Danilo Gargiulo

Raj cited 90-plus percent pricing flow-through and large cumulative underpricing versus CPI/peers as evidence of no resistance yet. Direct.

Raj said macro determines the high vs low end; portfolio levers and pricing near 3% inflation support the range.

Rick attributed retention to great employment proposition and growth opportunities. Almost all brands at record turnover. Low turnover directly helps labor costs through less hiring/training spend.

Raj noted 1,200bp cumulative underpricing vs full-service CPI. Rick added record high guest satisfaction, value, and affordability scores provide buffer. Marketing spending increasing ~10bp. Speed of service improvements continuing.

Rick noted alcohol is the biggest mix change, with some appetizer/dessert decline possibly from GLP-1 and lifestyle changes. Seasons 52 is well-positioned for health-conscious diners.

Rick acknowledged higher income outperformance recently but during COVID lower income was strong. Portfolio breadth allows serving all consumer needs across income levels.

Rick emphasized restaurant-level performance is driven by manager quality and team consistency. Better turnover leads to better performance.

Rick acknowledged mixed progress on speed. Refocused at GM conference this year. All income groups positive in casual dining, suggesting possible share gains from other categories.

Rick declined specific unit targets but expressed confidence in growth. India deal covers one part; success leads to additional brands in same markets.

Rick confirmed no material immigration impact. Great employment proposition helps fill jobs quickly. Brands at record retention levels.

Rick described speed of service as a long-term change management initiative involving 200,000 team members, with early improvements noted.

Rick outlined criteria: food travel quality, existing to-go execution, and meaningful to-go sales percentage.

Rick highlighted brand initiatives and improving consumer confidence as positives, expressed confidence in handling external challenges.

Rick deferred specifics but emphasized Darden's strategy of using scale to price below competitors, with ~20% cumulative pricing over 5 years vs much higher for peers.

Scott framed remodel/refresh tests at $100,000 to $300,000 per restaurant with no return data yet, and said growth outside Western Europe will be partner-operated.

Scott praised Fernando's brand-building credentials and noted his genuine passion for Chipotle's food and brand, calling his vision for the next chapter groundbreaking.

Adam provided specific April color citing Easter shift, cilantro-lime sauce outperformance, and rewards relaunch as drivers of the step-up.

Scott confirmed no trade-down observed from protein menu, consumers primarily using as add-on. Will test happier hour concept to explore snacking occasion. Stage-gating new ideas with appropriate resources.

Scott confirmed comprehensive supply chain review underway identifying savings that don't affect ingredient quality. HEAP equipment package has margin savings currently being reinvested but could be captured over time.

Scott outlined three-pronged Recipe for Growth strategy: operations (problem detection, bonus redesign under Jason Kidd), digital (reimagining loyalty program), marketing (new value communication and accelerated culinary innovation for 2026).

Adam confirmed ~100bps comp drag from NRO growth consistent with history. New restaurants comp better than existing base. Scott added cannibalized restaurants recover in 12-13 months, believes current pace is the sweet spot.

Scott identified low-frequency users as most at risk. Summer of Extras successfully increased their transaction frequency. Exploring evergreen version of the program.

Scott acknowledged temporary April-May share loss from low-income pullback but confirmed return to share gains in June-July. No emerging competitor causing strategic concern.

Scott acknowledged conversion complexity, lease term, lot space, traffic flow, permitting, but confirmed willingness to invest where viable given proven returns.

Scott confirmed margins improved enough to restart European pipeline development but did not disclose specific margin figures. Mentioned confidence in hundreds of Western Europe restaurants.

Reddy credited procurement productivity and route optimization, and said 2027 focus is gross profit dollars shared 50/50 with franchisees.

Weiner conceded the miss and attributed it to messaging, but did not explain why the pre-launch testing failed to predict it or what changed in the process.

Sandeep noted leverage reduced from 5.4x (Investor Day) to 4.3x. Decision tree unchanged: if rates stay flat, refinance and naturally delever; if rates rise, partial paydown. 10-year rates roughly same range. $1B new buyback authorization reflects confidence. Dividend up 15% this year (~20% annual avg over decade). Russell framed buyback as confidence in long-term Domino's value.

Sandeep acknowledged outsized insurance costs impacted 260 corporate stores materially. But franchisee margins (much larger portfolio) held and grew ~3% in line with SSS. Found productivities to offset. Russell noted average franchisee enterprise profit approaching $1.5M (9 stores × $166K).

Russell confirmed high expectations met on mix, new customers, franchisee profitability, and operational execution. Shared fun stat about cheese wrapping around the earth but declined to confirm 15%. On personal pizza, noted individual options exist on mix-and-match but larger opportunities get more investment.

Russell highlighted India as best example (volcano pizza, 20-min delivery, removed delivery fee, best-in-class franchisee). Sandeep added Canada (stuffed crust), Mexico (value), and Alsea performing well.

Sandeep confirmed geopolitical risk is embedded in the 1-2% international SSS guide but framed it as potential rather than observed impact currently.

Sandeep detailed three buckets (consumer tech, store tech, capacity) and confirmed ability to retime capacity investments based on volume trajectory, with confidence to pivot in 2025.

Gargiulo asked if CAVA is adding food-safety scrutiny and its margin impact; Schulman cited the standing Food Safety Advisory Council and Tolivar saw no outsized investment needed.

Tricia clarified Q2 SRS is in line with Q1 and above the revised full-year guide; Brett cited menu innovation, value and marketing as swing factors.

Partial: gave rollout scope (~100 locations, all new units) and improved aesthetic scores, but explicitly did not disclose the quantifiable financial impact.

Reframed the question as aspiration to elite hospitality rather than a shortfall; Tricia said margins expand with SRS but flagged deliberate reinvestment in the business.

CFO noted the steak trial period has passed and pointed to the culinary pipeline (chicken shawarma, cinnamon sugar pita chips) as comp drivers, without quantifying the degree of derisking.

Brett declined specific throughput figures but cited richer order management and accuracy; Tricia tied AUV-decile spread to restaurant maturation. Partial on the quantitative ask.

CFO framed the 6-8% comp via a high-30s three-year stack, front-loaded in Q1 and traffic-led with only 1.7% price.

Described licensed-store comps as good and led by travel, and cited the Grow report rollout to licensees, but gave no licensed-versus-company comp gap.

Brian reported protein platform showing strong trial and repeat rates, is highly incremental, and is a traffic driver bringing new customers. Cathy added cold foam protein has been surprisingly popular, allowing customers to add 15 grams of protein to nearly any drink.

Brian cited strong customer feedback on value and customization of protein cold foam and lattes. Protein available in over 90% of drinks; value scores continue to increase; platform attracting low-frequency rewards customers with more frequency.

Brian acknowledged macro uncertainty but emphasized growth opportunity is largely within Starbucks' control. Green Apron Service is mission-critical foundation, followed by innovation across menu, digital, and rewards.

Brian confirmed no pricing action for remainder of FY2025. Deferred FY2026 pricing decisions, noting zero-based budgeting and growth as preferred alternatives to price increases.

Brian acknowledged positive comps in well-performing stores but did not quantify the percentage or the comp differential, citing lack of measurement systems currently in place.

CEO noted MCD has mid-40% share in beef but only high teens in chicken, with roughly 2 points of share gained in chicken over recent years. Beef price elevation is benefiting chicken demand relatively.

Chris confirmed breakfast is the weakest daypart across the industry and said US has resumed national breakfast advertising with conversations around breakfast value.

Chris cited three surveys showing 8-10pp uptick in anti-American sentiment in Northern Europe and Canada, but no impact on McDonald's.