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CEO Kevin Hochman confirmed the 'Five to Try' platform, which includes the Triple Dipper, continues to grow its sales mix. He outlined the fiscal 2026 food innovation plan, which focuses on a full year of upgraded Ribs, a new Queso platform, a major chicken sandwich relaunch, and base ingredient upgrades. Major steak and salad platform upgrades are planned for fiscal 2027.

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CEO Brett Schulman explained that the investment aims to make restaurants easier to run and improve the guest experience. The pilot will focus on the second digital make-line to enhance order accuracy, speed, and convenience, freeing up team members to focus on hospitality. Success will be measured by improved guest experience and the ability to reallocate labor.

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CEO Brett Schulman reported that the chicken shawarma test is progressing very well. He described the item as a core Mediterranean staple that offers a complementary texture to existing chicken options. Operationally, it is a 'light lift' with minimal complexity. Schulman indicated that if its current positive trajectory continues, it will be rolled out across the system in coming quarters.

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CFO Tricia Tolivar explained that CAVA is taking a patient, stage-gate approach to catering. In 2025, the plan is to expand the test to an entire major metro market to refine production models, packaging, and technology. A national launch is not expected in early 2026, as the focus remains on ensuring operational success first.

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Interim CEO & CFO Ken Cook responded that core menu pricing is something the company will evaluate more precisely with its new data analytics capabilities. He emphasized that value is a combination of price, food quality, and customer experience, and reiterated the plan to re-emphasize Wendy's superior quality story as a key part of its value proposition.

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Kirk Tanner, President and CEO, affirmed that breakfast remains a top priority with significant upside potential. He announced that a key innovation is coming to the beverage platform this summer with a new lineup of 'exceptional' cold brew coffees. Additionally, he noted that the '100 days of summer' program will feature value offerings on morning beverages to help drive traffic to the daypart, with a longer-term innovation pipeline also in place.

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CEO Kirk Tanner confirmed that breakfast remains a high priority due to its significant growth potential. He reported that breakfast sales grew 6% in 2024, outpacing the category. The strategy moving forward involves continued investment in awareness with an outsized advertising share, product innovation planned for later in the year, and a focus on executional excellence. Tanner stated that breakfast will continue to be a tailwind for top-line growth.

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CEO Kirk Tanner confirmed that beverages are a significant opportunity for Wendy's, both at breakfast and throughout the day. He emphasized that it is a profit-driving category and that the company intends to innovate across its entire beverage portfolio.

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Co-Founder, CEO & Director Jonathan Neman described the LTOs as very successful in driving frequency through a combination of price and newness. He affirmed that menu innovation will continue under a more rigorous stage-gate process to ensure operational feasibility. He noted a house-made beverage test is already live and performing well in three markets, with plans for a broader rollout, demonstrating that disciplined innovation can proceed alongside operational improvements.

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CEO Jonathan Neman attributed the strength in the marketplace channel to three factors: the product travels well, making it suitable for delivery; optimized relationships and marketing on the platforms; and the previous lack of a compelling native loyalty program, which gave customers less reason to order directly. He noted the new SG Rewards program should help shift some volume to their own digital channels over time.

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CEO Jonathan Neman confirmed a strong focus on reducing development costs, with a target of $1.4 million to $1.5 million for the core build-out and expectations for further improvements in 2026. He affirmed that menu innovation is paired with simplification efforts, stating they are constantly looking to streamline operations through upstreaming prep, implementing new tools, and optimizing recipes to manage complexity in the restaurants.

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CEO Jonathan Neman confirmed the incremental IK cost of $450k-$550k and expects savings over time with scale and manufacturing maturity, noting a focus on reducing total build-out costs. CFO Mitch Reback clarified that the Penn Plaza store has seen sales growth, which has accelerated over the months since the retrofit.

