McDonald’s, Wendy’s, and Burger King (owned by Restaurant Brands International [QSR; Not Rated]) each recently reported their Q3 2022 U.S. same-store sales. In this report, we discuss how these same-store sales results — and potential results for full-year 2022 — relate to these three concepts’ average unit volumes (AUVs). We further discuss what this means for the companies, and their stocks.
“Mark Kalinowski has his finger on the pulse of the restaurant business like no other Wall Street analyst… he has broken more news about McDonald’s than the reporters assigned to the beat… Kalinowski rolls up his sleeves, dives in and brings important news to the surface for clients”
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Kalinowski Equity Research LLC provides its clients with value-added, forward-looking information that helps them make informed decisions about restaurant-stock investing.
Earlier today (Thursday, November 17th), we learned that the BlackBox Index of same-store sales for October 2022 — importantly, these data points are on a one-year basis — was up by +5.2%, with traffic off by -3.6%.
Data out today from the U.S. Census shows that restaurants’ market share (with grocery stores making up the other component) was 55.2% in October 2022. This is a year-over-year improvement of +140 basis points from the October 2021 number of 53.8%. In addition, the 55.2% figure sets a new all-time monthly high, surpassing the 55.1% number from September 2022.