Group 1 - Denny's has agreed to be taken private by a group of investment firms in a deal valuing the company at $620 million [1] - The acquisition involves three investment groups collaborating to purchase the classic American diner chain, which was founded in 1954 in Lakewood, California [1] - TriArtisan Capital Advisors, a New York-based private equity investment firm, is one of the firms involved in the acquisition [1] Group 2 - Denny's stock is showing improved relative strength, indicating renewed technical strength in the market [4] - The company has received stock upgrades, reflecting its rising relative strength [4] - Denny's CEO has a positive self-reflection approach, which may contribute to the company's performance [4]

Core Points - Cracker Barrel will offer a complimentary Sunrise Pancake Special to veterans and active-duty military on November 11, reflecting its commitment to honoring their service [1][2] - The company will also provide exclusive savings on Duke Cannon products and military-themed merchandise through November 11 [3] - The Cracker Barrel Old Country Store Foundation will donate $150,000 to veteran-focused charities through its "30 Charities in 30 Days" initiative, awarding $5,000 grants daily [4] Company Initiatives - The Sunrise Pancake Special includes two buttermilk pancakes, fresh eggs or breakfast meat, and is available for dine-in only with proof of military service required [2][5] - The Foundation's initiative aims to support organizations that provide critical services to veterans and their families, with grants awarded to charities chosen by veterans [4][7] - Cracker Barrel has approximately 660 locations across 43 states and continues to focus on its heritage of hospitality and community support [6][7]

Wingstop shares plunged after cutting its full-year comparable sales outlook https://t.co/Vn9P3ZrcjV ...

Yum Brands is evaluating strategic options for its Pizza Hut business, including a possible sale of all or parts of the struggling brand https://t.co/R94zfgESSv ...

Financial Data and Key Metrics Changes - System sales grew 4% year-over-year, outpacing the China restaurant industry, while same-store sales grew for the second consecutive quarter [4][15] - Restaurant margin expanded to 17.3%, contributing to an 8% year-over-year increase in operating profit to $400 million, marking a record for adjusted operating profit in quarter three [4][16] - Net income was $282 million, a 5% decrease year-over-year, but grew 7% year-over-year when excluding the investment in Meituan [16][17] Business Line Data and Key Metrics Changes - KFC achieved 2% same-store sales growth and opened a record 402 net new stores, bringing its total to 12,640 stores [11][5] - Pizza Hut surpassed the 4,000-store milestone with 298 net new stores year-to-date, achieving 1% same-store sales growth driven by 17% same-store transaction growth for three consecutive quarters [13][14] - K-Coffee Café expanded to 1,800 locations, with daily cups sold per store increasing by 30% year-over-year [11] Market Data and Key Metrics Changes - Delivery sales accounted for 51% of total sales, up from 40% in the same quarter last year, indicating a shift in consumer purchasing behavior [10] - Lower-tier cities performed slightly better due to greater domestic travel, reflecting a trend in consumer spending [34] Company Strategy and Development Direction - The company is focused on a multi-brand portfolio and operational efficiency, aiming to penetrate deeper into cities while enhancing convenience [22] - The LGM strategy (Resilience, Growth, Moat) is emphasized as a framework for future growth, with a commitment to return approximately $1.5 billion to shareholders annually from 2024 to 2026 [18][22] - New product innovations and limited-time offers are key strategies to drive traffic and sales, with a focus on maintaining price perception and food quality [7][10] Management's Comments on Operating Environment and Future Outlook - Management noted that while the macro environment remains challenging, there are signs of improved consumer spending and traffic, particularly during holidays [34] - The company aims to maintain mid-single-digit system sales growth and improve margins in the second half of the year, despite headwinds from delivery costs [21][48] Other Important Information - The company plans to hold an investor day on November 17, where it will share updates on its LGM strategy and growth algorithm [24] - The capital expenditure target for 2025 remains unchanged at $600 million to $700 million, with a focus on optimizing store operations and reducing per-store capex [18][19] Q&A Session Summary Question: Delivery platform subsidy impact and competitive landscape - Management observed a decrease in subsidies and expects limited impact on the company, emphasizing a focus on menu innovation and customer service [29][30] Question: Macro perspective on the restaurant industry in China - Management noted good performance in quarter three, with lower-tier cities performing slightly better due to domestic travel [34][35] Question: Expansion strategy for smaller formats and franchise stores - Management indicated that the ratio of system sales growth to store expansion may not remain constant due to strategic optimizations and timing of openings [38][39] Question: KFC same-store sales growth sustainability - Management acknowledged the 2% same-store sales growth as slightly above expectations but noted the difficulty in predicting future growth due to market dynamics [64] Question: K-Pro economics and growth potential - Management highlighted that K-Pro is designed to leverage KFC's resources, contributing incremental sales and profits, with promising initial results [66][68] Question: Future sales growth potential - Management expressed confidence in capturing future opportunities through innovation and operational improvements, with more details to be shared at the investor day [71][72]

