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    Peter Saleh • BTIG

    Peter Saleh's questions to Texas Roadhouse Inc (TXRH) leadership

    Peter Saleh's questions to Texas Roadhouse Inc (TXRH) leadership • Q2 2025

    Question

    Peter Saleh of BTIG asked if a highly promotional retail environment was contributing to beef inflation and inquired whether tariffs or other factors were elevating restaurant construction costs.

    Answer

    Michael Bailen, Senior Director & Head of IR and Financial Analysis, noted that while retailers are marketing beef, they are not using it as a loss leader; rather, strong consumer demand is meeting tight supply. Interim CFO Keith Humpich added that they have not yet seen an impact from tariffs on construction costs due to existing inventory but are evaluating the future effect.

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    Peter Saleh's questions to Shake Shack Inc (SHAK) leadership

    Peter Saleh's questions to Shake Shack Inc (SHAK) leadership • Q3 2024

    Question

    Peter Saleh of BTIG asked about the drivers of the strong Q4 restaurant-level margin guidance of 22% and how to frame the margin outlook for 2025.

    Answer

    CFO Katie Fogertey attributed the strong Q4 margin guidance to top-line momentum combined with ongoing supply chain and operational efficiencies. She noted a slightly more muted inflationary environment compared to the prior year but cautioned that the timing of new store openings could cause noise. The company declined to provide 2025 guidance, citing puts and takes around inflation, particularly beef.

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