CHUY - Earnings call transcript Q2 2022

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Operator

Good day, everyone, and welcome to the Chuy’s Holdings’ Second Quarter 2022 Earnings Conference Call. Today’s call is being recorded. At this time, all participants have been placed on a listen-only mode and the lines will be open for your questions following the presentation. On today’s call, we have Steve Hislop, President and Chief Executive Officer; and Jon Howie, Vice President and Chief Financial Officer of Chuy’s Holdings, Incorporated. At this time, I’ll turn the conference over to Mr. Howie. sir. ahead, go Please

Jon Howie

chuys.com and our By release. second be website it operator, section. have If everyone access can at our on to quarter found the good you, Investors now, afternoon. should not, in Thank XXXX earnings

expect. We and to With that of filings of our discussions remind not turn way, our remarks, quarter I will call everyone, a statements discussion are include the afternoon, on forward-looking guarantee SEC Before everyone review refer today. need thank part future that like we of risks out Steve. formal that financial should recent begin conditions. our you forward-looking you, Thank Steve of all differ Jon. of today results you our our statements could a not over operating to put to risks on detailed statements. These could to reliance call that These for more subject we us materially impact to the therefore, joining undue are of them. cause Good I’d also Hislop second and you numerous for what results and uncertainties and performance, earnings future actual from to

into inflationary in over dining unprecedented pre-pandemic operating basis a and on working approximately despite an traditionally third also to focus last to Furthermore, line goal in quarter versus protecting third our growth, Texas, and positive particularly volatility ongoing patio slightly enjoy our the long of quarter casual margin in as continually increase value began to to to to over are to point balance second has provide we the and in alcohol guests a the which management been value last our by recent seen comparable been to record will resulted restaurant-level we had that immune and negative order sales in sales efficiencies improvement June has peers, we store to our on year run. June have environment, With guests. food strong positive strong Chuy’s margin, mind, and worth demonstrated July flat the both we solid have noting compared our a compared top that XXX believe in year month are It’s level. that mix. At with in proposition at in said, endured sales our strong the in hottest experience. we team’s maintain and a April as maintaining continue and unique resulting landscape, which one consumer best environment, our between on Our segment operating value. date. for May impact to incredible taking demand fresh, the we a gap momentum XXXX. benefit cost quarter the craving us made-from-scratch not of our the an price the level the from This across maintain With our as XX% May, the drink sales And cost and X.X% Chuy’s, was always and despite our comparable

to arise. aspects key future pricing our even With us should strong give you price will certain value on this of remains we starting our staffing. business, need update Importantly, our me with that, proposition believe to let increase, relative which continue power with peers, the

in both and proper the team We’re staffing We with second progress the of managerial. of we’ve believe terms hourly in are quarter hiring our to the with during improvement retention in made members, we’ve levels. pleased our is comfortable the made staffing and key

applicants our continued for we provided team team counseling most and managers, members. rolled to of our recently personal bonus all health new and successful bonuses benefit referral new mental for quarter, program a our out providing our retention the members During for

our off-premise to above regard successful mid-XX execution. with and is we team’s is off-premise our off-premise, be goal, at to in approximately low now which XX quarter. to continue business. remain made We is XX% Mix in with pleased second targeted progress expanding during Also catering our business, our markets. the with we This

the rollout on complete are year. the to the We track by system-wide end of

slowly our at call of of we innovation, of back to limited our new Knockouts, as a new a be marketing popular our Macho which items menu includes our Burrito, Boom planning items CKO, the Pork onset time and initiatives. To in recall, This all by that Tacos, basis. offered favorites and quarterly specialists, exciting on Enchiladas we offerings Chuy’s In such with are end, have operating Boom you old will more menu the combination to we Fried items return Chuy’s the as we and quarter, Chicken into fourth supported environment. streamlined starting The menu been terms adding pandemic of a normal if certain introduce

utilize the of website the as and potential year, promotional audience TikTok, quarter, items, about and to to influencer on us programs DoorDash. advertising organic excited later a marketing use with with Combined the the new also and groups guests. YouTube continue both During allowing of of partnerships we connect we menu advertising tool. with this better launch our highlight initiatives, video new broader returning media recruiting Instagram, new introduce only to to reach not and our are but digital This includes

let the turn on quickly development Before I to call me plan. touch Jon, our

to with Texas and During the pleased we its opened successfully quarter, in a restaurant new performance date. Midland, are

