Brian Bittner

Jordan blamed macro and heavy value activity, and pointed to targeted promotions through the new website to lift items per order.

Weiner confirmed pressures persist and will continue all year, then separated that from his structural scale argument about relative competitive position.

Sandeep confirmed category still grew in Q1 and Domino's grew faster (took share). Weather early in quarter plus March macro/competitive pressure created noise. Competitive activity had short-term impact but management views it as unsustainable for competitors given profitability constraints.

Russell listed 2026 drivers: 2+ product innovations, continued operational efficiencies, Best Deal Ever relaunched, loyalty/aggregator/carryout/stuffed crust compounding, new website, brand refresh. Sandeep noted pizza category consistently grows 1-2% and one national competitor announced mid-single-digit negative SSS and up to 250 closures.

Russell noted franchisees extended BDE voluntarily because it drives profitable business. BDE is one of many tools in the arsenal (BoostWeeks, emergency pizza, carryout tips). Combines value with deliciousness, consumers report food tastes better when they build their dream pizza.

Russell argued fair share on platforms hasn't been reached on either DoorDash or Uber; category share gains make the target a moving goalpost. Sandeep noted 5.1% retail sales growth vs flat category proves the model.

Russell quantified DoorDash as 2x Uber for pizza orders, confirmed meaningful H2 contribution expected. Will no longer report individual platform mix going forward.

Russell cited renewed value, aggregators, and carryout diversification internationally but declined to raise the guide after one good quarter. Sandeep added environment remains volatile.

Raj attributed the improvement to both easing external factors (World Cup, lettuce) and Darden's own NEPB actions. Direct answer.

Raj explained both key FY2025-Q4 growth drivers (BOTO and delivery) remain in place. BOTO extended by an additional week with additional media support.

Raj confirmed Q4 pricing catching inflation (both mid-3s), driving meaningful margin growth in implied Q4 guide. Years of underpricing provides flexibility for FY2027.

Rick confirmed short-term check mix impact of 20-30bp but offset by delivery strength. Long-term higher frequency observed. Rollout accelerated due to strong results.

Raj clarified comparable restaurants actually show labor leverage. Total Darden level impacted by brand mix with Chuy's acquisition, which is idiosyncratic, not systematic.

Rick shared pilot restaurants at 2.5% of sales, new restaurants following same growth curve, with eClub marketing accelerating non-pilot restaurant uptake.

Raj explained Q4 inflation step-up to ~3% vs pricing below 3% creates the different margin dynamic vs earlier quarters.

Turner traced the mix from 1% in 2018 to 47% and attributed it to first-party loyalty and Byte, though he did not break out digital's contribution to comps.

CFO framed 250 closures as focused early 2026 action within Hut Forward program. Did not directly address whether more closures could follow. CEO used closing remarks to pivot to Taco Bell and KFC momentum, reinforcing confidence in 2026.

CEO acknowledged Pizza Hut's strengths (brand equity, franchise partners, scale) but said some markets may need multiyear repositioning that could be better done under different structure, potentially outside ownership.

CFO confirmed 25,000 restaurants with at least one Byte component but Taco Bell US is most complete. Overwhelming demand from international franchisees post-Sydney convention; challenge is deployment speed, not demand.

CEO provided comprehensive update: KFC International SSS up 5% ex-China, growth across all 10 measured markets, Ramadan timing headwind in Q1. Cited strong results in Canada, Korea, Africa, UK, France.

Management confirmed Turkey impact is minimal, pointed to twin growth engines and KFC International recovery as primary 2025 drivers, expressed confidence in 8% COP target.

Scott quantified hundreds of basis points comp improvement at HEAP restaurants. Already accelerated to 2,000 by year-end target. Path to complete full fleet rollout sometime in 2027.

Adam confirmed full-year guide includes only modest initiative impact due to consumer unpredictability. Comps expected to improve throughout year as initiatives drive transactions and compares ease.

Adam noted NRO comp drag will decrease as growth rate levels off toward 7,000 restaurants. Even 15-20 year old restaurants comp well when driving transactions. Scott added cannibalized restaurants recover in 12-13 months.

Adam described rolling pricing over 4-12 months instead of all at once. Mid-single-digit inflation driven by COGS, much higher than historical ~2%. Scott added they're also pursuing supplier negotiations to offset inflation.

Scott outlined three priorities: guest obsession, back-of-house modernization, and growth (organic, international, people). Took personal ownership of equipment innovation as a shift from his COO days.

Chris cited rents, food, childcare and SNAP pressures on low-income; said absent real income relief, the cohort remains pressured through 2026.