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CEO Brett Schulman stated that competition is a constant, and they have not seen any unusual competitive pressures in New York or elsewhere. On marketing, he agreed that reaching scale opens up new levers like CCTV and outdoor advertising, which they have tested but have not yet been a meaningful part of their growth story.

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CEO Brett Schulman affirmed that CAVA has seen consistent performance and no market-specific weakness across all regions. He emphasized that the industry has long been about competing for market share, and CAVA's sustained positive traffic growth proves customers are actively choosing the brand. Schulman highlighted that no region has an average unit volume below $2.6 million, underscoring broad and resilient demand.

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CEO Brett Schulman highlighted that KDS improves second make-line productivity, order accuracy, and the guest experience through dynamic status updates. He firmly dismissed the idea of kiosks, stating a strong belief in preserving human interaction in restaurants and directing kiosk-like experiences to the mobile app.

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Executive Chairman Patrick Doyle stated that while RBI is 'very excited' about its work in this area, the company is intentionally not disclosing many details, believing it has a competitive advantage. He emphasized the focus is on using AI to improve in-restaurant operations, efficiency, and the customer experience, promising more information as initiatives are rolled out.

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CFO Sami Siddiqui clarified that RBI expects about 400 Burger King remodels in 2025, with an acceleration in 2026, aiming for 85% modern image by the end of 2028 through a combination of remodels, new builds, and closures. For the long-term $300 million CapEx run rate post-2028, Siddiqui explained that a significant portion will be for the Tim Hortons system, covering a steady pace of remodels and new unit real estate. The remainder will support the company-operated portfolio and corporate needs like IT.

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CFO Sami Siddiqui clarified that the higher CapEx is driven by accelerated Burger King remodels and Tim Hortons Canada development. He indicated this elevated spending level will persist for a couple of years before declining. He also stated that deleveraging remains a key capital allocation priority after investing in the business and paying the dividend.

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CEO Josh Kobza confirmed the strategy, stating new franchisees will be sourced from RBI's internal teams, Carrols' management ranks, and other operators. He and Executive Chairman Patrick Doyle stressed the goal is to create 'closer ownership' at the restaurant level, which they believe is key to outsized performance. Kobza also noted the success of a new profit-sharing program for managers in company-owned stores, which reinforces this strategy.

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CFO Josh Guenser stated that while they don't disclose the total marketing budget, they have been leaning into it more but are likely on the lower end of the industry range. CEO Christine Barone added that the high performance of earned media from merch drops and the efficiency of their Dutch Rewards program (with 72% of transactions) have negated the need for a significant increase in paid spend. The ability to communicate directly with a majority of customers via the rewards program is a key efficiency driver.

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CEO Christine Barone acknowledged they are always evaluating store design but emphasized the current prototype's inherent modularity. She explained that shops can be customized with dedicated production zones for different beverage types and layouts can be adjusted based on a market's specific product mix, making the box more adaptable than it appears.

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CEO Christine Barone explained that even in mature markets, brand awareness trails larger competitors, creating an opportunity for growth via targeted digital marketing. Regarding influencers, she stressed the importance of authenticity, stating their approach is to engage with existing 'super fans' in a unique 'Dutch Bros way' rather than pursuing standard paid partnerships.

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Chairman & CEO Chris Kempczinski attributed the weakness to the fact that real incomes for low-income consumers are down despite wage gains, coupled with high anxiety and negative sentiment. This leads them to skip meals or eat at home. EVP & CFO Ian Borden added that international markets face similar dynamics, particularly with families under pressure, but McDonald's often performs better there due to a less intense competitive landscape, allowing its value offerings to stand out more effectively.

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CEO Christopher Kempczinski defended local pricing as essential for competitiveness within specific trading areas. On the chicken strips, he noted strong customer demand and explained the product will launch under the McCrispy platform to leverage its brand halo. He also revealed that the introduction of strips will enable the return of snack wraps later in the year.

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CEO Christopher Kempczinski clarified that the company is in a peak investment phase and never expected material financial benefits in the early years, with efficiencies anticipated in 2026 and a steady state in 2027. CFO Ian Borden provided a qualitative example, stating the new people system reduced the time-to-hire for restaurant managers in Australia by 50%. Kempczinski added that G&A as a percentage of system-wide sales was held constant in 2024 despite these investments.

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CEO Christopher Kempczinski unequivocally stated that value strategy remains a local, market-level decision, not a global, top-down mandate. He clarified that the company shares global frameworks and best practices, but execution is tailored to local conditions. CFO Ian Borden added that while digital is growing, traditional 'front counter' value will remain critical for the foreseeable future as digital users are still a minority of customers.

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CEO Mike Spanos responded that Bloomin' Brands aims to pay at the market average and considers the current structure effective. He confirmed they are assessing the structure within the broader strategic plan and remain committed to a variable component that rewards sales and profit growth.

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CEO Mike Spanos identified consistency of execution and continuity of managing partners as the key differentiators for store performance, noting recent softness in Texas and Florida. He shared that employees are consistently asking for simplification and less complexity to make execution easier. This feedback on food quality, value, and service models is being directly incorporated into the company's strategic work.

