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CEO Ryals McMullian stated that a recovery in the bread category is now more likely in 2026 than in the second half of the current year, citing persistent economic uncertainty and a weakening consumer. He emphasized that the company's strategy is to focus on differentiation and innovation rather than heavy promotions. Regarding the Wonder cake, McMullian noted it was too early to determine its incrementality but that it was more than offsetting declines in the legacy cake business so far.

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CEO Gerald Morgan attributed the strong to-go sales to improved operational execution, better packaging, and a temporary boost from weather in February. Executive Michael Bailen explained that when dining rooms are full, to-go sales are highly incremental to margin dollars and are margin-neutral to slightly positive on a percentage basis.

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Executive Michael Bailen stated it's challenging to separate new versus existing guests but believes both contributed to growth, with local store marketing aimed at attracting new customers. CEO Gerald Morgan expressed confidence in Bubba's 33 pricing on burgers, pizza, and wings, highlighting quality and variety as key differentiators. Michael Bailen estimated the Bubba's per-person average check is around $20, though pizza makes it harder to calculate precisely.

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Executive Michael Bailen reported that Q3 mix was slightly negative by about 20 basis points, driven by negative alcohol mix, while entree, soft beverage, and add-on mix were all positive. CEO Gerald Morgan added that the 0.9% price increase was generally spread across the entire menu to achieve the overall percentage.

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Executive Brian Kocher responded that while they are trying to accelerate the Midlothian project, the timeline is constrained by equipment fabrication, and the capital is already included in maintenance CapEx guidance. He confirmed other plants are already helping meet demand, as overall capacity creation is ahead of schedule. Kocher does not see tariffs creating significant new business, as growth is driven by traditional demand generation and an accelerating pipeline.

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CEO Brian Kocher explained that approximately two-thirds of the guided growth comes from category expansion and existing customer performance, with the remaining one-third from known distribution wins and innovation. CFO Greg Gaba detailed that gross profit dollars would be split 44% in the first half and 56% in the second half, driven by investments in new supply chain roles impacting H1, with margins expected to ramp to an 18-19% run rate by Q4.

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Executive Brian Kocher emphasized that untracked channels like foodservice and club represent the vast majority of their market. He noted that while they are seeing a deceleration of softness in tracked channels, their growth is primarily driven by solving customer challenges and innovation in untracked areas. For foodservice specifically, Kocher highlighted that the brands they support are outperforming the category and are often featured in high-growth promotional items and limited-time offers. He also pointed to new product launches co-developed with customers as a key growth driver in that channel.

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CFO Girish Satya stated that gross margins in the upper 40s are sustainable, noting that tariffs represent a ~200 basis point headwind that the company will work to offset. CEO Amy Taylor confirmed the convenience strategy involves 12-ounce sleek cans within the DSD footprint (Northwest and Southwest), allowing for testing with regional and national banners, with branded coolers being a potential Phase II opportunity.

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The Salted Caramel LTO is believed to be driving both trial with new consumers and frequency with existing ones, supported by a revamped digital and influencer marketing strategy that has shown positive early results in test markets. The DSD network in the Pacific Northwest has successfully increased grocery velocity, outperforming other markets. The company is now expanding this DSD footprint into the Southwest, starting with Arizona, expecting similar positive outcomes for velocity and convenience channel penetration.

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CFO Lee Boyce conceded a need for better forecasting, highlighting investments in the commercial team to create top-to-top customer linkages and in digital capabilities for more real-time data. Regarding promotions, Boyce explained the lift was only 80% of expectations due to heightened competition in the club channel and poor in-store execution by retail partners in the mass channel, compounded by a general softening in the snacks category.

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CEO Wendy Davidson explained that the company learned its brands respond better to feature and display than deep discounts, and that a shift from broad awareness campaigns to conversion-driven, occasion-based marketing was necessary. She stated the issue was less about category softness and more about Hain-specific promotional effectiveness and availability. She highlighted confirmed distribution gains in convenience stores and with a major retail partner as drivers for future growth.