As the as related development chain supply is of restaurants have to year expectations there our and we external new we for construction. four challenges adjusted to look ahead,

in rest results greater quarter openings of the I pushed will XXXX. rest over turn Howie, have early We With XXXX our openings the in to detail. to scheduled our – pushed now CFO, the have Jon our originally discuss we of the call to that, second

Jon Howie

during million quarter last X.X% same Steve. second million to opened the year. Thanks, for quarter $XXX.X was quarter increase the million of of the The $X.X from new second related to XXXX. subsequent increased Revenues compared primarily in revenue restaurants to incremental $XXX.X

For quarter XXXX, Comparable off-premise In increase customers. of sales of approximately X,XXX total versus in a X.X% restaurant weeks X.X% average by the XX% average last of year, sales in second and XXXX. second operating total, Comparable versus during XXXX. approximately by quarter check, X.X% increased increased sales had we the offset X.X% restaurant decrease revenue. XXXX slightly a weekly driven were

inflation substantial costs revenue an of year. was Turning compared cheese basis comparable chicken beef, points sales quarter fresh to the levels in in revenue a our quarter XXXX. last percentage of as the compared levels approximately well commodity basis the rate as increase inflation was partially staffing inflation Labor price by year. approximately the as to labor and second hourly a well by offset taken Overall, market primarily as approximately of expenses. items. as at the by as percentage our menu during improvement commodity produce, of to during XXX of on XX% conditions, XX.X%, XX% points hourly driven grocery mid-XX% price XXX to increase menu XX.X%, This as partially increased restaurants expect to Cost remain in due a to third offset cost Based increase year. the current we increased and taken to as during

basis to inflation remain addition for of as year, elevated approximately of third to the points continuation cost in look to the credit a the on XXXX, staffing higher expect to we X% utilities Operating hourly of to-go back percentage year-over-year XXXX restaurant to compared XX.X% our levels. increased to half at we to well due pressures in and a quarter quarter costs levels card supplies. as and maintenance repair the and for XXXX and revenue increases the As as of fourth X% XXX labor XX% fees costs in of as of increase

change also were menu charges our the its X.X% the reinstated percentage year-over-year delivery service expense higher basis Marketing digital in across XX a advertising delivery as increased our company to nation. addition, of a due structure. as revenue campaigns pricing points to In

by a $X.X points revenue leverage of expenses. period and increase to as X.X% driven decreased XX as million travel occupancy cost occupancy of and fixed expenses. a second General Our offset an expenses in the the administrative partially million sales bonuses by in professional year, $X.X other fees, and percentage same quarter in related to from basis result performance-based decreased lower on last

$XX.X As of second X.X%. the decreased points percentage same to quarter of $X.XX basis in to million the period diluted or or a G&A year. per $X.X million income revenue, net diluted XX last compared In share for was $X.XX per share XXXX summary,

of last period rent quarter exit $X.X diluted result or closed on Taking $XX.X The for or $X.XX second XXXX in million quarter costs restaurants impairment, out closed compared to million of the of $X.XX and share same in diluted that $X.XX incurred into share holding was these million diluted reduction or $X.X we in costs and second or income per was year. $X.XX decrease other period per the the to account, diluted paid adjusted share restaurant in per the same $X.X per XXXX, the the net compared million to related During as company share continues a of year. leases. last

balance to sheet. and Moving liquidity

credit million debt cash end quarter, facility. million of $XX.X and the no the and of $XX of cash our equivalents, from had As we in availability