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President & CEO Todd Penegor confirmed that refranchising is a core strategy and future deals will include development and reimaging commitments. EVP & CFO Ravi Thanawala specified the transaction is in the Mid-Atlantic with a well-capitalized existing franchisee (not the current JV partner) who has a strong transaction-driving mindset, aiming to accelerate market share gains.

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President and CEO Todd Penegor stated that the company is in the 'early innings' of developing the business case for store 'reimaging,' with tests underway in the Orlando market. He noted that a significant rollout is not expected until 2026-2027 as they refine the economics for franchisees. An executive, likely CFO Ravi Thanawala, added that conviction around the carryout opportunity is growing, with order growth seen in Q1 and quarter-to-date in Q2, viewing it as an incremental sales layer.

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President and CEO Todd Penegor confirmed the company is moving with speed, having already removed several low-volume SKUs and tested removing items like Papadias during peak periods like Valentine's Day. He stated the company is running hard to address oven temperature and gas pressure issues this year to improve pizza quality and enable future innovation, setting up for success into next year.

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President and CEO Todd Penegor confirmed they are actively evaluating the optimal ownership mix, stating the goal is to partner with growth-minded operators. He noted that while owning some stores is crucial for being a brand steward, the right level is likely 'something less than we have today.' He indicated that refranchising is a tool to stimulate system growth.

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CEO Christine Barone reported that they are pleased with performance across all metrics. She noted that throughput is strong, with food execution fitting within the beverage service time. Broista satisfaction is high and has grown with systemized training, and customer satisfaction with the simple, eight-item assortment is also high. Crucially, she highlighted that they are seeing both a ticket and a transaction lift, validating the strategy to capture customers who previously went elsewhere for food.

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Lawrence Kim, President of IHOP, explained that the decision to expand 'House Faves' to seven days was driven by successful in-market tests that produced positive traffic and sales, earning franchisee support. Regarding operational complexity, Kim highlighted key wins, including leveraging server tablets (now in over 96% of restaurants) and reducing the number of LTOs by more than half. These changes have improved order accuracy and sped up table turns by over four minutes year-to-date.

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IHOP President Lawrence Kim provided examples such as optimizing server tablets to improve table turns by two minutes and simplifying food prep procedures. He also mentioned using short-form videos for more effective training. Kim described franchisee receptivity as 'fantastic,' emphasizing that a franchisee task force was engaged early in the process to ensure the initiatives were practical and well-received.

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IHOP President Lawrence Kim stated he saw 'amazing potential' in the iconic brand, citing the passion in food preparation and deep consumer love for IHOP. He shared an anecdote of a highly loyal guest as an example of the brand's strength, expressing confidence that the negative transaction trends are reversible and that significant growth opportunities exist.

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CEO Mike Spanos stated that the Outback menu reduction simplified operations for employees and improved execution consistency for guests, with plans for further reductions. Regarding Carrabba's, he credited its success to strong daypart conversion strategies, including experiential wine dinners, catering growth driven by new products, and robust off-premise sales.

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CEO Mike Spanos explained that menu items are being removed based on low satisfaction scores, high operational complexity, and inconsistent execution, with feedback gathered from both guests via Ziosk and employees. Regarding marketing, he stated that while brand positioning is a key part of the strategic plan, the primary marketing tool will be the tangible improvements in food quality, value, and the guest experience.

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CEO Mike Spanos acknowledged that 2025 G&A would be above the 5% goal, likely in the 5.5%-5.8% range, and stated the path to the target involves both driving profitable sales and finding productivity. Regarding the dividend, he affirmed the current capital allocation priorities are reinvesting in the business, reducing debt, and then returning cash to shareholders, positioning the dividend as a reliable method for the latter.

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CEO Mike Spanos suggested the high dividend yield is a function of an undervalued stock price, which he is confident will improve over time. He confirmed the company's commitment to the dividend, which was just re-approved, but noted that detailed capital allocation plans will be shared after the strategic review. Regarding closures, Spanos stated the focus is first on improving operations within the four walls, and any decisions on remodels, relocations, or closures will be part of a disciplined process during long-range planning.

