Sunday November 4, 2018, 00:00:00
By Mark Kalinowski
With this report, we update our data-driven Kalinowski Quick-Service Burger Index for Q4E from +2.0% to +1.6%. This 40 basis-point decrease is based on our latest proprietary checks/data as regards same-store sales performance for this segment during October. In the last eight months, October 2018 looks to have been the thirdweakest of these eight for the burger segment. We point out that we still have November and December to go as regards Q4 as a whole.
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Sunday October 28, 2018, 00:00:00
By Mark Kalinowski
Clients often ask us what the detailed income statement of a typical McDonald’s (MCD; Buy) franchisee looks like. What follows is our best efforts to put together a typical, detailed income statement for the “average” U.S. McDonald’s standard-size franchised store.
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Tuesday October 23, 2018, 00:00:00
By Mark Kalinowski
Earlier today, McDonald’s (MCD; Buy) reported Q3 EPS of $2.10, exceeding our $2.01 forecast and sell-side consensus of $1.99 (as measured by Consensus Metrix). Factors helping Q3 EPS included better-than-expected same-store sales in all four regions (U.S., International Lead Markets, High Growth Markets, and Foundational), better-than-expected SG&A/Revenues (9.6% actual vs. 10.3% projected), and a more favorable-than-projected tax rate (help of about $0.05). Given the Q3 outperformance of $0.09, our full-year 2018E EPS estimate goes up by $0.09, to $7.78.
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