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    Pratik Patel • Barclays

    Pratik Patel's questions to Dine Brands Global Inc (DIN) leadership

    Pratik Patel's questions to Dine Brands Global Inc (DIN) leadership • Q2 2025

    Question

    Pratik Patel of Barclays inquired about Applebee's strong Q2 performance, asking how the brand sustains operations with frequent menu changes on its 'two for $25' platform, what the optimal value mix is, and what learnings have been gathered on guest feedback and return intent.

    Answer

    John Peyton, CEO of Dine Brands Global, responded that the 'two for $25' platform is the core marketing strategy, with new entrees introduced quarterly after thorough testing to manage complexity. He noted the value mix was approximately 30% in Q2, slightly down from recent highs but still above historical levels. Peyton emphasized that the positive traffic growth itself is the strongest indicator of positive guest feedback and satisfaction with the new menu items.

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    Pratik Patel's questions to Dine Brands Global Inc (DIN) leadership • Q4 2024

    Question

    Pratik Patel of Barclays inquired about franchisee confidence in the company's turnaround plans and their willingness to invest, and also asked about the most significant opportunities to improve the guest experience beyond physical remodels.

    Answer

    CEO John Peyton affirmed strong franchisee alignment and investment commitment, highlighting the oversubscription of the Applebee's reimage incentive program and high demand for the new dual-brand concept. He stressed that improving the guest experience requires broad execution across marketing, service, food quality, and restaurant atmosphere, confirming that comprehensive plans are in place for 2025.

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    Pratik Patel's questions to First Watch Restaurant Group Inc (FWRG) leadership

    Pratik Patel's questions to First Watch Restaurant Group Inc (FWRG) leadership • Q2 2025

    Question

    Pratik Patel from Barclays Investment Bank, on behalf of Jeff Bernstein, asked about the confidence behind raising the EBITDA outlook amid market volatility and consumer jitters. He also inquired about the pricing strategy, specifically the 2.8% increase in July, and its expected flow-through to margins.

    Answer

    President & CEO Chris Tomasso attributed the confidence primarily to significant relief in egg costs, which was a major driver of inflation earlier in the year. He also noted that the company has not seen any deceleration in same-restaurant traffic trends, reinforcing their positive outlook. CFO Mel Hope added that the company's pricing strategy remains consistent, aiming to offset permanent inflation, and the recent increase aligns with their long-term 3% to 3.5% target.

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    Pratik Patel's questions to Brinker International Inc (EAT) leadership

    Pratik Patel's questions to Brinker International Inc (EAT) leadership • Q3 2025

    Question

    Speaking on behalf of Jeffrey Bernstein, Pratik Patel asked about the menu innovation pipeline and what new or upgraded platforms the company is excited about beyond the current simplification efforts.

    Answer

    President and CEO Kevin Hochman detailed a robust pipeline, starting with a Q1 launch of significantly upgraded ribs and a new Smokehouse platform, alongside a new, single queso recipe and revamped 'trash can style' nachos. He added that the back half of the fiscal year will focus on upgrading the steak and salad programs, expressing bullishness on future innovation.

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    Pratik Patel's questions to Shake Shack Inc (SHAK) leadership

    Pratik Patel's questions to Shake Shack Inc (SHAK) leadership • Q1 2025

    Question

    Pratik Patel of Barclays asked about early learnings from value combos in the drive-thru and how consumer behavior is shifting amid heavy QSR value promotions.

    Answer

    CEO Robert Lynch emphasized that Shake Shack competes on 'value for the money,' not absolute low price. While core item prices are protected, premium innovation like the $8.49 Dubai shake proves guests will pay for quality. He noted combos are primarily for operational ease, not deep discounting, but provide a 'value halo.' The company is also leveraging its new guest recognition platform for targeted incentives rather than broad discounts.

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    Pratik Patel's questions to BJ's Restaurants Inc (BJRI) leadership

    Pratik Patel's questions to BJ's Restaurants Inc (BJRI) leadership • Q4 2024

    Question

    Pratik Patel of Barclays inquired about the new criteria for restaurant site selection, the future unit growth pipeline, and asked the Interim CEO for his high-level observations.

    Answer

    President Lyle Tick explained that the refined criteria prioritize markets with existing brand awareness and human capital, focusing on infilling existing markets before expanding to new ones. Interim CEO Carl Richmond shared that he was surprised by how healthy the brand and business model are, seeing significant potential to leverage the large-format restaurants and move the company from 'good to great.'

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