And if you look across other players in our segment, that’s what you’re hearing from the other players as well, but we are monitoring that very closely as we move forth around the year.
Andy Barish: Okay. Thank you very much.
Operator: Thank you. The next question we have comes from Jake Bartlett of Truist Securities. Please go ahead.
Vincent Sengelmann: Hi, guys. This is Vincent Sengelmann on for Jake. Liz, welcome, and congrats on a solid first quarter. I guess one question I have is, you laid out steps to kind of put together the building blocks of accelerated development. So just curious how long do you expect that to take?
Elizabeth Williams: Thanks for the question. We’re just getting into this transformation as it regards to cost, taking cost out of the unit. I know the team was really working on it, but I think we didn’t get as far as we needed to get, just quite frankly. And then when you couple that with the fact that our economic model wasn’t as strong over the last 12 to 18 months, those are the two things you’ve got to have if franchise partners are going to invest. I feel comfortable that we have a plan on our economic model as we’ve laid out today, and I think we’re headed in the right direction. So now we really have to do the work on the cost engineering of our buildings and do that very quickly. Because we don’t want to wait around, we put out an incentive recently that we think is really exciting and that our franchise partners, we heard a lot of positive feedback there, just knowing that the franchise partners can get started, moving forward with development.
So a long way of saying we’ve got a lot of work to do in the next couple of months, and then I think we can give a more clear direction on time line, but really focused on getting the development flywheel going again.
Vincent Sengelmann: Great. That’s helpful. And then just shifting gears a bit. We’ve heard some large QSRs talk about a weakening consumer environment. Promotional activity becoming more competitive. So I’m just kind of curious, you mentioned your strategy around providing value to the consumer. How do you balance that strategy of value versus a premium offering in this context? And how do you think about that in terms of your marketing strategy going forward?
Elizabeth Williams: Right. So we really believe that you’ve got to have everyday value across the menu, first and foremost. So even some of those more expensive items I mentioned, like a Tostada Salad, the consumer has to really feel like they’re getting a wonderful, delicious, craveable and filling meal, even though it might be on the upper end of their price band. So that’s number one. But then in the sub-$10 price range, we’ve got to figure out how to continue to innovate there. And that’s exactly what we’re doing with our Burrito platform as an example. So we have in test right now some updated recipes with our — we’re known for great ingredients. We’re known for our delicious burritos, but putting a twist on some of those. We have those in tests at a couple of different price points. So it’s constantly looking at testing and learning so that we can launch those later this year.
Vincent Sengelmann: Awesome. Thank you.
Operator: Thank you. Ladies and gentlemen, we have reached the end of today’s question-and-answer session. I would now like to turn the call back over to Liz Williams for closing remarks. Please go ahead.
Elizabeth Williams: Thank you. And I just want to thank everyone again for joining today and your interest in El Pollo Loco. We look forward to talking to you again next quarter. Have a wonderful evening.
Operator: Thank you. Ladies and gentlemen, that then concludes today’s conference. Thank you for joining us. You may now disconnect your lines.
