8 unchanged sentences
Commodity Price Risks
−Removed: The Company's restaurant menus are highly dependent upon a few select commodities, including ground beef, poultry, potatoes, and restaurant supplies.
We purchase food, supplies and other commodities for use in our operations based on prices established with our suppliers.
Many of the commodities purchased by us are subject to volatility due to market supply and demand factors outside of our control, including the price of other commodities, weather, seasonality, production, trade policy, and other factors.
−Removed: During the COVID-19 pandemic, we experienced distribution disruptions, commodity cost inflation, and certain food and supply shortages.
To manage this risk in part, we enter into fixed-price purchase commitments for certain commodities.
−Removed: however, it may not be possible for us to enter into fixed-price purchase commitments for certain commodities, or we may choose not to enter into fixed-price contracts for certain commodities.
+Added: As of December 31, 2023, approximately 50% of our estimated annual food and beverage purchases were covered by fixed price contracts, most of which are scheduled to expire at various times through the end of 2027.
We believe that substantially all of our food and supplies meeting our specifications are available from alternate sources, which we have identified to diversify our supply chain to mitigate our overall commodity risk.
1 unchanged sentence
A 1.0% increase in food and beverage costs would negatively impact cost of sales by approximately $3.1 million on an annualized basis.
−Removed: Many of the food products we purchase are affected by changes in weather, production, availability, seasonality, and other factors outside our control.
−Removed: In an effort to mitigate some of this risk, we have entered into fixed price agreements on some of our food and beverage products, including certain proteins, produce, and cooking oil.
−Removed: As of December 25, 2022, approximately 49% of our estimated annual food and beverage purchases were covered by fixed price contracts, most of which are scheduled to expire at various times through the end of 2023.
−Removed: These contracts may exclude related expenses such as fuel surcharges and other fees.
−Removed: In addition, we believe that almost all of our food and supplies are available from several sources, which helps to reduce or mitigate these risks.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.