The guidance of comp store sales up low to mid single digits was the big disappointment. Consensus was looking for comp store sales guidance around 8%. Management did mention a possible targeted beef product price increase in the second half which could goose comp store sales by 1.5%, but management will make the final decision on that at the end of Q2.
I actually like what management is doing here. They are guiding conservatively. Nobody ever got fired for setting the bar low. The analysts on the call got their feathers ruffled, because don't like to be told that management does not make menu price decisions based on the stock price. These guys have proven themselves to be top notch operators. Why would you question them now? The stock is a bit pricey at 38x forward earnings, but it is a quality growth stock, so it won't ever be cheap.