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    Chris O'cull • Stifel Financial Corp.

    Chris O'cull's questions to Brinker International Inc (EAT) leadership

    Chris O'cull's questions to Brinker International Inc (EAT) leadership • Q4 2025

    Question

    Chris O’Cull from Stifel asked if the company plans to update its three-year growth targets and inquired about future marketing investment strategies and the innovation pipeline for its value offerings.

    Answer

    CEO Kevin Hochman and CFO Mika Ware stated that while the current long-term algorithm of 3-5% revenue growth and double-digit EPS growth remains relevant, the potential for accelerated new unit development is a key difference from three years ago. They confirmed marketing spend will remain around 3% of revenue, with continued focus on value news, including new $6 margaritas and a new message for the $10.99 platform in the back half of the year.

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    Chris O'cull's questions to CAVA Group Inc (CAVA) leadership

    Chris O'cull's questions to CAVA Group Inc (CAVA) leadership • Q2 2025

    Question

    Chris O’Cull of Stifel Institutional inquired about the same-store sales trend in the third quarter to date and asked if CAVA has re-evaluated its marketing and media mix given its increased brand awareness.

    Answer

    CFO Tricia Tolivar confirmed that the two-year same-store sales stack continued to accelerate into Q3. CEO Brett Schulman added that while marketing spend is low, they have tested media mix models with positive results and can lean into it if needed, while maintaining a long-term strategic focus.

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    Chris O'cull's questions to CAVA Group Inc (CAVA) leadership • Q1 2025

    Question

    Patrick, on behalf of Chris O'Cull from Stifel, requested more detail on the new labor deployment model, including opportunities for further efficiency and how savings are being reinvested into the restaurants.

    Answer

    CEO Brett Schulman explained that the new labor model has improved productivity across dayparts. The primary goal is not cost cutting but redistributing hours to create less stressful shifts, enable GMs to coach, and allow team members more time for guest interaction. He noted the opportunity lies in driving better adherence to the model, which will lead to further productivity gains and an enhanced human connection in the restaurants.

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    Chris O'cull's questions to Papa John's International Inc (PZZA) leadership

    Chris O'cull's questions to Papa John's International Inc (PZZA) leadership • Q2 2025

    Question

    Chris O’Cull of Stifel inquired about the strategy for lapping the significant incremental marketing investment in the coming year and asked for more details on the supply chain optimization plan.

    Answer

    President & CEO Todd Penegor explained that learnings from this year's marketing tests will lead to more effective and efficient spending in 2026. On supply chain, he detailed a plan to achieve over $50 million in savings by 2028 by optimizing fixed cost utilization, improving transportation logistics, and leveraging procurement savings from contract renewals, all without sacrificing product quality.

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    Chris O'cull's questions to Dutch Bros Inc (BROS) leadership

    Chris O'cull's questions to Dutch Bros Inc (BROS) leadership • Q2 2025

    Question

    Chris O'cull of Stifel Financial Corp. noted seeing fewer email offers and asked if marketing was being pulled back due to strong sales. He also requested more detail on the magnitude and timeframe of the improvements in brand awareness.

    Answer

    CEO Christine Barone clarified that the change in offers is not a pullback but a shift towards more sophisticated customer segmentation. Instead of mass offers, the company is now sending targeted promotions based on individual customer patterns. Regarding the awareness study, she stated it's conducted annually and has shown "quite material improvements," especially in new markets, but did not disclose specific figures.

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    Chris O'cull's questions to Valvoline Inc (VVV) leadership

    Chris O'cull's questions to Valvoline Inc (VVV) leadership • Q3 2025

    Question

    Chris O'cull of Stifel asked if management was surprised by the potential need to divest some Breeze stores for FTC approval and if this alters their future M&A strategy. He also questioned the risk of converting the Breeze brand to Valvoline.

    Answer

    CEO Lori Flees acknowledged initial surprise but now views the FTC review as a normal process that does not change their long-term growth strategy. She described the discussions as constructive. On brand conversion, she stated that while they are currently focused on closing the deal, they recognize the Breeze brand's loyalty and will leverage Valvoline's experience in thoughtfully integrating acquired chains to retain both employees and customers.

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    Chris O'cull's questions to Planet Fitness Inc (PLNT) leadership

    Chris O'cull's questions to Planet Fitness Inc (PLNT) leadership • Q2 2025

    Question

    Chris O'cull asked for an update on efforts to reduce new club investment costs and whether adding high-value services like spray tanning could justify creating a new, higher-priced membership tier.

    Answer

    CEO Colleen Keating detailed cost-saving measures such as smaller lobbies and optimized equipment packages, while stressing that driving top-line revenue is the most critical factor for franchisee economics. She stated that the company is not currently considering new pricing tiers but is focused on the timing of a Black Card price increase.

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    Chris O'cull's questions to Portillos Inc (PTLO) leadership

    Chris O'cull's questions to Portillos Inc (PTLO) leadership • Q2 2025

    Question

    Chris O'cull of Stifel Financial Corp. asked for details on actions being taken to improve the performance of the 2024 new store class and questioned the rationale for continuing new unit growth that requires increased borrowing.

