By Mark Kalinowski
Published on March 26, 2020 at 12:00 AM
We lower our worldwide aggregate same-store sales estimates for Yum Brands (YUM; Buy) as follows:
Q1E 2020: down by -8 percentage points to -8%
Q2E 2020: down by -23 percentage points to -23%
Q3E 2020: down by -15 percentage points to -13%
Q4E 2020: down by -7 percentage points to -5%
Full-year 2020E: down by -14 percentage points to -13%
Full-year 2021E: up by +5 percentage points to +7%
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By Mark Kalinowski
Published on March 5, 2020 at 12:00 AM
Earlier today, Starbucks (SBUX; Buy, $76.19) filed an 8-K which quantified some of the potential impacts on its business from coronavirus in China (a company-owned market for Starbucks). As a result, we lower our full-fiscal 2020E EPS estimate by -23 cents, to $2.80. And, given this lower base of anticipated earnings coming off of 2020, partially offset by 2021 potentially lapping some easy comparisons, we take down our full fiscal 2021E EPS forecast by -17 cents, to $3.25. We note the following:
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By Mark Kalinowski
Published on March 4, 2020 at 12:00 AM
Kalinowski Equity Research invites you to participate in our latest “Ask the Experts” conference call, to take place on Thursday, March 5th starting at 2:00 PM Eastern time. The featured speakers will be The Cheesecake Factory’s Executive Vice President and Chief Financial Officer (CFO) Matt Clark, and Senior Director, Investor Relations Stacy Feit.
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