“One of Wall Street’s Top Analysts” – CNBC

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“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”

-Huffington Post


“The Burger King with accurate predictions… The Big Mac of predicting the company’s [McDonald’s] sales.”

-The Wall Street Journal


Lead Analyst:


Mark Kalinowski

Kalinowski Equity Research LLC provides its clients with value-added, forward-looking information that helps them make informed decisions about restaurant-stock investing.

Restaurant Industry
Mark Kalinowski

Quick-Service/Fast-Casual: Burger Sector Avg. Check Re-Accelerates in November

November 2021 was the 8th full month in the U.S. to lap a year-ago month that was affected by the pandemic and related issues. How is average check changing in the U.S. quick-service and fast-casual segments given these recent dynamics? Our bottom line: average check is holding in better than expected for fast-casual and quick-service (and particularly so for the quick-service burger segment). To the extent two-year trends in average check don’t deteriorate all that

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Papa John's International, Inc. (PZZA)
Mark Kalinowski

PZZA: Papa Johns Latest Test Menu Item Appears in Multiple States

Papa Johns latest test menu item has appeared in multiple states. Under Rob Lynch — named CEO of Papa Johns in late August 2019 — menu innovation has been much greater, with Epic Stuffed Crust Pizzas and Papadias examples of that. Looking ahead, will most of Papa Johns forthcoming U.S. menu innovation center around pizzas, or non-pizza menu items? VP of Investor Relations & Strategy Steve Coke recently told us to “Expect a healthy blend of both.

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