Question · Q3 2025
Sarah Centor asked if the observed weakness was extending to higher-income customers, particularly given North Italia's polished casual positioning. She also inquired about the nature of increased competition, whether from other chains or independents.
Answer
Matt Clark, EVP and CFO, suggested North Italia's midweek lunch pressure might indicate higher-income consumers trading down due to sentiment. He described the competitive environment as characterized by an all-time high in deals/discounts and expanded capacity from off-premise dining, noting that independents might be facing greater challenges.