Michael Bailen: Yes. I mean, I think in the prepared remarks, we said we’re expecting about 4% benefit to EPS from the next few weeks and whether that’s 60 basis points or somewhere, it would obviously benefit some parts of margin, it’s going to benefit some items outside of margin, but we estimate about a 4% benefit to EPS.
Jake Bartlett: Great. Thank you very much.
Operator: Your next question comes from Brian Vaccaro with Raymond James. Please go ahead.
Brian Vaccaro: Hi, thanks, and good evening. Just regarding the commodity outlook, I’m curious to just get your perspective on the supply and demand dynamics in the beef market, just what you might be hearing that’s driving the near-term favorability, and then kind of what informs your view that beef cost could move higher later in the year? And then, is there anything worth noting on the non-beef side? And, you kind of maybe level set what level of inflation you’re expecting on that other 50% of your basket?
Michael Bailen: Hey, Brian, it’s Michael. Maybe I’ll do the easier part first. Another half of the basket, flat-to-deflationary really nothing to call out or speak of there. And similar, it’s really continued to perform as we would expect it, so being items being flat-to-deflationary and offsetting, a little bit of the beef inflation. The supply has been a little bit better than industry-wide than what was anticipated. So, that certainly, helped beef in the first part of the year, and what we think will continue to help over the next several months. And, then the retail demand has been probably a little bit weaker or what they’ve been marketing has probably led to a benefit for us. So, I think we’ve seen less marketing of ribeyes and maybe more marketing of strips by the grocery stores and obviously ribeye is a more important item for us.
So, things like that have led to some of that benefit that we’ve seen. And, our expectation is that, things are going to catch up and that supply tightening will have a bigger financial impact on us in the industry as we move into the back-half of the year.
Brian Vaccaro: All right. Thank you for that. And then, just one quick follow-up on Bubba’s if I could. Now, I understand the strong sales that you’re seeing, and I think store margins, at least in 2023, were a little bit below 14%, if my notes are right. I guess I’m just curious, where would you like to see that over time as part of your unit economic model? And, then what’s the path towards driving higher margins at the Bubba’s brand? Thanks very much.
Michael Bailen: Yes. Bubba’s has actually seen quite a bit of improvement early this year, and I think you’ll see that in some of our documents that will get filed in the coming days. So, I think a margin again in that 17% to 18% range for above is kind of what we’re looking for just like what we’re looking for on the Roadhouse side. And again, that Bubba’s team has been working hard and has made great strides and I think you’re going to see the fruit of that labor coming through here.
Christopher Monroe: Yes. And, I’ll just add to that. What you’re seeing is, and we’re recognizing it here today with Vanessa here with us, but you have, local Bubba’s that are doing fantastic work and with their local store marketing, and in places like Albuquerque and others, where the sales are growing. And, that’s really what it’s going to take. And again, to Michael’s earlier point, there’s only 45 Bubba’s out there, and they’re working really hard on expanding their sales. And, now that’s beginning to come through. And, I think that Michael’s comment about the 17% to 18% makes a lot of sense.
Brian Vaccaro: Very helpful. Thank you.
Operator: Seeing no further questions at this time, I will now turn the call back to, Jerry Morgan for any closing remarks.
Gerald L. Morgan: I just wanted to close and say thank you all very much for your support and time. And, I know here in our hometown of Louisville, Kentucky, hosting the Kentucky Derby, it’s going to be a fantastic weekend. Hope you all have a great one. Let’s go.
Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.