$X.X of million. our purchased XX, expire common our During as million of And XXXX, the on had June December second of XXXX. stock quarter for $XX we million which we approximately of total shares program, XX, a repurchase remaining under XXXX, $XX.X will XX,XXX

on like to an the fiscal for we’d update provide following Lastly, XXXX. guidance

and four Net now million million. expected that, between now turn Steve. late $X open annual we range we expenses noted, expenditures be to million, new back call over With those to expected to our and the now are million $X.X in Steve with expect As planned expect year. preopening the are between restaurants be to XX%. XXXX $XX still of tax to to XX% Restaurant effective for approximately rate $XX to in capital two I’ll

Steve Hislop

Thanks, Jon.

team demand Chuy’s goal Operator, team pent-up the our for capture against guests believe hard date expect. they to Most and that, any key closing, would by business We healthy of importantly, have our can’t please been to best, providing for initiatives to remains our and remains executing of of do being to none in our we lines in the macro without our we fully work positioned open happy engaged each questions. company we’ve experience our accomplishments possible underlying have With unique answer of they value. our food. place have questions. doing In accomplish our we control dedication While come members. made-from-scratch on high-quality convenience what a the this put are focused and can environment, safety, the strong with pillars

Operator

you. Thank

you. We now Thank will conducting [Operator a question-and-answer session. be Instructions]

Please Baird. with with Hodes Mary from comes proceed your question first Our question.

Mary Hodes

for Thanks marketing is taking or you’re menu how you for I how thinking perspective encourage and afternoon. Good to anything us doing a about the if of differently looking would would color to thanks consumer have to that? quarter to were type respond what to date. from or to the on guess, guess Or the slow, the question ahead, continue to environment? levers respond you that you to pull think about there I

Steve Hislop

is for value Yes. That’s have within key us we the The the already menu. our for key us. that levers

and talking price of think and as equation just to-go. our I be value that convenience our our pretty points value much about think well. are I phenomenal, we’d And the

Mary Hodes

XXXX, it stage? XXX you could And like back about opportunity it. It But XXX this think would given prior be in the the to just to goal. XXXX inflation outlook, on expectations how shared. those margin you the levels basis at get to Got seems for the tricky point

Jon Howie

inflation. Mary. You’re mean absolutely expecting right, XX% we I weren’t

that down, we little think I and year that think that long-term, that goal, can back I calms be as our difficult I is given inflation achievable. may think situation. to get still So a long-term. definitely the is This think it But I

Mary Hodes

Great.

double-digit thinking range XXXX. XXXX Okay. of challenges understand prior growth how And from about us, XXXX unit you and goal some be point? at units slippage development one this in last are the to But for to your accelerating the would then just the impacting there

Steve Hislop

the the And feel growth at back get has again, We development in we’re we the started to to difficulty of XXXX end this But a Yes. year. point. of expecting back mentioned, on And there. the with lot you a year. been obviously, good the XX% year as

Mary Hodes

Great.

you. it Thank Okay. I’ll on. pass

Steve Hislop

so you Thank much.

Operator

you. Thank

Our O’Cull with with question. next Please proceed Stifel. Chris question from is your

Chris O’Cull

the help XXXX? appreciate and relative guys. talked Hey, that Good increases pressure the Hey, I rates Jon. you XX% afternoon. you’re wage us where about. talking to the Could rate understand wage about are you

Jon Howie

that you that, when but right exactly, be than can around I you’re higher honest. at slightly just They’re quite to I give looking think XX% XXXX. they’re

that But think we’ll another it’s as up. you ask if if that. around look I’m question, And you looking be XX%, have up right. me that Let I

Chris O’Cull

XX% above XXXX levels?

Jon Howie

XX.X% XX.X%, yes. XXXX it’s levels, above little off, a

Chris O’Cull

the then with But spent cash And $XXX million Okay. $X quarter this company quarter, hand. on you in repurchases. ended on million only another share

cash are the what be a not more the the for buyback? on hand? aggressive why plans So little And with bit would

Jon Howie

Great period a which a to again. do to the I have from question. often We XXbX-X can be days mean, period only have liked. these during put But we Those at as We – hit have. instructions weren’t just tend levels during aggressive we the XX as we’d we buy.

