Recent Posts

WEN (Post-Call): Q3 U.S. Same-Store Sales Fall Short of Expectations

Earlier today, Wendy’s reported Q3 adjusted EPS of $0.19, coming in one cent above our $0.18 forecast and sell-side consensus (according to Consensus Metrix) of $0.18. Third-quarter adjusted EBITDA amounted to $122.2 million, close to consensus of $122.9 million. Closely-watched U.S. same-store sales rose by only +2.1% in Q3. This was underneath our +4.1% estimate and consensus of +4.1% (which had come down in recent weeks from the +4.5% level). On a two-year basis, Wendy’s […]

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9:44 AM

WEN: Breakfast and “… Because That’s Where the Market Share is.”

Bank robber Willie Sutton reportedly replied — when asked why he robbed banks — “Because that’s where the money is.” Similarly, why is Wendy’s taking aim at privately-held Dunkin’ in its efforts to build its breakfast business? Because that’s where the market share is. In November 2019, we published a report entitled “WEN: What Concepts Might Wendy’s Take Breakfast Share from in 2020?” As part of that report, we noted how of the top 50 […]

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7:00 AM

WEN (Post-Call): A “Cheddar”-Than-Expected Q2 and Outlook

Earlier today, Wendy’s reported adjusted Q2 EPS of $0.27, coming in well ahead of our $0.18 forecast and sell-side consensus (according to Consensus Metrix) of $0.18. Second-quarter adjusted EBITDA amounted to $131.1 million, above our $115.9 million projection and consensus of $114.2 million. Closely-watched U.S. same-store sales rose by +16.1% in Q2, above our +14.5% estimate and consensus of +14.1%. We calculate that on a two-year basis, Wendy’s Q2 same-store sales increased by +11.7% — […]

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9:39 AM

WEN: Raising our Q1E U.S. Same-Store Sales Forecast to the Sell-Side High

With this report, we increase our Q1E U.S. same-store sales forecast for Wendy’s by +150 basis points, to +11.5%. According to Consensus Metrix data, this becomes the new “high on the sell-side forecast.” Sell-side consensus is presently at +10.0%. On its March 3rd conference call, Wendy’s stated that “Through the week ended February 21, our U.S. same-store sales were up by approximately 6% on a one-year basis, and almost 10% on a two-year basis, despite […]

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4:54 PM

WEN (Post-Call): Expects Q1 U.S. Same-Store Sales to Rise by About +10%

Earlier today, Wendy’s reported Q4 2020 adjusted EPS of $0.17. While this was one cent better than our $0.16 forecast, it still came in one cent below sell-side consensus (according to Consensus Metrix) of $0.18. Wendy’s indicates that the EPS number was ahead of its internal plan. Q4 2020 U.S. same-store sales rose by +5.5%, a little less than our +6.3% projection and consensus of +6.2%. Wendy’s indicates that Q1-to-date through February 21st, U.S. same-store […]

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5:40 PM

WEN: How Does Wendy’s Stock Trade Heading Into, and During, Earnings?

Wendy’s plans to release its Q4 2020 earnings before the market open on Wednesday, March 3rd. How do WEN shares tend to trade heading into earnings, and on the day of an earnings release? To answer those questions, we compiled data for the 23 prior earnings releases from Wendy’s, examining the stock’s absolute performance, and performance relative to the S&P 500, for two time periods: (1) the week ahead of the scheduled earnings release, and […]

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4:47 PM

WEN: The Groundhog Sees… Us Updating Our Wendy’s Forecasts

With this note, we raise our full-Q1E Wendy’s U.S. same-store sales forecast by +300 basis points, to +10.0%. According to Consensus Metrix, sell-side consensus for Q1E as of this writing is at +7.3%. Our updated projection is based upon: (1) our data-driven checks for January, which suggest high-single digit U.S. same-store sales (and an outside shot at a low double-digit number), (2) more confidence in the quick-service burger segment, helped in part by a positive […]

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3:05 PM

Updating our Q4E Kalinowski Quick-Service Burger Same-Store Sales Index

With this report, we update our data-driven Kalinowski Quick-Service Burger Index for Q4E to +4.5%. This figure is based on our latest proprietary checks/data as regards same-store sales performance for this segment during October, November, and December. While we believe that sector same-store sales were fairly similar in each of these three months, it appears that November was the best of the three, and December the worst of the three, although all three ended up […]