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Wendy Davidson, President and CEO, explained that Hain's confidence in its back-half snacking performance is based on controllable factors, not broad category trends. She cited a significant promotional timing shift from Q1 to Q3, incremental promotional activity in Q4, and the continued ramp-up of the Flavor Burst launch. Davidson noted that while some large competitors engaged in deep discounting, Hain's primary growth opportunity is expanding distribution for its high-awareness, low-penetration brands like Garden Veggie and Terra. She emphasized that their brands respond best to feature and display promotions rather than deep discounts and highlighted double-digit distribution growth in the C-store channel as a key initiative.

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CFO Lee Boyce highlighted the second-half recovery of infant formula, a promotional timing shift in Garden Veggie Snacks, and expanded distribution for Greek Gods as key drivers. CEO Wendy Davidson added that regaining full distribution for infant formula and realizing sales from 13,000 new C-store placements for snacks are potential 'overdrivers.' Davidson also explained that C-store presence acts as brand building, driving awareness and trial in other retail channels.

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CFO Michelle Hook outlined the factors supporting the guidance, including a ~3.5% price increase in Q2, a positive mix from growing kiosk adoption (nearing 30%), and traffic-driving initiatives like advertising and the Perks program. CEO Michael Osanloo explained that the breakfast test's success will be measured by internal metrics like comp lift, guest satisfaction, and, critically, the operational impact on the core lunch business.

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CEO Michael Osanloo explained that the guidance reflects a gradual improvement from the negative 3.7% traffic seen in Q4 2024, rather than an immediate turnaround. CFO Michelle Hook added that the guidance is conservative, acknowledging Q1 headwinds. Osanloo confirmed the Atlanta location will open in the back half of 2025 but noted that predicting volumes for a first-in-market restaurant is difficult.

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CEO Michael Osanloo detailed that the new prototype is 6,250 sq. ft., down from 7,800, with a smaller dining room to focus on growing off-premise channels, while retaining the 'food theater' kitchen. He firmly rejected the idea of a value menu or discounting, stating it would be 'false to who we are' and that the brand competes on everyday value, high quality, and abundant portions.

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President and CEO Darcy Davenport stated she does not believe 40g+ protein will become the standard. She emphasized that Premier's success is driven by its combination of approachable branding, great taste, and balanced nutritionals (high protein, low sugar/calories). She views category expansion into different protein levels as an exciting development for serving new occasions, but the 30g shake remains the core.

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President and CEO Darcy Davenport attributed Premier's success to its position in the high-growth 'Everyday Nutrition' and 'Sports Nutrition' segments, which have a more positive, proactive health message compared to the stagnant 'Adult Nutrition' and 'Weight Management' segments. While not providing a specific breakdown, she confirmed that growth is driven by both attracting new households and increasing buy rate and repeat rates among existing consumers, a rare combination that demonstrates strong brand loyalty.

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President and CEO Darcy Davenport projected low double-digit growth for the RTD category. She stated that approximately 75% of Premier's growth is expected from new distribution and products. Because Premier Protein is a primary driver of category growth, it anticipates capturing the majority of new shelf space, supported by constructive conversations with retailers about the category being underspaced.

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CEO Steven Oakland clarified that the decision to pass on certain business is driven by an internal strategy to streamline complexity and improve supply chain efficiency, rather than retailer price pressure. He used sandwich crème cookies as an example where exiting complex seasonal items freed up capacity for core products. He added that while a smaller competitor might pick up a specialty item, the focus is on aligning TreeHouse's strengths with customer needs on high-volume items, which strengthens the retail partnership.

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Chairman, CEO and President Steven Oakland attributed the strength in specific categories to strong execution and share gains, while viewing the overall Q4 slowdown as a macro consumer spending issue rather than a private label problem. For 2025, he stated the company is conservatively planning for flat volume, which allows flexibility for margin-enhancing actions, supported by the profitable volume from the Harris Tea acquisition.

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CEO Steve Oakland stated that increased branded promotions would likely be a net positive by driving traffic to the category, given that current price gaps are historically wide in penny terms. He also confirmed that TreeHouse is actively partnering with retailers like Walmart on their new private label brand launches, viewing it as a significant growth opportunity.

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CEO Chris Tomasso explained that the marketing efforts, though early, are showing positive results in traffic trends and are part of an iterative process. CFO Mel Hope detailed that commodity cost expectations are based on seasonal crop cycles and the anticipated rebuilding of cage-free egg-laying hen flocks, which should eventually increase supply and provide relief.