XXbX-X, the within it tell at can’t that of that you be the year. I are, or we we’ve levels change to all within the but do kind But the aggressive that’s do can they So to there. plan window really we got

Steve Hislop

the is. And be aggressive we’ll where stock price

Jon Howie

Yes.

Chris O’Cull

cash What’s for time sheet? have at balance why and to have just it’s level you business? you’d debt structure elevated capacity improved given the the I’m that some you I level the level, like for been have especially the the the margin on curious mean, now. optimal this cash

Jon Howie

looking Yes. at that right mean, now, Chris. I we’re

the at we want I capital board I level we it with with we’d it at the at standpoint where But do for mean basically, mean, level on growth now, growth. growth. do go to a want Right looking that. and executive We’re to don’t like to from allocation

XX%. looking We’re at about

to we so that. spend And able be all won’t

leaseback buying properties and stock. then doing investments to long-term and We’re the reduce that overall investment maybe sales those at also in also buyback looking

at your a and million But good answer million, years $XX on sheet years $XX for operating. to this and to ultimate we our question, is at keep allocations the number – about looking capital million $XX million operated So balance to keep we’re with to probably point. other $XX

Steve Hislop

mentioned COVID. XXXX. through COVID XXX% and we we’re were what we’ve before, this through think we’re as comfortable I on Chris, And because as especially with cash sitting don’t that’s I is think to go continuing done And

that something pause gives that’s bit a So also. us a little

Chris O’Cull

I’ll pass on. Great. Okay. it

Steve Hislop

you. Thank

Operator

Thank you.

with question James. Vaccaro is next proceed Our your Brian with Please Raymond from question.

Brian Vaccaro

evening. moderation months. a on in changes that seeing guess, you differences good navigate dynamic, recent data could comp can you seeing and hoping I as thanks, consumer any cohorts curious order elaborate that’s I traffic primarily the you’re you’re patterns the see amongst I’m the was And in check if Hi, any just in that consumers or different or menu.

Jon Howie

patio on it’s mean mix, We months I equates which three patio comments, in is of to XX% had – Brian. the the broad-based, hottest Texas. of mix in Sure. quarter, XX%, close pretty $X And alcohol like it XX%. in months said to that his when sales XX% you to Steve we’ve is on compared around this alcohol million look dine-in probably lost

sales from And of think so sales. alcohol the attachment I and but rates, lot not you’re losing way just a patio in from

for Texas force a really stores. our been driving that’s So

Brian Vaccaro

front, Okay. quarter. know in the guess trend And on? looking expect know you could an think just you I uncertain on I second you’re said for then in that inflation that Great. you half an the you quarter? And you in contracts into environment, how give contracted do any not us update particular areas to the your fourth I Jon, but third on expect the mid-XXs today, it’s everything commodity

Jon Howie

Sure.

we And our so in. proteins, contract can’t obviously, chicken,

have We fixed rate Barry. of a Urner

benefit we’re the numbers stays is. if down, comes we’ll And that as as So is from it giving that that.

really that’s down avocados the help get up. once chicken. So would two now and go though, Produce you extent that back starts, and that – produce can we then come to see areas it and us

come benefit continues Chicken, prices. could there. they there. If we down, it come some as we produce see So we’ve to see seen benefit down, elevated

Our beef is locked in.

then which to to oil, we’re beef. continue the at that think that. oil, which make own and in And year things in contracts, purchase We may buy will look mix costs But be we year mainly help at of I end lower opportunities next our the into locked us. and like those up mayonnaise where through

year all that of well. we end contract through the and the through oil soybean oil, So as

into to a we extent contracts, mix seeing. can we’re what for more. In that that is we So some where be that teens, know out see year it contract we’re further the I can But low little today, kind seeing that’s But come QX, XXs. the we benefit. of and think inflation overall to down high going the in

Brian Vaccaro

were was a few your last wanted ask to over traffic levels very XXXX. pace your labor. where in the have levels somewhere maybe maybe more That’s just is recently? understand I and months, quarter given been still needs helpful. in obviously about Could that compared Great. where staffing sort are expand the to Okay. you trying early snapshot to staffing the the just current in which increasing And Last versus you. levels down a I’m your of one on staffing teens bit on of Thank the

