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

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%

DNKN (Post-Call) Not Spooked by a Favorable Q3 Tax Rate

By Mark Kalinowski Published on October 31, 2019 at 12:00 AM

Earlier today, Dunkin’ Brands Group (DNKN; Neutral) reported adjusted Q3 EPS of $0.90, surpassing our $0.81 forecast and sell-side consensus (according to Consensus Metrix) of $0.81. We attribute about $0.06-$0.07 of the EPS beat to a better-than-expected adjusted tax rate (21.9% actual vs. 27.7% forecasted and 27.8% consensus).

SBUX (Post-Call) S’More Traffic Gains Than Expected…Refreshing

By Mark Kalinowski Published on July 25, 2019 at 12:00 AM

After Thursday’s market close, Starbucks (SBUX; Buy) reported adjusted fiscal Q3 EPS of $0.78, surpassing our $0.73 forecast and sell-side consensus (according to Consensus Metrix) of $0.72. We attribute the earnings outperformance largely to better-than-expected same-store sales gains in the U.S. and in international markets.