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CFO Mel Hope declined to separate the tariff impact, stating that management views inflation as a single, combined cost pool. He confirmed that the company's marketing plan is expected to drive both new guest visits and increased frequency from existing customers, contributing to the positive traffic outlook.

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CEO Chris Tomasso confirmed that Q3 marketing tests yielded encouraging results and are being considered for 2025 plans, though on-premise and off-premise channels are treated distinctly. Tomasso identified the return to positive in-restaurant dining traffic at the end of Q3 as the key "bellwether" for a broader consumer recovery.

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CEO John Fieldly identified significant opportunities for Alani Nu in channels like convenience, Amazon, and foodservice, where Celsius has a strong presence. He noted that cannibalization is minimal at around 15%. Regarding coolers, he confirmed it's a huge focus for the sales team. The company is evaluating co-branded coolers for smaller formats while prioritizing dedicated coolers where space allows, leveraging the strength of the combined portfolio.

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CEO John Fieldly expressed confidence that the core Celsius brand will continue its above-category growth trajectory, driven by a robust 2025 innovation pipeline. He positioned Alani Nu as being earlier in its growth cycle, similar to where Celsius was two years ago, with significant untapped distribution opportunities in channels like food service and convenience, making both brands incremental growth drivers. He added that Alani's other products fit into the company's broader 'better-for-you' platform strategy.

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CEO John Fieldly confirmed that various Q4 promotional activities are planned and that the company is focused on its key growth drivers. He noted that a rebound in consumer traffic, particularly in convenience stores, and improving macroeconomic trends are needed for category acceleration. Fieldly highlighted that the sugar-free segment, now over 50% of the category, presents a significant tailwind for Celsius's portfolio.

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Kirk Tanner, President and CEO, countered that igniting consumer passion points is a powerful value proposition in itself that drives traffic, referencing the successful SpongeBob event. He expressed confidence that these intentional collaborations create a strong connection with customers and generate brand enthusiasm that will not be drowned out by deep discounting from competitors.

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CEO Kirk Tanner attributed the Q4 momentum to a balanced performance across the menu, including large sandwiches, Saucy Nuggs innovation, and the Biggie Bag value platform. He expressed confidence that momentum would continue with upcoming launches like the salted caramel Frosty and the Mushroom Bacon Cheeseburger.

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CEO Michele Buck stated she does not anticipate a material impact from SNAP changes, as candy is only 2% of SNAP purchases and Hershey's buying patterns are similar for SNAP and non-SNAP households. She added that while retailers prioritize velocity, Hershey's ability to reformulate quickly could be an advantage.

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Executive Etienne Marcus provided the North Italia comp breakdown: negative 2% mix, 4.5-5% price, and negative 4% traffic, noting the impact of LA fires and weather. EVP and CFO Matt Clark reiterated that while sales are predictable, the overall environment feels less robust, and the cautious outlook combines this feeling with economists' forecasts for a slowdown, making it a prudent approach.

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EVP and CFO Matt Clark stated the FRC openings would be spread throughout the year, with an average size of 5,000-6,000 sq. ft. and an expected AUV of around $6 million. President David Gordon clarified that an average Cheesecake guest visits 4-5 times a year, while Flower Child's fast-casual model supports higher frequency. North Italia and other FRC concepts have frequency patterns similar to The Cheesecake Factory.

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EVP and CFO Matt Clark provided the Q3 same-store sales breakdown: 4.5% pricing, a negative 2.1% mix, and negative 0.8% traffic, noting that traffic improved throughout the quarter to become positive in September. President David Gordon attributed the traffic outperformance to excellent operational execution driven by high staff retention, record-high guest satisfaction scores, and an incremental lift from the Cheesecake Rewards program.

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CEO Martin Roper attributed the sustained multi-pack growth to consumer demand for convenience and value, a trend that has been building for two years, rather than short-term stockpiling. For the summer, Roper highlighted that the company's significantly improved inventory position is the most critical factor, as it will allow them to execute a normal promotional cadence, which will be especially beneficial in Q3 when they lap last year's major service issues.

