We decided to examine the G&A expenses per restaurant for seven large-cap restaurant companies, looking at data both from a calendar 2022 perspective, and from an anticipated calendar 2023E perspective.

McDonald’s, Wendy’s, and Burger King (owned by Restaurant Brands International [QSR; Not Rated]) each recently reported their Q1 2023 U.S. same-store sales. In this report, we discuss how these same-store sales results — and potential results for full-year 2023 — relate to these three concepts’ average unit volumes (AUVs). We further discuss what this means for the companies, and their stocks.

Recently, Domino’s, Pizza Hut (owned by Yum Brands [YUM; Neutral, $131.45]), and Papa Johns all reported their Q1 2023 U.S. same-store sales. In this report, we discuss how these same-store sales results — and potential results for full-year 2023 — relate to these three concepts’ average unit volumes (AUVs). We further discuss what this means for the companies, and their stocks.