Dashboard: July 2021
• Possible Pause from Astounding 2Q Sales Results
• Drive-Thrus Back in Favor
• FSR Feels Need to Discount More So Than QSR
• Food Inflation & Labor Shortages are a Thing
Category: Dashboard
Dashboard: June 2021
• Sales Recovery Getting Industry Back to 2019 Levels
• Lumber & Cheese Prices Tank Despite Broader Inflation
• Franchisee EBITDA Multiple Valuations on Track for Full Recovery
Dashboard: May 2021
• 2Q quarter to date sales momentum on a 2-yr. stacked basis looks strong as the vast majority of restaurants are now open for dine-in and capacity constraints diminish across the country.
• Commodity Inflation Aggravated by Act of Terror.
• More sellers are coming to market, driven by improving sales & profit and by the prospect of a significant increase in the capital gains tax.
Dashboard: Apr 2021
Preliminary 1Q:21 average comp growth of +9.7% for the $1B+ Chains (+7.5% 2-year stacked) is a testament to the industry’s tremendous resilience in the face of impossible circumstances. While easing restrictions and strong economy should help keep the sales momentum going, ramping commodity inflation and labor challenges represent significant headwinds.
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Dashboard: Mar 2021
• Strong April comp prospects reflect that RR’s Intent to Eat Out Index increased +17.4% y/y in March and an overlap over last year’s lockdown period will provide a favorable y/y comparison, especially for FSR.
• A +40% jump in the March BLS Foodstuffs index and sharply higher lumber prices could impact both COGS & development costs.
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