Financial Data and Key Metrics Changes - System sales grew 4% year-over-year, outpacing the China restaurant industry, while same-store sales grew for the second consecutive quarter [4] - Restaurant margin expanded to 17.3%, contributing to an 8% year-over-year increase in operating profit to $400 million, a record for adjusted operating profit in quarter three [4][16] - Net income was $282 million, a 5% decrease year-over-year, but grew 7% year-over-year when excluding the investment in Meituan [16][17] Business Line Data and Key Metrics Changes - KFC achieved 2% same-store sales growth and opened a record 402 net new stores, bringing its total to 12,640 stores [11][5] - Pizza Hut surpassed the 4,000-store milestone with 298 net new stores year-to-date, achieving 1% same-store sales growth driven by 17% same-store transaction growth [13][14] - K-Coffee Café expanded to 1,800 locations, with daily cups sold per store increasing by 30% year-over-year [11] Market Data and Key Metrics Changes - Delivery sales accounted for 51% of total sales, up from 40% in the same quarter last year, indicating a shift in consumer purchasing behavior [10] - Lower-tier cities performed slightly better due to greater domestic travel, reflecting a trend in consumer spending [34] Company Strategy and Development Direction - The company aims to reach 20,000 stores by the end of 2026, leveraging a multi-brand portfolio and flexible store formats to penetrate deeper into cities [5][22] - Focus on innovation and operational efficiency is central to the company's strategy, with a dual approach to drive sales growth while protecting margins [7][22] - The company is exploring new growth drivers, including entry-level products and limited-time offers, to attract a broader customer base [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer behavior remains value-cautious, emphasizing the importance of providing value for money alongside quality [34] - The company expects to maintain mid-single-digit system sales growth and moderately improved margins for the full year [21][72] - Management is optimistic about future growth potential, with ongoing innovations and strategic initiatives in place [22][72] Other Important Information - The company returned a total of $950 million to shareholders year-to-date, including $682 million in share repurchases and $268 million in dividends [17] - The company plans to return approximately $1.5 billion to shareholders annually from 2024 to 2026 [18] Q&A Session Summary Question: Delivery platform subsidy impact and competitive landscape - Management observed a slight decrease in subsidies in QSR compared to coffee and tea, expecting limited impact on the company while maintaining a balanced approach to sales growth and margin protection [29] - Regarding Yum! Brands' strategic review of Pizza Hut, management expressed confidence in the strength and growth potential of the Pizza Hut brand in China [30] Question: Macro perspective on the restaurant industry and consumer spending - Management noted improved performance in quarter three, with good traffic during holidays, particularly in lower-tier cities, while consumers remain value-cautious [34][35] Question: Expansion strategy focusing on smaller formats and franchise stores - Management indicated that the ratio of system sales growth to store count growth may not remain constant due to strategic optimizations and timing of openings [38] - Progress has been made in improving franchise economics, with expectations for operating margins to align with equity business margins in the mid to long run [43] Question: Delivery order mix and membership sales contribution - Management clarified that the decrease in membership sales contribution is a mechanical result of increased aggregator orders, with overall adjusted member sales contribution remaining stable [46] - Efforts are being made to optimize delivery efficiency and manage rider costs amid rising delivery mix [47] Question: New store formats and strategic planning - Management emphasized a focus on growth initiatives, with K-Coffee and KPRO showing promising results, while acknowledging the trial nature of new concepts [54][55] Question: KFC business operating leverage and margin expansion - Management expects KFC's restaurant margin to remain stable, with delivery mix increases impacting costs but offset by improvements in cost of sales and occupancy [59][60] Question: Sustainability of KFC's same-store sales growth - Management acknowledged the 2% same-store sales growth as slightly above expectations, with efforts to maintain similar levels in the future [64] - KPRO is expected to contribute incremental sales and profits, leveraging synergies with KFC [68] Question: Future sales growth potential - Management expressed readiness to capture future opportunities through various innovations and improvements, with a focus on core brand growth drivers [71][72]

Core Insights - Portillo's Inc. reported a revenue increase of 1.8% to $181.4 million for Q3 2025 compared to $178.3 million in Q3 2024, driven by new restaurant openings despite a decline in same-restaurant sales [4][9][10] - The company experienced a significant decrease in net income, which fell by 91.1% to $0.8 million from $8.8 million in the previous year, primarily due to increased operating expenses and impairment charges [8][9][10] - Adjusted EBITDA decreased by 23.4% to $21.4 million, reflecting challenges in maintaining profitability amid rising costs and a competitive market [10][9] Financial Performance - Total revenues for Q3 2025 were $181.4 million, up $3.2 million or 1.8% from Q3 2024 [4][9] - Same-restaurant sales decreased by 0.8%, attributed to a 2.2% drop in transactions, partially offset by a 1.4% increase in average check [4][9] - Total restaurant operating expenses rose by 6.2% to $144.7 million, driven by new restaurant openings and a 6.3% increase in commodity prices [5][9] - General and administrative expenses increased by 9.4% to $20.0 million, largely due to dead site costs [6][9] Operational Highlights - The company opened four new restaurants in Q3 2025, bringing the total to 99, with plans for three more openings in Q4 2025 [11][12] - Portillo's introduced a new in-line restaurant format, with future openings focusing on a smaller prototype designed for efficiency [12][11] - The company aims to open a total of eight new restaurants in fiscal 2025 [14] Financial Targets - Management updated fiscal 2025 targets, projecting revenues between $730 million and $733 million, with same-restaurant sales expected to decline by 1% to 1.5% [14] - Adjusted EBITDA is targeted between $90 million and $94 million, with capital expenditures estimated at $97 million to $100 million [14]

