After today’s (Wednesday’s) market close, The Cheesecake Factory reported adjusted first-quarter EPS of $0.61. This was one cent better than our $0.60 projection, and two cents better than sell-side consensus (according to Consensus Metrix) of $0.59.
Earlier today, Wendy’s reported first-quarter adjusted EPS of $0.21. This matched our $0.21 forecast, and is one cent above sell-side consensus (according to Consensus Metrix) of $0.20. First-quarter adjusted EBITDA amounted to $125.6 million. This was above our $122.9 million estimate and consensus of $121.6 million.
The latest Consumer Price Index (CPI) data shows that prices for food-at-home (grocery stores and supermarkets) rose by +7.1% in April (sequentially down by -130 basis points from March’s +8.4%). This +7.1% number compares with price for food-away-from-home (restaurants) that increased by +8.6% year-over-year in April (sequentially down by -20 basis points from March’s +8.8%). This marks the second month in which restaurant pricing is outpacing grocery/supermarket pricing since late 2021.
Earlier today, Papa Johns reported that its first-quarter adjusted EPS came to $0.68, above our $0.63 forecast and sell-side consensus (according to Consensus Metrix) of $0.67. We attribute the Q1 EPS beat relative to our forecasts due to better-than-projected Q1 margins at company-owned units (helped by company-owned same-store sales rising by +3.4%, better than our +0.5% estimate and consensus of +0.4%), and also in the domestic commissary business.
Earlier today, Dine Brands reported adjusted first-quarter EPS of $1.97. This was quite a bit better than our $1.67 projection and sell-side consensus (according to Consensus Metrix) of $1.69. First-quarter adjusted EBITDA amounted to $66.4 million, which was higher than consensus of $60.8 million.
Earlier today, Yum Brands reported first-quarter adjusted EPS of $1.06. However, this includes a -7 cent hit from “unrealized investment losses.” Excluding these investment losses, EPS would have been $1.13, closer to our $1.15 forecast, and matching sell-side consensus (according to Consensus Metrix) of $1.13.