SBUX (Post-Call) Fiscal Q1 U.S. Same-Store Sales +$% an Encouraging Sign

By Mark Kalinowski Published on January 24, 2019 at 12:00 AM

After today’s market close, Starbucks (SBUX; Neutral) reported adjusted fiscal Q1 2019 (calendar Q4 2018) EPS of $0.75, exceeding our $0.66 forecast and sell-side consensus (as measured by Consensus Metrix) of $0.65. Starbucks notes that this $0.75 figure “included a $0.07 benefit from discrete income tax items,” suggesting the EPS beat excluding these tax items was $0.02 versus our forecast and $0.03 versus consensus.

Updating our Q4E Kalinowski Quick-Service Other Same-Store Sales Index 1.19

By Mark Kalinowski Published on January 23, 2019 at 12:00 AM

With this report, we update our data-driven Kalinowski Quick-Service Other Index for Q4E from +2.2% to +3.1%. This 90 basis-point increase is based on our latest proprietary checks/data as regards same-store sales performance for the second half of November and all of December.

DPZ A Look at Domino’s China from ICR Conference 2019

By Mark Kalinowski Published on January 16, 2019 at 12:00 AM

Today, we attended the ICR Conference 2019 presentation by privately-held Dash Brands, the partner for Domino’s (DPZ; Buy) in China, having acquired Domino’s China back in January 2011. The presenter for Dash Brands was Domino’s China CEO Aileen Wang, whose background includes past experience with McKinsey North America and McDonald’s (MCD; Buy) China. She has been Domino’s China’s CEO for the last year-and-a-half.