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    Jim Sanderson • Northcoast Research

    Jim Sanderson's questions to Texas Roadhouse Inc (TXRH) leadership

    Jim Sanderson's questions to Texas Roadhouse Inc (TXRH) leadership • Q2 2025

    Question

    Jim Sanderson of Northcoast Research asked how the corporate store margin is expected to evolve with the increased development of Bubba's 33. He also inquired about the anticipated mix of company-owned versus franchised units as Bubba's grows towards its 200-unit goal.

    Answer

    Michael Bailen, Senior Director & Head of IR, stated that Bubba's 33 development is planned to be entirely company-owned. He added that over time, Bubba's is expected to deliver margins similar to Texas Roadhouse, as the brand is proving it can achieve very strong performance.

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    Jim Sanderson's questions to Papa John's International Inc (PZZA) leadership

    Jim Sanderson's questions to Papa John's International Inc (PZZA) leadership • Q2 2025

    Question

    Jim Sanderson of Northcoast Research asked for an update on performance trends in the UK, specifically its comp performance relative to the international average, and the outlook for new unit development there.

    Answer

    EVP & CFO Ravi Thanawala reported that the UK has seen a multi-year transformation, with comps accelerating meaningfully in July to outperform the international business. He noted significant improvements in customer satisfaction and delivery times. While there is meaningful comp upside to capture first, the company will turn the development engine back on in the UK "in due course."

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    Jim Sanderson's questions to Jack in the Box Inc (JACK) leadership

    Jim Sanderson's questions to Jack in the Box Inc (JACK) leadership • Q3 2025

    Question

    Jim Sanderson of Northcoast Research asked for an update on the performance of new markets like Salt Lake City and Louisville, comparing them to the recent Chicago openings. He also inquired about the traffic share from low-income and Hispanic consumers.

    Answer

    CEO Lance Tucker stated that Salt Lake City and Louisville continue to perform very strongly and that the new Chicago restaurants opened with even higher volumes. Regarding consumer mix, he noted that Jack in the Box 'significantly over-indexes' on Hispanic consumers at about 1.7 to 2.0 times the industry average, while its low-income consumer base is more in line with industry peers.

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    Jim Sanderson's questions to Shake Shack Inc (SHAK) leadership

    Jim Sanderson's questions to Shake Shack Inc (SHAK) leadership • Q2 2025

    Question

    Jim Sanderson sought clarification on the traffic outlook, asking if achieving a flat full-year result implies positive traffic in Q3 and Q4. He also asked if recent marketing was the primary driver of the July traffic improvement.

    Answer

    CFO Katie Fogertey confirmed traffic trends have improved monthly and were positive in July, but did not provide a specific quarterly forecast. Both she and CEO Rob Lynch clarified that the 3.2% comp in July was driven primarily by the culinary launch itself, as the significant media spend began at the very end of the reporting period.

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    Jim Sanderson's questions to Cheesecake Factory Inc (CAKE) leadership

    Jim Sanderson's questions to Cheesecake Factory Inc (CAKE) leadership • Q2 2025

    Question

    Jim Sanderson inquired about the ultimate store capacity for the Flower Child concept given its rapid AUV growth. He also asked if there were any noticeable traffic trend changes in Q2 or July related to weather events like heat waves.

    Answer

    Matthew Clark, Executive VP & CFO, stated that they don't know Flower Child's ultimate capacity, as the team continues to improve throughput, with some locations already reaching $6.5 to $7 million in sales. He noted there is a long runway for AUV growth. Regarding traffic, he said trends have been very steady and predictable across the company, with no significant widespread impact from weather.

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    Jim Sanderson's questions to Kura Sushi USA Inc (KRUS) leadership

    Jim Sanderson's questions to Kura Sushi USA Inc (KRUS) leadership • Q3 2025

    Question

    Jim Sanderson asked about the expected progression of the sales mix component of same-store sales, whether the new reservation system has increased loyalty memberships, and for an update on technology initiatives like the robotic dishwasher.

    Answer

    SVP Benjamin Porten expressed excitement about improving the sales mix in fiscal 2026, driven by initiatives like 'light rice' and higher-threshold IP giveaways. He noted that loyalty membership growth rates are currently stable as the reservation system has not yet been marketed to non-members. For technology, he highlighted the dish robot as a major FY26 opportunity that could reduce headcount, and mentioned ongoing improvements to the reservation system to enhance front-of-house efficiency.

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    Jim Sanderson's questions to Kura Sushi USA Inc (KRUS) leadership • Q4 2024

    Question

    Jim Sanderson asked for more detail on the expected drivers of G&A leverage going forward. He also requested clarification on the components of the quarterly comp, noting that the price and traffic figures implied a negative mix, and asked for an update on DoorDash's contribution to sales.

    Answer

    CFO Jeff Uttz identified support center salaries as the biggest driver of G&A leverage, emphasizing efficiency gains from technology over headcount growth. CEO Hajime Uba, via interpreter, added that regional density from infill growth creates synergies, allowing area managers to handle more stores and reducing travel for facilities teams. Mr. Uttz explained that while the mix was slightly negative, it was a significant improvement from high single-digit negative mix in prior years and they were happy with the result. Benjamin Porten stated that off-premise sales were 3.2% of total sales, up from 2% before the DoorDash launch.

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    Jim Sanderson's questions to Darden Restaurants Inc (DRI) leadership

    Jim Sanderson's questions to Darden Restaurants Inc (DRI) leadership • Q4 2025

    Question

    Jim Sanderson of Northcoast Research asked about the implied restaurant closure rate in the fiscal 2026 guidance and if Darden is considering streamlining smaller brands. He also questioned if the incrementality of Uber Direct was consistent during the May promotion.

    Answer

    CFO Raj Vennam clarified that after a year of higher-than-normal closures as part of a portfolio review, no significant number of closings are assumed for fiscal 2026. President & CEO Rick Cardenas explained that the incrementality of Uber Direct remains fairly consistent, as free delivery offers can also attract existing pickup guests, which increases total delivery sales without necessarily spiking the new-customer percentage.

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    Jim Sanderson's questions to Signet Jewelers Ltd (SIG) leadership

    Jim Sanderson's questions to Signet Jewelers Ltd (SIG) leadership • Q1 2026

    Question

    Jim Sanderson of Northcoast Research asked about the company's ability to achieve the high end of guidance if tariffs from India increase, whether bridal unit growth was in line with the industry, and the specific share of bridal sales from lab-grown diamonds.

    Answer

    CEO J.K. Symancyk expressed confidence in managing potential tariff impacts, stating that lab-grown diamonds are less of a pressure point due to greater control over design, fabrication, and input costs, allowing the company to engineer products to specific price points. CFO Joan Hilson noted that based on external indicators, Signet is gaining traction and market share in bridal. She specified that lab-grown diamonds now represent a 'mid-thirty' percent share of bridal sales, an increase from last year driven by improved assortment architecture.

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