By Mark Kalinowski
Published on December 11, 2023 at 7:00 AM
Based on what we believe have been softer-than-expected U.S. same-store sales trends so far in fiscal Q1 2024 (calendar Q1 2023), we reduce our fiscal Q1E North American same-store sales forecast by -2 percentage points, to +5%. As of this writing, sell-side consensus (according to Consensus Metrix) is at +6.7%, although keep in mind that Starbucks does not report out its same-store sales numbers past the decimal point.
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By Mark Kalinowski
Published on December 7, 2023 at 12:01 PM
Earlier today, Domino’s hosted an Analyst Meeting in Ann Arbor, Michigan that was well-received. Shares of DPZ are up by about +2.5% intraday, as of this writing. Positives include improved (positive) U.S. delivery same-store sales so far in Q4, a 2024-28 annualized target of +3% or greater U.S. same-store sales growth (and management noting it anticipates being above the +3% mark specifically in 2024), and long-term store targets of 8,500+ for the U.S. and 40,000+ for international. Risks include operating margins that the company anticipates will be about flat next year versus 2023 levels.
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By Mark Kalinowski
Published on December 6, 2023 at 4:26 PM
McDonald’s hostied an Analyst Meeting in Chicago today. On the whole, we view the contents favorably (e.g., new unit growth targets above consensus, a greater emphasis on chicken, and digital investments that should continue to pay off nicely). The related press release that McDonald’s issued can be viewed at:
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