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CEO Michael Osanloo reported that the breakfast test is performing well, appearing to be incremental without cannibalizing core business, with a decision on its future to be made by year-end. Regarding the Houston menu, he noted that while some simplifications were successful, removing items like beer was a mistake as it eliminated a key guest occasion, and it has since been reinstated.

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CEO Michael Osanloo explained that the breakfast test is in 'stealth mode,' with marketing limited to in-store materials to prioritize the operational test. He confirmed a wider rollout would require a dedicated marketing push. Regarding the limited menu, he noted positive impacts on the P&L and operations and stated the company is seriously considering using a similar leaner menu for future new restaurants.

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CEO Michael Osanloo stated that the drive-thru-only concept is being fine-tuned for thoughtful growth in dense markets and that the company is also exploring in-line and airport locations. Regarding loyalty, he explained the app-less approach, which integrates with a user's digital wallet, is designed to avoid 'app fatigue' and enable more convenient, one-to-one marketing and customer relationship management.

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CEO Michael Osanloo reported that the first Houston location is performing 'exceptionally well.' A key learning from Dallas is to open subsequent locations in closer succession to better manage initial volume spikes and build market momentum. He also noted that Houston is serving as a test market for a slightly rationalized menu to reduce kitchen complexity.

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President & CEO Chris Tomasso stated that he believes consumers are absolutely noticing these efforts, especially as they seek hospitality, quality, and value. He emphasized that these actions, combined with conservative pricing and increased portion sizes, are an opportunity for First Watch to stand out. He also clarified that sales mix was slightly positive for the quarter, with any PPA impact coming from the reduction of the third-party surcharge.

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Chief Brand Officer Matt Eisenacher reported that the company is in the final stages of moving the expanded beverage test into the market, with the goal of driving incremental beverage attachment. CFO Mel Hope stated that after the current acquisitions, 67 franchise locations will remain, with 8 of them being subject to purchase rights.

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CEO & President Lyle Tick outlined three key opportunities for off-premise: reducing friction in the ordering process, improving order accuracy, and optimizing the online menu for the off-premise occasion. Regarding the Pizookie Meal Deal, Tick explained that it is strategically used to drive traffic during weekdays when there is more capacity and is not needed on weekends when demand is already high. SVP Daniel Duran added that the deal has a halo effect, driving repeat visits on weekends.

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President Lyle Tick described pizza as a core brand association and a top traffic driver, especially in California, that serves a complementary group occasion. CFO Tom Houdek noted that pizza mix is currently in the mid-to-high single digits but is nearly double that in Southern California, indicating a significant opportunity. Tick confirmed that the relaunch will be supported by external marketing to tell a reenergizing story, while Interim CEO Brad Richmond highlighted its potential to expand the occasions for which the brand is relevant.

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President Lyle Tick confirmed plans to streamline the menu by removing underperforming items, likely starting in H2 2025, to make room for innovation. He noted that while service can be a differentiator, consistency is an issue. The focus is on simplification and training rather than a net increase in labor, with data suggesting opportunities to reallocate hours from shoulder periods to peak times. Interim CEO Carl Richmond emphasized this is about optimizing, not cutting, labor.

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President Lyle Tick explained that menu simplification involves both short-term operational tweaks and a longer-term, data-driven menu architecture review. On brand awareness, Tick acknowledged that BJ's trails competitors, especially outside California, but sees significant opportunity. He cited the success of the Pizookie Meal Deal with limited media spend as evidence of strong brand affinity and headroom for growth, noting that media markets significantly outperformed non-media markets.

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CFO Darin Harper highlighted the 'all you can play' option and tests of a simplified kiosk rate card to extend play time. Interim CEO Kevin Sheehan explained a two-phase menu strategy: first, a successful 'reskin' of the current menu, and second, a new menu featuring historical best-sellers, which is currently in testing for a fall rollout.

