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    Michael Tamas • Oppenheimer & Co. Inc.

    Michael Tamas's questions to Denny's Corp (DENN) leadership

    Michael Tamas's questions to Denny's Corp (DENN) leadership • Q2 2025

    Question

    Michael Tamas of Oppenheimer & Co. Inc. asked about July's same-store sales trends, the company's confidence in achieving its annual guidance, and the reasons for sales improvement among the $50,000 to $70,000 income cohort.

    Answer

    EVP & CFO Robert Verostek acknowledged July's volatility but expressed confidence in reaching the low end of sales guidance, citing momentum from value messaging, remodels, and the upcoming loyalty program. CEO Kelli Valade attributed the improved performance in the core income cohort to the successful 'Buy One, Get One for a dollar' Slam promotion, which attracted new and lapsed customers who have subsequently returned.

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    Michael Tamas's questions to Denny's Corp (DENN) leadership • Q1 2025

    Question

    Michael Tamas asked about the new 'Buy One Get One for $1' LTO, questioning how this value strategy is shaping the outlook for the rest of the year and if similar deep discounting will be necessary to maintain momentum. He also inquired if the April sales improvement was company-specific or part of a broader industry trend.

    Answer

    CEO Kelli Valade explained that the BOGO offer is a 'promotional value' designed to complement their everyday value menu and break through a competitive environment. She confirmed the promotion was highly effective, driving traffic from new and lapsed customers and directly causing the April sales trend improvement, allowing Denny's to regain market share.

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    Michael Tamas's questions to Denny's Corp (DENN) leadership • Q4 2024

    Question

    Michael Tamas of Oppenheimer & Co. Inc. asked for an explanation of the sales trend shift in late January, the macro factors involved, and the drivers for the expected sales acceleration later in the year. He also inquired about performance relative to the industry in early 2025.

    Answer

    EVP and CFO Robert Verostek attributed the slowdown to macro uncertainty, including inflation and weather, but noted recent stabilization. CEO Kelli Valade added that while some markets like Texas and Arizona showed pullback, they are combating this with value messaging like the Everyday Value Slam. Both executives expressed confidence that initiatives like remodels and a new loyalty program will drive sales improvement. Regarding industry performance, Valade stated it was too early in the quarter to make a definitive comparison.

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    Michael Tamas's questions to Denny's Corp (DENN) leadership • Q2 2024

    Question

    Michael Tamas asked for details on the '$2 to $10' value menu test, specifically if it drove incremental traffic and to clarify the 'mid-teens mix' comment. He also questioned if Denny's was observing consumers trading down to eating at home.

    Answer

    CEO Kelli Valade confirmed that the '$2 to $10' menu test did drive an immediate traffic gain and was margin positive. She clarified the 'mid-teens' figure referred to the total mix for the entire value platform in test markets. Regarding consumer behavior, she acknowledged pressure from grocery inflation and a slight dip in beverage incidence, but stated that the company's barbell strategy and in-restaurant merchandising have been effective at offsetting potential trade-down.

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    Michael Tamas's questions to Shake Shack Inc (SHAK) leadership

    Michael Tamas's questions to Shake Shack Inc (SHAK) leadership • Q2 2025

    Question

    Michael Tamas questioned why the adjusted EBITDA guidance was raised while revenue and restaurant margin guidance were maintained. He also asked how new promotions and LTOs can be margin-accretive amid high commodity inflation.

    Answer

    CFO Katie Fogertey clarified that the company is tracking very strongly against its restaurant margin guidance of 'approximately 22.5%,' implying performance at the higher end of a range, which supports the EBITDA raise. CEO Rob Lynch added that premium-priced LTOs are mix-accretive, and that sales leverage combined with operational and supply chain productivity helps mitigate inflation and expand margins.

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    Michael Tamas's questions to Shake Shack Inc (SHAK) leadership • Q1 2025

    Question

    Michael Tamas of Oppenheimer & Co. asked for the rationale behind the confidence that Q1 will be the low point for same-store sales, given tougher upcoming comparisons, and the key drivers for the rest of the year.

    Answer

    CEO Robert Lynch stated that confidence is high because Q1's headwinds (weather, macro) are seen as temporary. He emphasized that the primary growth drivers moving forward are a robust culinary and LTO calendar across all menu categories and a commitment to maintaining low menu pricing (exiting Q1 at 2% YoY) by focusing on operational and supply chain productivity instead.

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    Michael Tamas's questions to Shake Shack Inc (SHAK) leadership • Q4 2024

    Question

    Michael Tamas asked for the key drivers behind Shake Shack's increased confidence in achieving its 22% restaurant margin target for 2025, especially given a choppy top-line environment.

    Answer

    CFO Katie Fogertey attributed the confidence to strong execution on operational initiatives. She explained that the 60 basis points of expected margin expansion is evenly split between better labor management, driven by a new scheduling system implemented in Q4, and supply chain efficiencies. These include onboarding new suppliers, optimizing freight, and reducing waste, which are helping to offset sales pressures from weather and wildfires.

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    Michael Tamas's questions to BJ's Restaurants Inc (BJRI) leadership

    Michael Tamas's questions to BJ's Restaurants Inc (BJRI) leadership • Q4 2024

    Question

    Michael Tamas of Oppenheimer & Co. asked for the G&A expense assumption within the 2025 EBITDA guidance and sought clarification on the comp sales outlook for Q2 and Q3.

    Answer

    CFO Thomas Houdek confirmed that G&A is expected to be down a modest amount year-over-year in 2025, after accounting for one-time costs in 2024. He also clarified that the comp sales expectation for Q2 and Q3 is at the higher end of the full-year 2-3% guide, which aligns with Q1's underlying run-rate of ~3% before the weather impact.

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