Financial Data and Key Metrics Changes - System sales grew 4% year-over-year, outpacing the China restaurant industry, while same-store sales grew for the second consecutive quarter [4][12] - Restaurant margin expanded to 17.3%, contributing to an 8% year-over-year increase in operating profit to $400 million, a record for adjusted operating profit in quarter three [4][14] - Net income was $282 million, down 5% year-over-year, but grew 7% year-over-year when excluding the investment in Meituan [14][15] Business Line Data and Key Metrics Changes - KFC opened a record 402 net new stores, with system sales growing 5% and same-store sales growing 2% [10][12] - Pizza Hut surpassed the 4,000-store milestone, with system sales growth improving sequentially from 2% in Q1 to 4% in Q3, and same-store sales growth of 1% driven by 17% same-store transaction growth [12][18] - K-Coffee Café expanded to 1,800 locations, with daily cups sold per store increasing 30% year-over-year [10] Market Data and Key Metrics Changes - Delivery sales accounted for 51% of total sales, up from 40% in the same quarter last year, indicating a shift in consumer purchasing behavior [9] - Lower-tier cities performed slightly better due to greater domestic travel, reflecting a trend in consumer spending [32] Company Strategy and Development Direction - The company is focused on a multi-brand portfolio and operational efficiency, leveraging synergies across brands to drive growth [19][20] - The LGM strategy (Resilience, Growth, Moat) continues to guide the company's operations and expansion plans [21] - The company aims to reach 20,000 stores by the end of 2026, with a commitment to return approximately $1.5 billion to shareholders annually from 2024 to 2026 [5][16] Management's Comments on Operating Environment and Future Outlook - Management noted that while the environment remains challenging, they are optimistic about maintaining mid-single-digit system sales growth and improving margins [17][18] - The company is committed to menu innovation and operational efficiency to navigate the competitive landscape and consumer price sensitivity [32][33] Other Important Information - The company plans to continue its focus on new growth drivers, including K-Pro and K-Coffee, which are designed to capture different customer segments [19][51] - The company is on track for 1,600-1,800 net new stores in 2025, with a capital expenditure target of $600 million-$700 million [16][17] Q&A Session Summary Question: Delivery platform subsidy impact and competitive landscape - Management observed a decrease in subsidies in coffee and tea but only a slight decrease in QSL, expecting limited impact on the company [26] - Long-term, management believes subsidies will normalize, emphasizing the importance of menu innovation and food quality [26] Question: Macro perspective on the restaurant industry in China - Management noted good performance in Q3, with lower-tier cities performing slightly better due to domestic travel, while consumers remain value-cautious [32][33] Question: Expansion strategy focusing on smaller formats and franchise stores - Management indicated that the ratio of system sales growth to store count growth may not remain constant due to strategic optimizations and timing of openings [35][36] Question: Delivery order mix and membership sales - Management clarified that the decrease in membership sales contribution is a mechanical result of increased aggregator orders, and they are working on improving delivery efficiency [42][43] Question: KFC business operating leverage - Management acknowledged that the increase in delivery mix has created headwinds for operating leverage but remains committed to maintaining stable restaurant margins [56] Question: Sustainability of KFC's same-store sales growth - Management expressed optimism about maintaining similar same-store sales growth levels, emphasizing the importance of transaction growth [60][61]

CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES Q3 2025 SUPPLEMENTAL INFORMATION November 4, 2025 The forward-looking statements included in this presentation are made only as of the date hereof and are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. NON-GAAP FINANCIAL MEASURE ...

Core Insights - The analysis of Jerónimo Martins has shown positive developments since the last review, indicating a favorable trend in the company's performance [1] Company Overview - Jerónimo Martins operates in the retail sector, focusing on food distribution and retailing, with a significant presence in Portugal and Poland [1] Analyst Background - The analyst specializes in the U.S. restaurant industry, covering various segments including quick-service, fast casual, and fine dining, with a focus on uncovering hidden value in micro and small-cap stocks [2] Research Methodology - The research employs advanced financial modeling and sector-specific KPIs to provide insights into potential investment opportunities within the consumer discretionary and food & beverage sectors [2] Market Position - The company is positioned to benefit from trends in consumer behavior and market dynamics, which may enhance its competitive edge in the retail space [1]