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12:00 AM

WEN Conf. Call Showcases a Nimble Wendy’s in a Rapidly-Changing Environment

Earlier this week, Kalinowski Equity Research hosted its latest “Ask the Experts” conference call — this time around, featuring Wendy’s. The call included multiple participants from Wendy’s, including CFO Gunther Plosch and Greg Lemenchick, Senior Director – Investor Relations and Corporate FP&A. We thank them for their time! We maintain our Buy rating on Wendy’s (WEN; Buy, $22.78) and note the following from our conference call: * Regarding the efforts by privately-held NPC International to […]

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12:00 AM

Restaurants Full-Service Same-Store Sales Decelerating So Far in November

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). For U.S. chain casual dining, first half of November same-store sales appear to be […]

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12:00 AM

WEN Conference Call TODAY Featuring Wendy’s

Kalinowski Equity Research invites you to participate in our latest “Ask the Experts” conference call, to take place today — Monday, November 16th — starting at 1:00 PM Eastern time. The featured speakers will be Wendy’s CFO Gunther Plosch; and Greg Lemenchick, Senior Director – Investor Relations and Corporate FP&A. If you are interested in joining today’s call, please e-mail caroline@analysthub.com or your sales contact. Read the Full Report

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12:00 AM

WEN (Post-Call) Fundamentally Solid Conf Call Featuring Wendy’s on on Nov. 16th

Earlier today, Wendy’s reported Q3 adjusted EPS of $0.19, which exceeded our $0.16 forecast and sell-side consensus (according to Consensus Metrix) of $0.17. Drivers of the outperformance included better-than-expected restaurant-level margins (16.9% actual vs. our 15.3% projection and consensus at 15.6%) and G&A/ Revenues (10.5% actual vs. our 11.1% forecast and consensus at 11.0%). Thirdquarter adjusted EBITDA reached $118.8 million, above our $108.8 million estimate and also above consensus of $112.0 million. These results are […]

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12:00 AM

WEN Is Wendy’s Overtaking Burger King as the #2 U.S. Burger Concept

Based on our math, it looks like Wendy’s is in the process of decisively overtaking Burger King (owned by Restaurant Brands International [QSR; Not Rated]) as the 2nd-largest burger concept in the U.S., based on domestic systemwide sales. In full-year 2019, within the $88.2 billion limited-service burger category, Burger King ranked #2, while Wendy’s ranked #3, according to data from Technomic which was published this past May. According to Technomic data, during 2019 Burger King […]

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12:00 AM

Updating our Q3E Kalinowski Quick-Service Burger Same-Store Sales Index

With this report, we update our data-driven Kalinowski Quick-Service Burger Index for Q3E to +3.6%. This figure is based on our latest proprietary checks/data as regards same-store sales performance for this segment during July 2020 and August 2020, as well as our best guess for what September 2020 is bringing us. The approximate monthly figures we use are +2% to +3% for July 2020, +3% to +4% for August 2020, and approximately +6% for September […]

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12:00 AM

WEN “Ask the Experts” Call Series Wendy’s

Kalinowski Equity Research invites you to participate in our latest “Ask the Experts” conference call, to take place on Monday, November 16th starting at 1:00 PM Eastern time. The featured speakers will be Wendy’s CFO Gunther Plosch; and Greg Lemenchick, Senior Director – Investor Relations and Corporate FP&A. If you are interested in joining the call, please e-mail caroline@analysthub.com or your sales contact. Read the Full Report

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12:00 AM

WEN Adjusting EPS Estimates for Incremental Breakfast Marketing Spend

FYI, this note is best read with the Wendy’s (WEN; Buy, $22.39) report we published earlier today, entitled “WEN: It is Called the “Most Important Meal of the Day,” After All…” With this note, we lower our Q3E and Q4E EPS estimates by -2 cents each, to $0.15 and $0.15, to take into account an approximate $6.5 million per quarter in incremental breakfast marketing spend. This takes down our full-year 2020E EPS forecast by -4 […]

