Back on April 2nd, we published a Taco Bell-focused report looking at changes in menu prices for two different combos sold at 25 of its restaurants in California over the 2/14/24-4/1/24 time frame:
Back on April 3rd, we published a report looking at changes in Burger King’s (owned by Restaurant Brands International [QSR; Not Rated]) menu prices for two different combos sold at 25 of its restaurants in California over the 2/15/24-4/2/24 time frame:
Back on April 3rd, we published a Wendy’s report looking at changes in menu prices for two different combos sold at 25 of its restaurants in California over the 2/12/24-4/2/24 time frame:
California raised its minimum wage for most quick-service/fast-casual employees to $20 per hour as of April 1, 2024. The bill containing this provision – AB1228 — was signed into law on September 28, 2023. As such, restaurant concepts had several months’ advance notice that per-hour labor costs would be going up meaningfully in this key state. To what extent, if any, did this affect unit-growth plans for California in 2024?
Recently, Domino’s, Pizza Hut (owned by Yum Brands [YUM; Neutral, $135.86]), and Papa Johns all reported their Q1 2024 U.S. same-store sales. In this report, we discuss how these same-store sales results — and potential results for full-year 2024 — relate to these three concepts’ average unit volumes (AUVs). We further discuss what this means for the companies, and their stocks.
McDonald’s, Wendy’s, and Burger King (owned by Restaurant Brands International [QSR; Not Rated]) each recently reported their Q1 2024 U.S. same-store sales. In this report, we discuss how these same-store sales results — and potential results for full-year 2024 — relate to these three concepts’ average unit volumes (AUVs). We further discuss what this means for the companies, and their stocks.