    Answer

    CFO Michelle Hook stated that marketing campaigns and new field marketers are being deployed to support the 2024 store class, which has seen a slower ramp-up in Texas. CEO Michael Osanloo defended the development pipeline, emphasizing a focus on strong cash-on-cash returns driven by significantly lower build costs for new prototypes, which are down over $1 million per unit compared to 2024.

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    Chris O'cull's questions to Driven Brands Holdings Inc (DRVN) leadership

    Chris O'cull's questions to Driven Brands Holdings Inc (DRVN) leadership • Q2 2025

    Question

    Chris O'Cull of Stifel asked about the key findings from the CEO's listening tour regarding the Take 5 business and inquired about the financial health of franchisees in the Meineke, Maaco, and Carstar brands.

    Answer

    President & CEO Danny Rivera explained the tour was more about solidifying his understanding as the new CEO rather than uncovering new findings, reaffirming Take 5's strength. EVP & CFO Mike Diamond and Rivera both commented on franchisee health, stating that despite some top-line pressures, the overall system is healthy, and the brands are mature and resilient, having weathered many economic cycles.

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    Chris O'cull's questions to Mister Car Wash Inc (MCW) leadership

    Chris O'cull's questions to Mister Car Wash Inc (MCW) leadership • Q2 2025

    Question

    Chris O’Cull of Stifel asked for an update on the performance of new car wash locations relative to underwriting targets and their ramp-up speed. He also questioned if M&A is becoming a more compelling opportunity given rationalizing valuations and the potential scale of acquisitions Mister Car Wash could manage.

    Answer

    CFO Jedidiah Gold acknowledged that some new stores are taking slightly longer to ramp due to denser competition and strategic site placement, but the company is refining its site selection process. CEO John Lai added that M&A is a key opportunity, with multiples becoming more palatable. He emphasized a focus on quality assets in existing or adjacent markets to densify their footprint, noting the company has the capacity for strategic acquisitions.

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    Chris O'cull's questions to Wingstop Inc (WING) leadership

    Chris O'cull's questions to Wingstop Inc (WING) leadership • Q2 2025

    Question

    Chris O’Cull of Stifel asked what new marketing opportunities are opening up as the national ad fund grows and if there are inflection points for disproportionate brand visibility. He also questioned whether the improved delivery quote times from the Smart Kitchen make it more attractive to increase marketing spend on third-party delivery platforms.

    Answer

    President and CEO Michael Skipworth explained that the growing ad fund allows them to expand into new channels with high fan overlap but low brand awareness, such as WWE and UFC, while also deepening their presence in existing partnerships like the NFL. Regarding delivery, he noted the primary benefit is now being included in the 'under 30 minutes' consideration set for the first time, which drives organic growth. While they will continue to invest, they also benefit from co-investment from delivery partners who value Wingstop's high check size.

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    Chris O'cull's questions to Starbucks Corp (SBUX) leadership

    Chris O'cull's questions to Starbucks Corp (SBUX) leadership • Q3 2025

    Question

    Chris O’Cull from Stifel Institutional asked for the strategic rationale behind seeking a partner in China, questioning what Starbucks would gain beyond capital.

    Answer

    CEO Brian Niccol clarified that the search for a partner is not about capital. The primary goal is to find a partner who shares Starbucks' mission and values and can provide local expertise to help the company operate more effectively. He believes a local partner is crucial for ensuring the brand's long-term health and capturing the significant growth opportunity of opening thousands more stores in China.

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    Chris O'cull's questions to Starbucks Corp (SBUX) leadership • Q3 2025

    Question

    Chris O'Cull of Stifel Institutional asked what Starbucks would gain from a strategic partner in China, given that capital is not the primary issue, questioning if the goal is operational or marketing expertise.

    Answer

    Chairman & CEO Brian Niccol clarified that the search for a partner is not about capital. The primary goal is to find a partner who shares Starbucks' mission and values and can provide local expertise to help the company operate more effectively. He believes this is key to ensuring the long-term health and growth of the brand in China, which he sees as having potential for thousands of additional stores.

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    Chris O'cull's questions to Chipotle Mexican Grill Inc (CMG) leadership

    Chris O'cull's questions to Chipotle Mexican Grill Inc (CMG) leadership • Q2 2025

    Question

    Chris O'cull of Stifel Financial Corp. asked about the planned LTO cadence for the upcoming year and the strategic mix between launching new products versus reintroducing proven favorites.

    Answer

    CEO Scott Boatwright stated that returning LTOs consistently perform better with each subsequent launch, giving the company a strong pantry of proven items. He confirmed that in addition to these favorites, the innovation team is actively developing new center-of-the-plate items, sides, and dips to create a full and compelling calendar for 2026 and beyond.

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    Chris O'cull's questions to Darden Restaurants Inc (DRI) leadership

    Chris O'cull's questions to Darden Restaurants Inc (DRI) leadership • Q4 2025

    Question

    Chris O'cull of Stifel Financial Corp asked if the updated long-term framework, particularly the new margin expansion target, indicates a revised perspective on the long-term restaurant margin potential or the expected rate of business reinvestment.

    Answer

    CFO Raj Vennam confirmed that the updated framework reflects a more holistic view by using earnings after tax (EAT) margin and signals a greater emphasis on driving sales growth. He explained that this may involve reinvestments that result in restaurant-level EBITDA margins not growing at the same rate as targeted in the past, prioritizing long-term growth.

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