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12:00 AM

WEN (Post-Call) It is Called the Most Important Meal of the Day, After All…

Earlier today, Wendy’s (WEN; Buy, $23.81) reported adjusted EPS of $0.12, matching our recently-raised $0.12 forecast, and coming in one cent above sell-side consensus (according to Consensus Metrix) of $0.11. Although company-operated restaurantlevel margins in Q2 at 14.4% were down year-over-year, they still amounted to a figure above our 12.0% projection and consensus of 11.3%. Wendy’s cites “a higher average check, labor efficiencies, and other dining room closure related efficiencies” as positive factors. Management also […]

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12:00 AM

WEN Changing Our Rating on Wendy’s to…

With this report, we upgrade the shares of Wendy’s (WEN) to Buy (from Neutral). The reasons for our upgrade include: (1) U.S. same-store sales trends that look better than the Street may expect (particularly for July, which may have positive implications for momentum for Q3 as a whole), (2) the possibility that the 5% or so of the Wendy’s worldwide store base that is company-owned produced higher-thananticipated restaurant-level margins in Q2 (and if so, what […]

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12:00 AM

WEN We Look for Wendy’s to Launch the Following in the Near Future…

The Wendy’s Rewards loyalty program isn’t the only initiative Wendy’s (WEN; Neutral, $21.43) has on tap for the near future. We look for Wendy U.S. to launch a Pretzel Pub Burger, a Pretzel Pub Chicken Sandwich, and Pretzel Pub Fries — likely fairly soon, and nationwide. After an approximate five-year hiatus from when it last sold the Pretzel Bacon Cheeseburger and the Pretzel Pub Chicken Sandwich, Wendy’s likely has some pent-up demand amongst its guests […]

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12:00 AM

WEN A Look at Potential Details for Wendy’s Upcoming Loyalty Program

Wendy’s (WEN; Neutral, $21.66) is getting closer than ever to launching its loyalty program — apparently to be called “Wendy’s Rewards” — for U.S. guests. On Wendy’s May 6th conference call, CEO Todd Penegor stated that “As we have stressed before, frequency remains an opportunity for us. And it will be more important than ever, as normal routines resume in the months to come. We will be looking to our loyalty program to help us […]

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12:00 AM

WEN Beefing Up Some Estimates

After today’s market close, Wendy’s (WEN; Neutral, $22.65) published a business update, including a -1.9% U.S. same-store sales number for May 4-31, and noting that global same-store sales “for the last week of May turned positive in the low-single digit range.” This strongly suggests that U.S. same-store sales were positive the last week of May, as U.S. same-store sales have been running ahead of global same-store sales by roughly 130-140 basis points as of late. […]

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12:00 AM

WEN Updating Our Rating on Wendy’s

With this report, we change our rating on the shares of Wendy’s (WEN) to Neutral (from Buy). Our ratings change largely reflects two factors: (1) a possible slowdown in U.S. same-store sales momentum given recent media attention about alleged beef shortages at Wendy’s, and (2) the stock’s rise from $7.47 as of the March 13th market close to $20.78 as of yesterday’s (May 13th’s) market close. Shares of WEN have also outperformed the S&P 500 […]

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12:00 AM

WEN (Post-Call) U.S. Same-Store Sales Recovering More Quickly than Expected

Earlier today, Wendy’s (WEN; Buy, $20.07) reported Q1 adjusted EPS of $0.09, ahead of our $0.07 forecast, and in line with sell-side consensus (according to Consensus Metrix) of $0.09. First-quarter adjusted EBITDA of $89.3 million matched consensus. While U.S. same-store sales were flat at 0.0% (vs. our +0.2% forecast and consensus at +0.9%), the market reacts favorably today to improvements in week-by-week same-store sales trends during April and very early May. Domestic same-store sales for […]

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12:00 AM

WEN Updating Our Same-Store Sales and EPS Estimates for 2020E & 2021E

We lower our U.S. same-store sales estimates for Wendy’s (WEN; Buy) as follows: Q1E 2020: down by -4.8 percentage points to +0.2% Q2E 2020: down by -22 percentage points to -15.0% Q3E 2020: down by -11.5 percentage points to -5.0% Q4E 2020: down by -7 percentage points to 0.0% Full-year 2020E: down by -6.4 percentage points to -5.0% Full-year 2021E: up by +5 percentage points to +8% Read the Full Report