Steve Hislop

in We quarter plus these our are feel Well, say staff that power We about as Yes. as started Thank continue forward. I probably to we would XX% XX% continue good new you. it to we again, real the at right on move now. forward. to XX% And move levels we’re rate.

with going you are a be into third. part index to into Obviously, So the we when that. – about of slower feel our we our strong quarters year

about So we it. feel great

always looking constantly for We’re talent. great

we say where really we’re continue to fully today. But and ever feel with to hiring, always because we’ll how going staffed at look never We’re comfortable it. we’re that’s at we’re

Brian Vaccaro

Thanks. it great. That’s pass I’ll on.

Operator

you. Thank

with is Our Please question. Strelzik your with BMO Andrew Capital question Markets. proceed from next

Andrew Strelzik

you And were pricing. looking Hey, to quarter I is got first the Thanks X% taking in for on at guess afternoon. My last you notes, X.X%. my from good one have just that questions.

inflation uncertainty is the as you beyond is. proposition about it to thinking think run to I to level? high the came obviously about very are as in beyond, guess, with important? I’m you So at that still high get guess But continue sense a the I right continuing have we Why is understanding X.X%. trying end. that How that how it value for the some and consumer just pricing

Steve Hislop

that a we of took X.XX%. important at we of the Then beginning started the we period X%. back what about the period another and at second third Yes. took is year, it’s the of beginning to Again, X%, in came X.XX% note the about we took

shade that’s we the for So think a we’re under year. a push. And X%

talk still bit we that, consumer, we little mentioned some going but value our huge part Having to we the felt feel power forward. everything was XXXX. we this casual look said inflation Like business as definitely X% think there of that a earlier continue to regular the the on competitive value my for in under the that’s that, than as better feel I with like us our have move continue casual in to set and monitor to year at I for forward. pricing dining. at restaurants, dining. move were only rest not we it looking shade of in into some going with we have comfortable we We’ll out of best and we and we a But

Jon Howie

something here, might too. I And add

and higher Box casual than starting has advanced versus If the in look you look at of dining Black sales the our has. overall traffic, still traffic this negative, although year, levels, February at you

in surpassed that traffic. So we actually

But think up about was working Steve I haven’t well traffic. driving We of with what because yet caught is is the because talking – our is pricing. starting as overall it sales

Andrew Strelzik

Got it.

– them, through to where believe big roll Chuy’s just streamlining the could to you you did to pull that – an continue do then going there’s push some up those I’m a added out. guess, pandemic, guess, And out? sense. see specials or some the in. believe start guess back starting not the of now are makes I seeing that That menu things those you play I you maybe so what any the to the you’ve Knockouts, menu. LTOs, selectively, Or outcome think the guys of curious, there behind or that beef these items Okay. Is and obviously, reason need been are there I call through you I would I scenario you to guess, a is to

Steve Hislop

No, I at about existing menu menu feel that XX-item currently. XX, great the

of favorite to I What in lot a a quarter. quarter items us offers you’re a of variety. weeks how the choice have. six We’ll that starting it two going do to think to one time. run to And years. One that. would I quarter fourth the last special be we and might we’ll old in a is And that lot ran XX see three like do, might the used over an old that’s an be

every max yes, always two of would single a three so be items, or six-week for three And period quarter time.

part the the a one Chuy’s a our specifically item, As will use will barbell little a our year, to will on and item us priced higher in of approach move come middle different – we be part But them, year. we’ll Knockouts. cost on the approach the that’s see little added to menu be mid into you the approach. it that that next CKOs items, and of higher probably where one a something of take And into XXXX, of these a always the bit will have we of was to

and Just we to to that things something about our think, as get consumer not and we’re excited. only our exciting can new ready talk employees excited, again, but keep and keep

just So we’ll of couple move forward. we’ll that’s quarter. three the But we’re with that’s every how currently continue do. of size a what specials with menu comfortable the the very And to

Andrew Strelzik

I’m guess just gone we about levels choppier one lower. curious, And marketing obviously, is higher make think or up, back that levels Okay. me one last I are end, you other is, then the environment but year a or just way is have for here. going what into marketing the

see. of more higher had you’ve I of expected guess, that quarters returns seeing a that would Are levels. have like couple the Thanks. to the or, type some you that on Now at for or level normal you that,

Steve Hislop

done which is the our we’ve what return of in into Yes, adding level back back our call, business is bit we’ve some and I is is just stuff the the done, What social of little of really video. XXXX the a this to part mentioned expected.

