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    Froy Mendez

    Research Analyst at JPMorgan Chase & Co.

    Froy Mendez is an Analyst at JPMorgan Chase & Co., focused on providing equity research and financial analysis within the banking and financial services sector. He covers a range of notable companies including Bank of America, Wells Fargo, and Citigroup, delivering actionable investment insights with a strong record of accurate recommendations. Since joining JPMorgan in 2022 after previous analyst roles in regional investment firms, Mendez has earned recognition for his high success rate of over 65% on TipRanks and an average annual return of 12% for clients. He holds FINRA Series 7 and 63 licenses, demonstrating his commitment to industry standards and analytical excellence.

    Froy Mendez's questions to Arcos Dorados Holdings (ARCO) leadership

    Froy Mendez's questions to Arcos Dorados Holdings (ARCO) leadership • Q1 2025

    Question

    Froy Mendez asked for details on how beef costs impacted Brazil's margin in Q1 and how those costs were trending in the second quarter and for the remainder of the year.

    Answer

    CFO Mariano Tannenbaum confirmed that higher beef prices were the main cause of margin contraction in Brazil during Q1. He emphasized that this was offset by margin growth in NOLAD and SLAD, showcasing the strength of their diversified footprint. He stated the company does not expect further gross margin deterioration in Brazil and anticipates stabilization through pricing and supplier negotiations.

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    Froy Mendez's questions to Arcos Dorados Holdings (ARCO) leadership • Q3 2024

    Question

    Froy Mendez of JPMorgan Chase & Co. asked about Arcos Dorados' ability to pass through rising beef costs in Brazil, the tangible top-line and margin effects of growing identified sales, and the recent drivers of sales performance in Brazil.

    Answer

    CFO Mariano Tannenbaum expressed confidence that since rising beef costs will affect the entire industry, Arcos Dorados can manage the impact through pricing and mix. COO Luis Raganato explained that identified sales, now at 25% system-wide, boost frequency and average check, leading to improved margins and top-line growth. He also highlighted that Brazil's Q3 comp sales grew 1.6x inflation on top of a strong prior year, driven by both volume and average check, leading to continued market share gains.

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