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12:00 AM

WEN (Post-Call) Good Sales Momentum as Official Breakfast Launch Approaches

Earlier today, Wendy’s (WEN; Buy, $22.49) reported Q4 2019 adjusted EPS of $0.08. Although this was short of our $0.10 forecast, it did match sell-side consensus (according to Consensus Metrix) of $0.08. For full-year 2020, Wendy’s targets adjusted EPS of $0.60-$0.62 — below current consensus of $0.64. We move down our full-year 2020E EPS projection by -3 cents, to $0.62. (We calculate that a higher year-over-year tax rate will cost Wendy’s about -2 cents in […]

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12:00 AM

WEN A Closer Look at Wendy’s Latest Test Menu Item

We recently sampled Wendy’s (WEN; Buy) PBC (Plant-Based Chicken sandwich), that was tested in some (but not all) restaurants in the Orlando market in very late December and early-to-mid January. We maintain our Buy rating on WEN, and briefly note some of our observations: * Wendy’s nationwide breakfast launch planned for Q1 2020 may not be the only large menu initiative Wendy’s is planning for this year. We could see Wendy’s U.S. make moves on […]

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12:00 AM

WEN What Concepts Might Wendy’s Take Breakfast Share from in 2020

With Wendy’s (WEN; Buy) planning to launch a nationwide breakfast business in Q1 2020, and aiming to generate $1 billion in annualized sales from this initiative fairly quickly, we thought it might be wise to examine exactly which restaurant concepts out there might be most at risk from share loss from Wendy’s breakfast launch — and to what (quantified) degree. In our view, the publicly-traded concepts most at risk include McDonald’s (MCD; Neutral), Burger King […]

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12:00 AM

WEN (Post-Call) The Calm Before the Breakfast Storm

Earlier today, Wendy’s (WEN; Buy) reported adjusted Q3 EPS of $0.19, coming in ahead of our $0.15 forecast and sell-side consensus (according to Consensus Metrix) of $0.15. We attribute the earnings beat to two main factors: (1) better-thanexpected success of Spicy Chicken Nuggets, which drove Q3 same-store sales up by +4.4%, the third-best quarterly showing this decade, and (2) a more favorable-thanexpected adjusted tax rate. Wendy’s updates its adjusted EPS growth target for full-year 2019 […]

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12:00 AM

WEN A Bold Vision from Wendy’s at its Analyst Meeting

Earlier today, Wendy’s (WEN; Buy) hosted an Analyst Meeting. Shares are reacting positively to the news intraday, although there’s a lot of unpack, so let’s get to it. We maintain our Buy rating on WEN, and note the following: * Wendy’s targets adjusted EBITDA of $405-$415 million for 2019 and $425-$435 million for 2020. Our forecasts for adjusted EBITDA for 2019E and 2020E go to $411 million and $432 million respectively (from $410 million and […]

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12:00 AM

WEN Updating Forecasts on Planned 2020 Nationwide Breakfast Launch

After today’s (Monday’s) market close, Wendy’s (WEN; Buy) announced it plans to launch breakfast nationwide during 2020 — and that as part of this, it’s lowering its financial targets for 2019, and removing its financial targets for 2020. The shares are down in after-market trading by about -5% as of this writing. The adjusted EPS growth outlook for 2019E is now -3.5% to -6.5% (previously +3.5% to +7.0%), with Wendy’s “expect[ing] to make one-time upfront […]

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12:00 AM

WEN A Spicy Ratings Change for Wendy’s

With this report, we upgrade the shares of Wendy’s (WEN) to Buy from Neutral. We believe that August 2019 same-store sales for Wendy’s were easily the best such month for the concept so far this year, with the return of Spicy Chicken Nuggets proving to be a large — maybe even massive — hit with guests. In fact, we believe that August 2019 was perhaps the best or second-best month for Wendy’s samestore sales so […]

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12:00 AM

WEN (Post-Call) Easier Same-Store Sales Comparisons to be Lapped in 2H

Earlier today, Wendy’s (WEN; Neutral) reported second-quarter adjusted EPS of $0.18 — one cent above our $0.17 forecast and sell-side consensus (according to Consensus Metrix) of $0.17. We would note that D&A/Revenues came in at 7.2% actual vs. our 7.7% estimate, accounting for the $0.01 difference between the actual and our model. Given the one-cent EPS beat, we raise our full-year 2019E EPS estimate by one cent, to $0.64. (FYI, our full-year 2020E EPS forecast […]

