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    Jeff Bernstein

    Managing Director and Senior Equity Research Analyst at Barclays

    Jeff Bernstein is a Managing Director and Senior Equity Research Analyst at Barclays, specializing in coverage of the U.S. restaurant and foodservice distribution industries including quickservice, casual dining, specialty/fast casual restaurants, and major foodservice distributors. He covers 35 companies with a track record that includes a 55% success rate and an average return of 4% per rating since 2009, achieving high-profile recognition such as consistent rankings in Institutional Investor's All-America Research Team for over 15 years. Bernstein began his investment career at Lehman Brothers in 2000 and transitioned to Barclays in 2008, prior to which he spent four years at Ernst & Young and earned his CPA designation. He holds a B.S. in Accounting & Finance from the University of Albany and is a Certified Public Accountant.

    Jeff Bernstein's questions to Bloomin' Brands (BLMN) leadership

    Jeff Bernstein's questions to Bloomin' Brands (BLMN) leadership • Q2 2025

    Question

    Pradek, on behalf of Jeff Bernstein from Barclays, asked for a big-picture view of the Outback turnaround, seeking prioritization of the biggest near-term opportunities and an assessment of the current stage of the process.

    Answer

    CEO Mike Spanos stated that the company is in the "early innings" of the turnaround, emphasizing it will take time. He prioritized improving the core value equation for guests, which involves a focus on the service model, steak quality, and value components, all of which are undergoing testing.

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    Jeff Bernstein's questions to CAVA GROUP (CAVA) leadership

    Jeff Bernstein's questions to CAVA GROUP (CAVA) leadership • Q1 2025

    Question

    A representative for Jeff Bernstein of Barclays asked about the sustainability of CAVA's ~25% restaurant margin guidance, which is significantly above its 20% target from two years ago, and how the company prioritizes further expansion versus reinvestment.

    Answer

    CFO Tricia Tolivar attributed the margin strength to higher AUVs but emphasized a strategy of mindful reinvestment. She highlighted investments in team members through competitive compensation and in guests through disciplined pricing, noting CAVA's price increases have remained 8 points below CPI since late 2019, a strategy that helps fuel strong traffic.

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    Jeff Bernstein's questions to KURA SUSHI USA (KRUS) leadership

    Jeff Bernstein's questions to KURA SUSHI USA (KRUS) leadership • Q4 2024

    Question

    An analyst on behalf of Jeff Bernstein questioned why the new unit development outlook for fiscal 2025 is capped at 14 stores given the strong pipeline. He also asked about the expected level of commodity inflation for fiscal 2025 and the company's ability to pivot its menu, as well as the normalized rate of labor inflation going forward.

    Answer

    Executive Benjamin Porten explained that the 14-unit forecast is not due to permitting or construction issues but is a result of strategically pruning some LOIs to manage cannibalization headwinds. CFO Jeff Uttz stated that the budget assumes low single-digit commodity inflation and highlighted the company's ability to pivot its menu and leverage its dual broad-line distributors for supply chain redundancy. CEO Hajime Uba, via interpreter, added that while fiscal '24 labor inflation was mid-single digits, operational improvements should ensure the fiscal '25 labor line is superior to fiscal '24.

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