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President & CEO Julie Felss Masino outlined the three phases of the back-of-house initiative, focusing on process, ingredients, and equipment. SVP and CFO Craig Pommels confirmed that savings are expected to flow to the bottom line, contributing to the company's overall cost-saving targets. Regarding remodels, Masino stated it is still a 'test and learn' year and a comprehensive update on learnings and future plans will be provided in September.

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CFO Craig Pommells explained that the initial benefits from back-of-house work will primarily impact labor productivity and improve employee job satisfaction, representing the early stages of a multiyear cost-saving plan. CEO Julie Masino addressed retail, noting the team is managing well despite industry headwinds, with lower inventory and higher margins in Q1. She highlighted a new 'Seasons of Savings' promotion for the holidays. However, Mr. Pommells cautioned that full-year retail margins are expected to be slightly unfavorable.

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CFO Craig Pommells explained the remodel tiers, noting the 'refresh' involves paint and decor, while the 'low' adds furniture and lighting, and 'medium' and 'high' options include progressively more extensive flooring and other work. He emphasized that fiscal 2025 is a testing year to determine the best ROI. Pommells also confirmed the 5% pricing guidance for the year is a blend of all pricing actions, including stores moving to higher and lower tiers.

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CEO Lance Tucker outlined three key priorities for Del Taco: maintaining strong operational execution, revamping the marketing strategy for a new tone, and introducing exciting menu innovations that may draw from the brand's successful past. He emphasized the focus on driving marketing, innovation, and operations.

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CEO Darin Harris acknowledged that while operational fundamentals like inventory management have improved food costs, significant labor inflation from AB1228 and rising utility costs are pressuring margins. He emphasized that driving top-line sales is the key to margin improvement and noted that a new menu rollout, which performed well in tests, is expected to boost both top and bottom-line performance.

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CFO Katherine Fogertey responded that the confidence in margin expansion is primarily driven by operational improvements and supply chain opportunities, not pricing assumptions. She noted that Q1 results demonstrated their ability to expand margins even with pressured traffic, and this focus on controllables is expected to create significant leverage when macro conditions improve.

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CEO Rob Lynch explained that the focus is on moving beyond simple points-based discounting. The strategy is to use guest data for 'surgical incentives' and to enhance the in-Shack experience, such as prompting a guest at a kiosk about a new LTO they might enjoy based on past purchases. Lynch stated the goal is to drive self-selection trade-up and improve the guest experience, avoiding a pure discounting program which they feel is unnecessary for the brand.

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CFO Jeremiah Ashukian stated that while there will be transition costs, the goal for logistics outsourcing is to be EBIT-neutral for the year, with costs contemplated in the guide. CEO Josh Charlesworth explained that the company is evaluating refranchising all of its company-owned international markets (U.K./Ireland, Australia/New Zealand, Japan, Mexico, Canada) to find strong local partners and focus corporate resources on U.S. expansion.

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Hajime Uba, speaking through interpreter Benjamin Porten, explained that the company's primary focus for site selection, including in smaller DMAs, is on achieving target cash-on-cash returns rather than a specific average unit volume (AUV). Benjamin Porten then provided the Q1 comparable sales breakdown as -2.3% traffic and +4.1% price and mix.

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CEO Kelli Valade explained that it is too early to provide a definitive timeline or cost for the Keke's remodel program, as the first test location is only six weeks into its post-remodel period. She stated they need to test more units to optimize costs and scale the program effectively. CFO Robert Verostek added that since the brand has never had a remodel program, the potential for a significant sales lift is high.

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CEO Josh Kobza confirmed that speed of service at Tim Hortons Canada continued to improve, with drive-thru times down 8% year-over-year. He noted the new Flatbread Pizza launch might create a temporary headwind as teams adjust, but they expect to learn the process quickly and get back on track with improvements.

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CEO Josh Kobza confirmed continued progress, citing an 8% year-over-year improvement in drive-thru times. He noted a potential short-term headwind from the new Flatbread Pizza launch as teams adjust, but expects a quick recovery based on test market results.

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