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12:00 AM

WEN 2019 Franchise Disclosure Document Review for Wendys

Not too long ago, Wendy’s (WEN; Neutral) filed its 500+ page Franchise Disclosure Document (FDD) for 2019. In this report, we cite some of the highlights from that document following our review of it, including our review of it in comparison to last year’s Franchise Disclosure Document. For example, we note that the median U.S. company-owned restaurant generated $1,868,693 in revenue last year (versus $1,830,565 in 2017), and that the median U.S. franchised restaurant generated […]

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12:00 AM

Updating our Q2E19 Kalinowski Quick-Service Burger Same-Store Sales Index

With this report, we increase our data-driven Kalinowski Quick-Service Burger Index for Q2E by +100 basis points to +3.3%. This figure is based on our latest proprietary checks/data as regards same-store sales performance for this segment during April 2019 and the beginning of May 2019. As we noted in our May 6th report “April Burger-Sector Sales Trends Compared to March…” we believe that April 2019 was the best month for U.S. quick-service burgersector same-store sales […]

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12:00 AM

WEN (Post-Call) A Biggie Bag of Q1 Earnings Upside

Earlier today, Wendy’s (WEN; Neutral) reported adjusted EPS of $0.14, surpassing our $0.11 estimate and sell-side consensus (according to Consensus Metrix) of $0.11. Relative to our model, outperformance came from: (1) better-than-expected G&A/Revenues (12.1% actual vs. 12.7% estimated), (2) better-than-expected Cost of Sales/Sales (85.0% actual vs. 85.8% forecasted), (3) lower-than-projected Interest Expense ($29.1 million actual vs. $30.1 million projected), and (4) a somewhat more favorable tax rate than anticipated (20.0% actual vs. 22.5% forecasted). These […]

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12:00 AM

Tidbits re WEN, Luckin Coffee, and Generation Z’s Favorite Restaurants

We briefly note the following tidbits regarding Wendy’s (WEN; Neutral), privately-held Luckin Coffee, and Generation Z’s favorite restaurant concepts: * WENDY’S. ChewBoom reports that it “has learned that Wendy’s could be dropping a new value menu called the Streetwise Menu any day now. The Streetwise Value Menu features select menu items and combos as a variety of value price points, including $1, Under $3, 4 for $4, and the $5 Biggie Bag which the chain […]

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12:00 AM

Tidbits re WEN, Taco Bell (owned by YUM), and Chick-Fil-a

We briefly note the following tidbits regarding Wendy’s (WEN; Neutral), Taco Bell (owned by Yum Brands [YUM; Buy]), and privately-held Chick-fil-A: * WENDY’S. We hear that Wendy’s is considering testing the Impossible Burger, described by its creator as “Love meat? Eat meat. Impossible delivers all the flavor, aroma and beefiness of meat from cows. But here’s the kicker: It’s just plants doing the Impossible.” Read the Full Report

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12:00 AM

Introducing our Q1E Kalinowski Quick-Service Burger Same-Store Sales Index

With this report, we introduce our data-driven Kalinowski Quick-Service Burger Index for Q1E of +2.5%. This figure is based on our latest proprietary checks/data as regards same-store sales performance for this segment during January 2019 and the first half of February 2019. January 2019 appears to have been strong, despite some weather issues toward the end of the month. In fact, January 2019 same-store sales for the burger sector may have been almost as good […]

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12:00 AM

WEN (Post-Call) 2019 Craves Some Digital Investments

Earlier today, Wendy’s (WEN; Neutral) reported Q4 2018 adjusted EPS of $0.16, one cent above our $0.15 forecast and the sell-side consensus (according to Consensus Metrix) of $0.15. Fourth-quarter adjusted EBITDA of $107.8 million was a little short of our $110.1 million projection and consensus of $108.4 million. Company-operated restaurant margins of 16.0% were short of our 17.5% forecast and consensus of 17.4%. During the fourth quarter, same-store sales in North America rose by +0.2%, […]

