Tuesday November 17, 2020, 00:00:00
By Mark Kalinowski
Based on our data-driven checks, we believe that same-store sales for U.S. chain restaurants in the casual dining, family dining, and fine dining segments are all showing sequential deceleration for the first half of November relative to fullOctober. This new trend follows 5-6 consecutive months of either sequentially improving full-service same-store sales (or at least not meaningfully deteriorating sequential same-store sales).
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Monday November 9, 2020, 00:00:00
By Mark Kalinowski
Earlier today, McDonald’s reported adjusted Q3 EPS of $2.22, ahead of our $1.92 forecast and sell-side consensus (according to Consensus Metrix) of $1.92. Currencies helped Q3 EPS by +3 cents. Factors that drive the EPS beat include: (1) better-than-expected company-level restaurant operating margins (17.9% actual vs. 15.8% projected), a favorable tax rate (20.5% actual vs. our 24.0% estimate), and (3) better-than-expected SG&A/Revenues (9.8% actual vs. our 10.4% forecast).
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Tuesday October 27, 2020, 00:00:00
By Mark Kalinowski
Today we publish part 2 of 2 of our proprietary McDonald’s Franchisee Survey. Much of this report focuses on the breakfast daypart, which has lagged behind in recovery over the last 3-5 months not just for McDonald’s, but for the restaurant industry in general.
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