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CEO Mike Spanos and CFO Michael Healy explained the focus is on 'abundant everyday value' like the Aussie 3-Course to meet guest needs, while managing for gross profit dollars, acknowledging this is embedded in guidance. Regarding remodels, Spanos indicated a shift toward 'lower spend, higher touch' projects to achieve better returns, with capital previously earmarked for new units being redirected to remodels starting in 2026.

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CEO Mike Spanos affirmed that reinvesting in the base business, including remodels and maintenance, is critical for sustainable growth and a key part of their capital allocation strategy. CFO Michael Healy added that operational execution works best when paired with reinvestment in the restaurants. Regarding pricing, Spanos emphasized a balanced approach to revenue management, using volume, price, and mix levers, while being mindful of the competitive landscape and guest value perception.

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CFO Chris Turner reaffirmed Yum's commitment to its asset-light model, maintaining 2% restaurant ownership. He noted that the overall store estate has grown faster than the company-owned portion. Strategic store acquisitions are made to enhance operational capabilities and unlock development, yielding strong returns. Turner stated that technology investments are also structured for high returns, with franchisees sharing in the costs, and that no dramatic change to the capital-efficient strategy is planned.

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CEO David Gibbs expressed excitement about the partnership, which was over a year in the making. He stated that while many details are proprietary, the collaboration focuses on voice AI, computer vision, and analytics, with 40 distinct AI initiatives currently staffed at Yum!. He positioned Yum! as the perfect partner for NVIDIA in the restaurant space due to its extensive, internally-built tech capabilities, suggesting the $1 billion investment is now beginning to be fully leveraged.

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CEO David Gibbs expressed strong confidence in Yum's ability to compete for talent, stating it is a 'competitive advantage.' He cited the company's renowned culture, talent development programs, and significant growth opportunities as key attractors. Gibbs noted that the technology team is highly motivated and that the company is successfully attracting top talent without experiencing high turnover.

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CEO David Gibbs reiterated that the company's 'north star' for technology is to provide franchisees with the best tools at the lowest possible cost. He explained that the primary financial benefit to Yum! comes from improved franchisee profitability, which in turn drives top-line growth and new unit development. While the company will recover its investments, the strategy is not to generate significant profit from technology fees but rather to use technology as a lever for system-wide growth.

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Chairman & CEO Brian Niccol emphasized that a core principle is that innovation cannot negatively impact service speed. He detailed the new 'starting five' approach, where innovations are co-developed with baristas to ensure operational feasibility. This process, combined with prior menu simplification, creates the capacity to roll out new items that are both unique and executable at scale.

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CEO Brian Niccol emphasized that a core principle for all new innovation is that it cannot negatively impact service speed goals. He highlighted the 'starting five' approach, where innovations are co-developed with baristas in stores from the beginning. This ensures operational feasibility and avoids the old method of developing concepts in a support center and 'throwing it over the wall.' He also noted that recent menu simplification created the necessary capacity for this new, executable innovation.

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Brian Niccol, Chairman and Chief Executive Officer, clarified that the Siren system is not being abandoned but will be deployed in a highly targeted manner only in stores where volume justifies it, rather than a broad rollout. He confirmed they are exploring a split menu, citing an 'aperitivo' afternoon menu as an example of how they can use different offerings to drive traffic in other dayparts, enabled by digital menu boards.

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CEO Brian Niccol confirmed that the planned rollout of digital menu boards will provide the flexibility to merchandise different offerings by daypart. He also mentioned a planned 30% menu reduction to free up space for targeted innovation. Regarding warming cabinets, he clarified that their use is contingent on store transaction volume thresholds, not just speed, as the trade-off versus cooking to order isn't always beneficial.

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CEO Brian Niccol affirmed that food is a 'key piece of the puzzle' and that the strategy is to improve quality by focusing on 'fewer, better food executions.' He emphasized a commitment to matching the quality and craftsmanship of the food offerings to that of the beverages, with changes expected to roll out in the coming months.

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CEO Kevin Hourican acknowledged that size and scale are crucial in the industry. He highlighted AI's role in improving back-office efficiency and turbocharging the sales force's effectiveness, rather than replacing them. He confirmed Sysco will continue to evaluate M&A opportunities, including tuck-ins and specialty acquisitions, to capitalize on its scale advantages, but did not comment on specific rumors.

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CEO Kevin Hourican attributed the Q2 local performance to quarter-specific disruptions like a hurricane and holiday timing, stating there are no systemic or regional themes of underperformance. He emphasized that the disruption from the new sales compensation plan is now over, with sales reps benefiting, which is expected to drive momentum. CFO Kenny Cheung added that they see a strong correlation between incremental headcount additions and volume growth in specific markets.

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CEO Kevin Hourican explained the change was an intentional move to a pay-for-performance culture, which top performers have embraced. He confirmed that the increased turnover in July was anticipated and primarily involved underperformers, with retention now stabilized. CFO Kenny Cheung added that Sysco remains committed to growing its sales headcount but will be disciplined in its pacing to ensure a positive return on investment, noting a high correlation between headcount additions and volume growth.