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12:00 AM

Restaurants The Set-Up into the Print re CAKE, WEN, DIN, DPZ, and PZZA

A number of restaurant companies are scheduled to report quarterly earnings over the February 20-26 time frame, including The Cheesecake Factory (CAKE; Neutral), Wendy’s (WEN; Neutral), Dine Brands (DIN; Buy), Domino’s (DPZ; Buy), and Papa John’s (PZZA; Neutral). In this report, we look at the set-up into the print for each of these five companies: * THE CHEESECAKE FACTORY. The Cheesecake Factory is scheduled to report its Q4 2018 earnings after the market close on […]

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12:00 AM

Modifying our Q4E Kalinowski Quick-Service Burger Same-Store Sales Index

With this report, we update our data-driven Kalinowski Quick-Service Burger Index for Q4E from +1.2% to +1.8%. Our key takeaway: we believe that U.S. quick-service burgers chains in aggregate enjoyed their best same-store sales month during December 2018 since February 2016. The 60 basis-point increase in this index of ours is based on our latest proprietary checks/data as regards same-store sales performance for this segment during the last half of November and all of December. […]

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12:00 AM

WEN Adjusting Estimates, and Dreaming of Ghirardelli Chocolate Sauce

Based on our data-driven checks regarding Wendy’s (WEN; Neutral) and the burger sector regarding December, we bump up our Q4E same-store sales forecast for Wendy’s North America by +50 basis points to +0.5%. While we still believe Wendy’s had a rough go of it in November (our Wendy’s checks for November 2018 were the worst of any month since those we did for February 2012), December appeared to be a meaningful bounce-back month sequentially — […]

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12:00 AM

Tidbits re MCD, Applebee’s (owned by DIN), and WEN

We briefly note the following tidbits regarding McDonald’s (MCD; Buy), Applebee’s (owned by Dine Brands [DIN; Buy]), and Wendy’s (WEN; Neutral): * McDONALD’S. Ad Age reports that “To borrow a line from McDonald’s, some U.S. franchisees just aren’t ‘lovin’ it’ when it comes to working with the chain’s media agency, OMD. The Omnicom Group shop won an account handling media buying across the U.S. for local co-operative groups of McDonald’s operators in 2017. OMD also […]

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12:00 AM

Updating our Q4E18 Kalinowski Quick-Service Burger Same-Store Sales Index 2

With this report, we update our data-driven Kalinowski Quick-Service Burger Index for Q4E from +1.6% to +1.2%. (This follows our November 4th adjustment from +2.0% to +1.6%.) Today’s 40 basis-point decrease is based on our latest proprietary checks/ data as regards same-store sales performance for this segment during November, which looks like it was one of the weaker months during 2018 for burger-segment same-store sales. In part, the adjustment also reflects the reduction in our […]

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12:00 AM

WEN Our Data-Driven Checks Regarding November Sales Suggest…

Our data-driven checks regarding Wendy’s (WEN; Neutral) suggest softness during November. As such, we lower our Q4E same-store sales for the Wendy’s North America system by 70 basis points to a new sell-side low (according to Consensus Metrix data) of 0.0%. Our checks for November 2018 were the worst for any month in our process since those we did for February 2012. While our 70 basis-point reduction in our Q4E same-store sales forecast is not […]

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12:00 AM

WEN (Post-Call) Turns Out Wendy’s Targets for 2020 Aren’t Frozen Either

Please note that this report is best read in conjunction with the report we published yesterday, “WEN (Pre-Call): Q3 Same-Store Sales a Little Frosty.” (One correction we’d like to make about that report: our Q3E same-store sales forecast for Wendy’s was actually +1.0%, not +1.5% — we had actually lowered our forecast to +1.0% in our October 4th report “WEN: Our Data-Driven Checks Regarding September Sales Suggest…” Note that this does not change the Kalinowski […]

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12:00 AM

WEN (Pre-Call) Q3 Same-Store Sales a Little Frosty

After today’s market close, Wendy’s (WEN; Neutral) reported adjusted Q3 EPS of $0.17, above our $0.15 forecast and the sell-side consensus (as measured by Consensus Metrix) of $0.15. We attribute the EPS beat to a lower-than-expected adjusted tax rate (15.0% vs. our 24.0% forecast and consensus of 23.7%). That said, WEN shares are down in after-market trading by approximately -5% as of this writing, as Q3 North American systemwide same-store sales declined by -0.2%. This […]

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12:00 AM

Updating our Q4E18 Kalinowski Quick-Service Burger Same-Store Sales Index

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 […]

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12:00 AM
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