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    Drew North

    Senior Research Associate at Robert W. Baird & Co.

    Drew North is a Senior Research Associate at Robert W. Baird & Co., working within the Institutional Equities & Research division and contributing to acclaimed equity research for institutional clients worldwide. He supports coverage of multiple small- and mid-cap companies alongside Baird's award-winning analyst team, which is consistently recognized for top-tier performance metrics and industry-wide rankings, with several Baird analysts ranked among the top 5% on Wall Street by TipRanks. North's career at Baird reflects a steady progression in equity research, and he works in tandem with senior analysts to generate actionable insights for investors. He maintains professional standards required for research associates at registered broker-dealer firms, including FINRA compliance and securities licensing.

    Drew North's questions to CHEESECAKE FACTORY (CAKE) leadership

    Drew North's questions to CHEESECAKE FACTORY (CAKE) leadership • Q2 2025

    Question

    Drew North asked for perspective on labor retention levels compared to pre-pandemic benchmarks and the potential for future labor leverage. He also requested the Q2 comparable sales breakdown for The Cheesecake Factory and the pricing outlook for the second half of the year.

    Answer

    David Gordon, President, stated that both hourly and management retention levels are at or exceed historical pre-pandemic highs, which should continue to yield benefits in productivity and lower costs. Matthew Clark, Executive VP & CFO, provided the Q2 comp breakdown for Cheesecake Factory (approx. 4% price, -1.1% traffic, with the rest from mix) and noted that the back-half forecast reflects this stable trend.

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