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CEO Scott Boatwright responded that performance has been surprisingly consistent across all regions, with no single area lagging. He noted the Northeast remains a strong performer. CFO Adam Rymer added that urban restaurants have actually slightly outperformed suburban locations, with some minor softness observed in vacation-heavy areas around holidays.

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CEO Scott Boatwright attributed Chipotle's improved retention to its own best-in-class wages, benefits, and culture, noting the company is at all-time highs for staffing. He stated he has not seen a 'canary in the coal mine' signaling a market shift and believes Chipotle continues to take share due to its strong value proposition, which consumers see as a benefit over just a low price point.

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Interim CEO Scott Boatwright clarified that the Brassica investment was a passive, minority stake from the Chipotle Next Fund and not a distraction from the core business, though it could be a future growth platform. Regarding central kitchens, he explained that while they have explored the idea, it presents significant complexity, food safety risks, and has been cost-prohibitive, making the current in-restaurant prep model the best approach for now.

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President & CEO Rick Cardenas stated that Darden is in a strong real estate position with a robust pipeline of sites, and is better positioned now than a year ago. He believes the industry's unit growth slowdown is primarily affecting smaller independent operators and chains, whereas large, well-capitalized companies like Darden continue to have excellent access to capital and development opportunities.

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President and CEO Ricardo Cardenas stated that while they can use digital marketing to re-engage guests, they prefer to avoid a return to broad discounting but may test targeted offers. Regarding Olive Garden's margins, he noted they are strong due to operational efficiencies that haven't impacted guests. He does not foresee margins reaching 25%, indicating a preference for reinvesting to enhance affordability and drive sales over maximizing margin rates.

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President and CEO Rick Cardenas stated that while some geographic softness exists (e.g., Florida and Texas in the quarter), the single biggest determinant of a restaurant's success is the quality and commitment of its local management team to executing operational standards. He cited offering refills at Olive Garden and cooking steaks correctly at LongHorn as examples. The primary tool for improvement is the direct involvement of Directors of Operations, who work with underperforming managers to elevate their execution.

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Executive Michael Bailen explained that the lower AUV for this specific cohort is not a concern and is primarily a function of its geographic mix compared to the prior year's group, which had more high-volume California locations. He affirmed that the company is comfortable with the returns and that the newest stores are performing very strongly.

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EVP and CFO Matt Clark acknowledged the constant balance between margin and guest value, stating the company is always focused on having attractive price points across the menu. President David Gordon explained that the menu's evolution, including more Mediterranean and vegetable-forward items, is driven by following broad consumer trends to appeal to every guest and cuisine preference, rather than being directly informed by Flower Child.

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CFO Dirk Locascio stated that while there are numerous tuck-in opportunities, the company's primary engine is organic growth, making acquisitions a complementary part of the strategy. He noted that they have learned from acquired companies, citing learnings about local customer relationships, density, and specific capabilities in areas like logistics and produce that have been leveraged across the broader US Foods network.

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CEO David Flitman reaffirmed his confidence in achieving the 5-8% case growth target outlined in the 2025-2027 long-range plan, even if underlying market growth is slightly softer in the 1-2% range. He cited the company's strong execution, sales force momentum, and a stabilizing macro environment as key factors supporting this conviction.

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CEO Kevin Hochman stated that while past atmosphere work focused on repairs, a new reimage prototype is being developed for rollout next fiscal year, targeting roughly 100 buildings annually, starting with 200 high-priority older assets. CFO Mika Ware added that while the scope and cost are still being finalized, the company will not be "scared" to add this to the capital plan, as investing in the business is a core strategy. They are even testing their first scrape-and-rebuild project.

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CEO Kevin Hochman cited inspiration from a best-in-class casual dining competitor focused on fundamentals (food, service, atmosphere) combined with modern marketing tactics. He confirmed the fajitas relaunch is still planned for Q4 as a menu and feature-card focus, but the primary advertising will remain on the successful value message. He also mentioned innovation is expanding to appetizers, ribs, and the Triple Dipper.

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CEO Kirk Tanner affirmed that improving restaurant-level margin is a key focus. He outlined three primary levers: enhancing labor efficiency with technology like drive-thru AI, managing food costs, and driving sales in mix-accretive categories like beverages, supported by the new Coca-Cola agreement.

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CEO Josh Kobza defended the current balanced strategy, highlighting the effectiveness of platforms like '$5 Duos' which avoid deep discounting. Executive Chairman Patrick Doyle added that the company is pulling multiple levers for growth—including remodels, service, and marketing—and is not solely reliant on price-based value promotions.

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CEO Josh Kobza affirmed satisfaction with the current balanced approach, which avoids deep discounting while using effective offers like '$5 Duos.' Executive Chairman J. Patrick Doyle added that RBI is pulling multiple levers for growth, including remodels, product innovation, and service, not just relying on price-based value.

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