By Mark Kalinowski
Published on June 8, 2020 at 12:00 AM
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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By Mark Kalinowski
Published on May 27, 2020 at 12:00 AM
Earlier today, Papa John’s (PZZA; Buy, $76.32) reported that its North American same-store sales rose by a remarkable +33.5% for the April 27-May 24 timeframe. This comes on the heels of the previously-announced +26.9% for March 30-April 26, suggesting that Q2-to-date North American same-store sales are up by roughly +30% through May 24th. We raise our full-Q2E forecast by +900 basis points to +28.0%, which includes implied projections for May 25-June 28 of +20% for company-owned stores and +25% for franchised outlets.
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By Mark Kalinowski
Published on April 9, 2020 at 12:00 AM
With this report, we lower our full-fiscal 2020E EPS estimate for Starbucks (SBUX; Buy, $71.57) by -4 cents, to $1.91. (Our full-fiscal 2021E EPS estimate remains at $2.90.) The four-cent reduction in our fiscal 2020E EPS forecast reflects (1) Starbucks estimating that its adjusted EPS for fiscal Q2 (January-March) will be about $0.32 — we move up our fiscal Q2E projection by +1 cent to $0.32, and (2) lowering our fiscal Q3E EPS estimate by -5 cents, to $0.15.
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