeding pricing in future quarters. He also inquired about the increase in labor per operating week, its relation to higher intensive comps and traffic, and if it reflects reinvestments in guest experience.

Answer

Raj Vennam, SVP & CFO, reported Olive Garden's same-restaurant sales growth of 5.9%, with traffic at 2.8% (3.6% including catering) and pricing at 1.9%, plus a 40 basis point impact from delivery service fees. He confirmed check is expected to exceed pricing due to delivery fees. He clarified that total labor inflation was 3.1%, and despite a 3% traffic increase, Darden achieved productivity improvements, with investments in areas like speed not necessarily leading to labor deleverage due to increased throughput.

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