With this report, we update our data-driven Kalinowski Quick-Service Other Index for Q2E to +11.3%. This is the one-year figure, lapping the +1.5% number from Q2 2020. On a two-year basis, the Kalinowski Quick-Service Other Index for Q2E is at +13.0%. These numbers are based on our latest proprietary checks/data as regards same-store sales performance for this segment during April, May, and early June. As a reminder, we define “quick-service other” as all quick-service, excluding
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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.
With this report, we boost our Q2E same-store sales forecasts as follows: (1) for Taco Bell, up by +2 percentage points to +17% (according to Consensus Metrix, sell-side consensus is at +15.7%, although be aware that Yum Brands does not report its same-store sales out past the decimal point), and (2) for KFC U.S., up by +1 percentage point to +3% (consensus is at +2.5%). This better-than-expected sales momentum causes us to raise our full-year
In this report we examine the bull and bear cases regarding Papa John’s (PZZA; Buy, $101.83). While we maintain our Buy rating on PZZA — it continues to be our top small/mid-cap restaurant-stock pick — it is good for investors interested in PZZA to be aware of the bull and bear cases surrounding the stock, no matter what our rating on the shares is. Key parts of the bullish point of view are: (1) same-store