After today’s (Tuesday’s) market close, Starbucks reported fiscal second quarter (calendar first quarter) adjusted EPS of $0.74. This exceeded our $0.64 forecast and sell-side consensus (according to Consensus Metrix) of $0.65. Management attributes the EPS beat largely to a better-than-expected recovery in China.
After today’s (Tuesday’s) market close, Denny’s reported first-quarter adjusted EPS of $0.13. This matched our $0.13 projection, but was one cent short of sell-side consensus (according to Consensus Metrix) of $0.14.
Earlier today, Domino’s reported Q1 EPS of $2.93, above our $2.70 forecast and sell-side consensus (according to Consensus Metrix), which had ticked up to $2.71 in recent days. The EPS beat appears to have been driven primarily by better-than-expected same-store sales.
Black Box Intelligence released its latest monthly Black Box Index – an index which aggregates same-store sales for 175+ domestic restaurant concepts – after today’s market close. BlackBox notes that its data represents over 50,000 restaurant units, $75 billion in annual sales, and 300+ clients.
After today’s (Tuesday’s) market close, Chipotle Mexican Grill reported Q1 EPS of $10.50, coming in well above our $8.95 estimate, as well as sell-side consensus (according to Consensus Metrix) that had moved up to $8.95 in recent days.
Earlier this morning, McDonald’s reported its Q1 adjusted EPS amounted to $2.63, meaningfully above our $2.40 projection and sell-side consensus (according to Consensus Metrix) of $2.33. We calculate that the adjusted tax rate came to 19.4%, which was more favorable than our 21.0% estimate and consensus of 21.0%. By our math, the more favorable tax rate added about +5 cents to adjusted EPS, relative to our estimate.