Today we publish part 2 of 2 of the October 2021 edition of our proprietary McDonald’s Franchisee Survey. Much of this report focuses on how sales are going at present for the new-and-improved chicken sandwiches that McDonald’s launched in mid-Q1. Back in April 2021, during that iteration of our McDonald’s Franchisee Survey, we asked our franchisee respondents how many of the new-and-improved chicken sandwiches they were selling daily at their restaurants. At that time —
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McDonald’s plans to release its Q3 earnings before the market open on Wednesday, October 27th. For Q3E, we retain our existing McDonald’s U.S. same-store sales forecast of +8.5%. According to Consensus Metrix data (as of this writing), sell-side consensus is at +8.2%. Our Q3E EPS estimate remains at $2.43. This is below consensus of $2.47, reflecting what we believe to have been sales challenges in China, rising commodity costs, and challenging wage inflation (in an
We continue to look for the U.S. restaurant industry to win back additional market share over the next 12-18 months. Indeed, it’s looking much more likely that it’s just a matter of time that the market share for restaurants (versus grocery stores) will exceed the pre-pandemic market share it had of Americans’ food & beverage dollars. In addition, keep in mind that large restaurant concepts — and larger concepts tend to be the publicly-traded ones