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Executive Michael Kirban and CEO Martin Roper clarified that the 1-liter launch was an incremental distribution point and not related to minor changes in 500ml ACV. Roper stated the strategy for Powerlift is to focus on its online business while researching how to improve its on-shelf appeal. Kirban noted that Vita Coco Treats is attracting a mix of new and existing customers and is skewing younger than the core brand's average consumer, presenting a key opportunity to grow the franchise.

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CFO Corey Baker clarified that the significant increase in inventory on the balance sheet was primarily goods in transit on the ocean, a positive sign of future availability. He noted that year-end in-market inventory levels will depend on consumer demand. He also explained that major club promotions require 6-9 months of planning and cannot be easily rescheduled, but they hope to participate in similar promotional slots next year.

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CFO Jim Maloney explained that the Q2 guidance reflects the timing of promotions; a successful Q1 2025 promotion is not being repeated in Q2, unlike the prior year, causing a temporary distortion in the year-over-year comparison. He stated the ASCEND product line accounted for a mid-teens percentage of orders, in line with expectations. Regarding the marketing shift, Maloney noted the pullback from company-led efforts would not be dramatic for modeling purposes, as these efforts will continue for customer reactivation. Chief Field Operations Officer Nicholas Johnson added that the company has not yet segmented new coaches by personal GLP-1 usage.

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CFO Jim Maloney explained that the Q1 guidance reflects ongoing pressure on the number of active coaches, a metric that historically lags improvements in coach productivity. He highlighted that the year-over-year decline in coach productivity has moderated significantly, from -22.2% in Q1 2024 to -5.5% in Q4 2024, and expects this metric to turn positive in 2025, which would be a leading indicator for growth. CEO Dan Chard added that the company is in a transition period where newer coaches, who are more effective at engaging with GLP-1 users, are improving overall productivity. Regarding customer retention, Chard noted that it's still early, but many GLP-1 users leverage OPTAVIA to complete their weight loss journey after plateauing on medication, and the new ASCEND line is designed to support long-term maintenance, potentially increasing customer lifetime value.

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CFO Shaun Mara estimated that the net result in the club channel would be 'slightly positive' in terms of total space over time, as gains from Quest and OWYN offset Atkins' losses, though timing may vary. CEO Geoff Tanner described expanding physical availability as a major growth opportunity for Quest. He confirmed they are actively working to get products like chips into mainline snacking aisles, citing an expanded test at a large mass retailer and a new retail execution team focused on driving displays outside the nutritional aisle.

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CEO Geoff Tanner attributed the growth to both new users and increased buy rates, driven by new advertising and the launch of the incremental 'Atkins Strong' shake. He noted that while it's early, the brand historically sees consumers who enter via one product, like shakes, begin to shop across the entire portfolio over time.

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CEO Geoff Tanner stated there are no near- or medium-term capacity constraints for OWYN, noting that the Simply Good Foods network has helped expand it. CFO Shaun Mara added they are working to optimize the entire RTD network for future cost savings. Regarding capital allocation, Mara confirmed that strong cash flow is a hallmark of the company and they will continue to evaluate all options, including debt paydown, share repurchases, and M&A, to return cash to shareholders.

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CEO Emanuel Hilario projected a sequential improvement in same-store sales, moving from a guided -4% to -3% in Q1 to a full-year range of -3% to +1%. He highlighted positive Q4 traffic at STK and expressed confidence in traffic trends for both STK and Benihana in 2025 due to strategic initiatives. Regarding development, Hilario detailed that a Benihana in San Mateo and two STK locations are in the final pre-opening stages, with the balance of openings expected in late Q3 or early Q4. He stated that no immediate impacts from equipment availability are anticipated for 2025.

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CEO Mick Beekhuizen stated that the company expects the Snacks top line to stabilize by Q4, driven by company-controlled actions rather than relying solely on category improvement. For the Goldfish brand, which is underperforming, he outlined a multi-pronged strategy focusing on enhanced promotional support, effective marketing, strong innovation execution, and new price-pack architecture to improve value perception and create accessible entry points for consumers.

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CEO Mark Clouse stated that snacking promotions are not out of line with historical norms and that Campbell's is advantaged by its presence in growing sub-categories. Regarding Rao's, he attributed its broad appeal, including with millennials, to its 'incredibly differentiated' and superior quality product. The key lesson for other brands, he explained, is to frame the value proposition around occasions where quality is paramount, making a premium price justifiable to a wider range of consumers, provided the product has true points of difference.