We’re it comfortable us, optimized there. that’s for we’ll roughly sales. that level. X.XX%, of And and we It’s with X.X% think continue

Andrew Strelzik

you Thank much. very

Steve Hislop

you. Thank

Operator

[Operator Wedbush your Please Securities. Instructions] Our with with proceed question question. next is Nick Setyan from

Nick Setyan

said In happening? less still the staffed? a past, excess you. you’ve keeping guys like. that were limited if waiting Is that I you’d little was the you Maybe mean Thank outside. could staffing still there lines convert fully longer. table than had is you Customers bit demand that you were

Steve Hislop

levels. reduced Nick. an in I said, our we’re and how of are seats little hours definitely is what bit, thing at permanent, those, our what analysis We hours. right have and then doing XX size did also new from operations One today. that’s specifically new and XX%. though, our the bit, around we hours how is perfect you’d And for A And some – our that’s weren’t in to right profitable more that’s profitable in Like and It’s that was to really where model. changed forced They’re model, definitely part many many that we’re we also in system little just power of for XX That’s us. XXXX restaurants hourlies we’re that on tables restaurants. model call of permanently a is that’s they on going continue, our us. in

Nick Setyan

it. Got

in slightly that that incremental include price early Was is Did when that QX, price quarter-to-date, the flat in to incremental increase? The Okay. the positive. increase quarter?

Steve Hislop

the the at end was of It actually No. and at it’s QX it. end of right right

in it QX. So started just

Nick Setyan

Okay.

the comps included So price incremental are the quarter-to-date in increase?

Steve Hislop

Yes.

Jon Howie

Yes.

Nick Setyan

Okay.

regional out Texas that comment Is Anything call helpful. would from downs. you’re you the trade and in terms are behavior, In seeing what of you Texas. system be across consumer differences you the seeing there makes just heat very there

Steve Hislop

it’s Yes, again, broad-based.

so seen anything any change like big that haven’t far. in We

mentioned even I think a all second ago. way But been – that’s the no, you pretty it across. it’s

Nick Setyan

Got it.

food And just inflation Okay. it’s around commentary, QX X.X%, that And then fair? my my the COGS math, right in XX. with by keeps maybe maybe cost now. price XX, by increase, about it X.X% incremental low math, the Is

Jon Howie

Yes, that’s fair.

Nick Setyan

Okay. you Thank All very much. right.

Jon Howie

Thanks, Nick.

Operator

Thank you.

from Jefferies. question your Please comes next with Our proceed Barish with Andy question.

Andy Barish

Hey, evening. guys, good

CKOs, XXXX on expect drive do of some you higher-cost menu positively? to those First, start you as through and just items? wait wondering kind we’ll of to is maybe that Or the have move to barbell something implement mix

Steve Hislop

and level from I QX mix QX little the you’ll when what start Yes, of a bit is bit you’ll excitement starting approach menu see QX and a in we the Andy. a employees, there, and probably change think a when – consumer just barbell again, in do seeing little more

Andy Barish

clarify missed Got hitting menu then comments? but have the is may it you there? something, it. delivery sure wasn’t I I less more And statement? pressure the delivery can where you Or that price are Just seeing for income pressure fees going. was

Jon Howie

that that’s those final goes fee that to XXX% in try those fees. fees, expense. But did more, year, this now price of operating right? It’s No. three increase to ago Andy, as we We years combat started our about covering

what’s And that little so that’s higher. driving bit a

from points record just it. in have higher about than because running fees basis that’s kind to how XXXX. that’s Because where So XXX we those we were of of

You’ve to but then down there got revenue the side, you in the the operating record the revenue segment. still have on fees extra operating

Andy Barish

Got you.

right And then can how for little anything kind easy so next where Okay. or have smaller just on us maybe square not pipeline, open X,XXX of units flexibility on that up, opening is the how now. it’s a you finally, XX sense bit many you easier on store year, of kind those of are say, let’s give a foot prototype, them to much just

Jon Howie

Yes.

