1Q22 SAME STORE SALES REPORT

1Q22 same store sales for the $1B+ Chains increased +6.1% (+14.7% 3-yr stack) on slowing momentum (relative to +11.5% during 4Q21) with 7 of 30 chains reporting negative sales (compared to just 1 in 4Q21). With food-away-from-home CPI up +6.7% during the quarter, it is easy to see that comp growth is primarily attributable to menu price increases as opposed to traffic.

While consumers were fairly tolerant of these menu price hikes last quarter, many chains noted that inflation is impacting the lower income demo who are struggling with record high prices for necessities (particularly gas). Likely, it is only a matter of time before record inflation also impacts consumers with more means.

Notably, grocery store market share of total retail food sales declined -3.4% y/y to 47.7% in 1Q22 as the grocery store CPI exceeded the food away from home CPI for the 2nd consecutive quarter. This reinforces the idea that consumers are becoming increasingly price sensitive.

 

RR’s 1Q22 Same Store Sales Report provides annual data on 55 chains and quarterly data on 30 chains including same store sales, a 10-year same store sales index, 2021 systemwide sales and industry government data (food at home & food away from home sales, unit count data, CPI, GDP growth, gas prices, unemployment rate & disposable income).

View Sample Same Store Sales Report