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    Zachary Ogden

    Research Analyst at TD Cowen

    Zachary Ogden is an Associate at TD Cowen, specializing in equity research within the restaurants and foodservice industry and actively participating in earnings calls for companies such as First Watch Restaurant Group Inc. and Kura Sushi USA. Known for his analytical role in covering consumer and hospitality firms, Ogden has contributed targeted insights on operational performance and growth during quarterly reviews with senior executives. He began his career as a Global Markets Analyst at BMO Capital Markets before joining TD Securities (USA) LLC, where he now advances research for public restaurant operators and aligns with a team recognized for data-driven sector expertise. Ogden holds Series 7 and Series 63 licenses, underscoring his professional credentials in equity analysis and client communication.

    Zachary Ogden's questions to Sweetgreen (SG) leadership

    Zachary Ogden's questions to Sweetgreen (SG) leadership • Q1 2025

    Question

    Zachary Ogden, on behalf of Andrew Charles from TD Cowen, asked for the expected same-store sales cadence for the remainder of 2025 to achieve the full-year flat guidance and questioned if persistent tariffs would alter the strategy for retrofitting existing stores with Infinite Kitchens.

    Answer

    CFO Mitch Reback projected a challenging Q2 due to April's softness and loyalty program launch headwinds, but anticipated an acceleration in Q3 and Q4 driven by easier comps, the return of popular seasonal menus, and a tailwind from the now-established loyalty program. He stated that even with a $100,000 tariff-related cost increase, the ROI on an Infinite Kitchen remains "wildly accretive" due to significant labor savings, and therefore the deployment strategy would not change.

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    Zachary Ogden's questions to Shake Shack (SHAK) leadership

    Zachary Ogden's questions to Shake Shack (SHAK) leadership • Q1 2025

    Question

    Zachary Ogden of TD Cowen asked for a rank-ordering of the factors contributing to the 400 basis points of traffic headwinds in Q1, including weather, consumer pressures, and the long-running LTO.

    Answer

    CFO Katherine Fogertey clarified that a low single-digit headwind resulted from the combination of weather, wildfires, and the extended LTO. She added that an incremental pressure from broader industry shifts emerged in February and March, continuing into April.

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