2019 AUV Growth Bolsters EBITDAR $

  • The average 2019 EBITDAR margin for the $1B+ chains improved slightly to 18.8% (but remains near the 17 year low) due to slightly lower COGS and flat labor costs.
  • Healthy 2019 AUV growth (+2.2%) resulted in a higher average EBITDAR dollar amount for the 2nd year in a row (+2.5% to $386k). 2019 EBITDAR dollar value is 3% lower than the 2015 high and 13% higher than the 2008 low.
  • A key consideration is determining how long it will take to return to 2019 sales & profit levels with QSR obviously recovering much faster than FSR. The silver lining is that FSR will likely retain its newfound off-premise sales which should be incremental to an eventual dine-in recovery.
  • EBITDAR is before rent, financing and general & administrative (overhead) costs.