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CEO Mark Clouse explained that Rao's success across demographics is driven by its strong value proposition compared to more expensive restaurant or food delivery options. He noted that for fiscal 2025, marketing spend will be balanced between communicating value and reinforcing brand equity through innovation and differentiation, particularly for brands facing new competition. This marks a shift from the more singular focus on value in the previous year.

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President and CEO Todd Penegor stated that while the category is value-focused, Papa John's initiatives in loyalty, CRM, and marketing mix are expected to drive sequential improvement and transaction growth, leading to market share gains. CFO Ravi Thanawala added that while transaction trends were down 5% in the first 8 weeks of the quarter, the company is seeing strong performance in carryout and aggregator channels and is focused on shortening the time between customer visits.

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President and CEO Todd Penegor suggested it is a combination of both. He sees an ongoing awareness opportunity as consumers learn pizza is available on 3P, which he believes will lead to higher frequency as they recognize pizza's value proposition. CFO and EVP, International Ravi Thanawala added that brand consideration improved during the quarter and the company holds a strong #2 position in key markets, providing a solid foundation for growth.

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CEO Howard Friedman attributed the concurrent growth in household penetration and repeat rates to high product quality and a diverse portfolio, which is effectively showcased in expansion markets. He expects penetration gains to continue in 2025. Regarding Boulder Canyon, Friedman explained its success is a 'velocity-led growth story,' meaning that in addition to gaining distribution, its rate of sale is accelerating rapidly due to strong consumer demand for its taste and better-for-you attributes like avocado oil.

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CEO Howard Friedman identified On The Border and Boulder Canyon as the two 'shining stars' driving household penetration gains, fueled by distribution growth. Regarding On The Border dips and salsas, he explained that the softness is due to cycling a significant distribution contraction at a key retailer and a failed innovation from the prior year. He affirmed that the underlying health of the dips and salsa business remains strong.

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CEO Howard Friedman explained that the growth drivers were different: Boulder Canyon's success comes from distribution gains and its premium attributes, while Utz's growth was driven by merchandising support for the bonus pack in expansion markets. He suggested the households likely have some overlap but that Boulder's consumer skews more affluent and health-conscious. He confirmed that significant white space remains for Boulder Canyon distribution, and gains should continue.

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Executive Ricardo Cardenas attributed LongHorn's success to long-term investments in food quality and execution, which resonates with guests more than price-point promotions. Executive Rajesh Vennam provided the sales breakdown: traffic was approximately 4.3-4.4%, and check was around 3%, driven by 2.8-2.9% pricing and a positive mix.

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President and CEO Rick Cardenas noted that over 60% of Olive Garden's to-go orders are placed digitally via the website or app, indicating strong digital engagement, but did not provide a specific app penetration percentage. CFO Raj Vennam provided the quarterly metrics: Olive Garden had pricing just under 2% and slightly positive mix, resulting in negative mid-5% traffic. LongHorn posted positive traffic of 0.7% with check growth of 3%, driven mostly by pricing.

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Co-Founder and President Scott Morris explained that the conversion is encouraged through advertising that shows full bowls, a focus on their high-value 'HIPPOH' customers, and the introduction of larger pack sizes and multipacks. While he noted that a 'very big chunk' of users start as toppers, he emphasized the strategy is to cultivate main-meal behavior over time in their core consumer base, which already represents 90% of sales.

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Executive Scott Morris explained that converting users is a key goal, driven by messaging in advertising and developing products like multipacks and large-dog formats. While not providing a specific percentage, he emphasized the focus is on cultivating 'HIPPOH' households, which represent 90% of sales and are more likely to be main meal users.

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CEO Michael Skipworth confirmed that growth is coming from both record new guest acquisition and a notable uptick in frequency. Executive Alex Kaleida added that frequency growth is occurring across all income cohorts and that both classic bone-in wings and the boneless business are growing, supported by improvements in brand health metrics like awareness and value perception.

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CEO Russell Weiner stated that based on the company's analysis, even during previous periods of macro headwinds, there has not been significant interaction or switching between Domino's customers and frozen pizza. He believes that when a delivery customer opts out, they are more likely to simply eat a meal made at home rather than specifically choosing a frozen pizza as a direct substitute.

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