By Mark Kalinowski
Published on April 7, 2020 at 12:00 AM
We lower our U.S. systemwide same-store sales estimates for Denny’s (DENN; Buy) as follows:
Q1E 2020: down by -10.0 percentage points to -8.0%
Q2E 2020: down by -61.0 percentage points to -60.0%
Q3E 2020: down by -31.5 percentage points to -30.0%
Q4E 2020: down by -11.5 percentage points to -10.0%
Full-year 2020E: down by -28.5 percentage points to -27.5%
Full-year 2021E: up by +11.0 percentage points to +12.5%
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By Mark Kalinowski
Published on April 2, 2020 at 12:00 AM
We lower our U.S. (and Americas, of which the U.S. makes up the vast majority) samestore sales estimates for Starbucks (SBUX; Buy) as follows:
Fiscal Q1A 2020: already reported at +6%
Fiscal Q2E 2020: down by -10 percentage points to -5%
Fiscal Q3E 2020: down by -32 percentage points to -30%
Fiscal Q4E 2020: down by -12 percentage points to -10%
Fiscal full-year 2020E: down by -14 percentage points to -10%
Fiscal full-year 2021E: up by +7 percentage points to +10%
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By Mark Kalinowski
Published on March 31, 2020 at 12:00 AM
We adjust our North America blended (company-owned and franchised combined) same-store sales estimates for Papa John’s (PZZA; Buy) as follows:
Q1E 2020: up by +130 basis points to an actual of +5.3%
Q2E 2020: down by -30 basis points to +3.7%
Q3E 2020: down by -10 basis points to +2.9%
Q4E 2020: stays at +2.5%
Full-year 2020E: up by +20 basis points to +3.6%
Full-year 2021E: up by +40 basis points to +3.0%
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