XXXX, with into of And give You’re that now. on you’ve getting a contractors seen right lumber as of We the now, comfortable the getting gets the that XX% – those drastically, feel unless pretty it’s little land but right. over benefit a labor, and I down our going more come mean think it’s it little us there standpoint than accomplish XXXX. pricing restrictive a with getting but not site. we’re even we can – we issues kind the some getting equipment that over, may flowing is that from those pipeline really supply easy, it for

But that as selection site hopefully, XXXX. from some. for far pipeline, we pretty So a point as at feel this comfortable alleviates site and

Steve Hislop

know, four talked expansion probably good over it’s units, be have Andy, the all going already what have is and already. as you we And three that about about, where we to states currently our we’ve years, we’ve next in – awareness to five said

So we comfortable areas. going pretty those feel into

Andy Barish

you Thank it. much. Got very

Steve Hislop

Thanks.

Operator

Thank you.

Our The with Todd from proceed of Brooks Please next Company. question. question is your Benchmark

Todd Brooks

everybody. evening, good Hey,

Steve Hislop

Todd. Hey,

Todd Brooks

to of and how you manager paid out questions it couple gross bonuses what equivalent again. the Or actually working currently? is retention to and year? retention leftovers retention A are manager bonuses last what’s general is across QX you structure paying we just pointed One, here. of the QX those Can Steve, size,

Steve Hislop

nothing No, that. Yes. like

I last I around $X.X believe. million, was it year, think

in talking a range on the You’re quarter currently $XXX,XXX basis.

Todd Brooks

question to year-end. then by you spoke – the And Perfect. Okay. hopefully second catering XX being you have I markets, all in markets is now, if

big Thanks. Just catering? opportunity the mix is start And how fourth it demand maybe how an in could is shaping quarter, think up this of where for as year-over-year? about to out you

Jon Howie

Great question. Yes.

had numbers we blown away in are currently that So kind any the we’ve past. of

to double close We’re what in XXXX. all-time highs, we hitting were

grow X% I about once and can to we of before. it now X% markets. we’ve that promoting I we’re mean, all right So catering. think this X% it to think in in We sales get start said close easily to

Steve Hislop

thing… big Yes. The

Jon Howie

Sorry, go ahead, Steve.

Steve Hislop

just lot last we it, a – when that and the come now XXs the of that’s is big, Through were we weddings, we’re more, seeing bit on now. parties, weddings big to a XXs bigger XXs, doing and doing we’ve XXXX. But in were excited that see the they’re back been doing about change XXXs, big, The to instead year, back of big starting had that. we’re coming XXXX, little XXXs we in starting

Todd Brooks

just X% put as on of expect celebrations maybe high then the get – And finer range? to to towards point higher, a that to QX, this. there’s just to holiday-based and Jon, you would Seasonally, mix end you it X%

Jon Howie

plan. building that private business you how in for a right, mean events far you there. going before advance to going It’s I generally, No. and venues a year take like of you to they in and wedding start if think know to advance get while that, dining, that and

So build a it’s take to going to up that. to while

So we we can get ultimately, think expect But in QX. there. that don’t I

Steve Hislop

Yes.

Todd Brooks

Okay, you both. great. Thank

Steve Hislop

you. Thank

Operator

no to closing Hislop floor over are this questions for to the comments. at I’d There you. any time. Thank back further Steve turn like

Steve Hislop

you always Thank continued much. interest answer Jon to and Again, We’ll a you. and all have Stay Chuy’s. your healthy, and Okay. in questions. appreciate I so evening. thank good available be any

Operator

This concludes today’s conference.

your at you time. disconnect may for your You Thank lines participation. this

Chuy's (CHUY) 6 Aug 222022 Q2 Earnings call transcript