By Mark Kalinowski
Published on August 6, 2019 at 12:00 AM
In our June 17th report “DPZ: 2019 Franchise Disclosure Document Review for Domino’s,” (see also our June 18th “DPZ: Clarification re: 2019 Franchise Disclosure Document Review for Domino’s”) we included tables showing average weekly unit sales and median weekly unit sales for franchised, company-owned, and combined Domino’s U.S. stores for 2013-17 because — as of June 17th — data in this respect for 2018 was not yet part of the Franchisee Disclosure Document (FDD). However, Domino’s recently updated its 2019 FDD, and now includes this information for 2018. As such, here is that information for 2014-18:
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By Mark Kalinowski
Published on July 15, 2019 at 12:00 AM
Not too long ago, the Taco Bell concept owned by Yum Brands (YUM; Buy) 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, based on data provided, our best guess is that during 2018 U.S. companyowned traditional Taco Bells generated average sales of $1,810,474 and median sales of $1,578,925. And, our best guess is that during 2018, U.S. (single-brand) franchised traditional Taco Bells generated average sales of $1,572,481 and median sales of $1,513,671. We maintain our Buy rating on YUM and note the following:
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By Mark Kalinowski
Published on July 9, 2019 at 12:00 AM
Not too long ago, McDonald’s (MCD; Buy) filed its 400+ 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, for the 11,761 domestic traditional McDonald’s restaurants that were open for at least one year as of December 31, 2018, their median sales volume was $2,764,000 during 2018, with approximately 58% of them attaining sales in excess of $2,600,000. This compares with the 12,169 domestic traditional McDonald’s restaurants that were open for at least one year as of December 31, 2017, and their median sales volume of $2,703,000 during 2017, with approximately 55% of them attaining sales in excess of $2,600,000. In addition, as of 12/31/18, McDonald’s anticipated opening about 50 new restaurants in the U.S. during 2019 (nearly all of them franchised), but closing approximately 105 restaurants in the U.S. during 2019. This anticipated net change of about -55 for 2019 compares with actual net changes of -117 for 2018, -124 for 2017, -98 for 2016, and -93 for 2015.
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