WEN (Post-Call) The Calm Before the Breakfast Storm

By Mark Kalinowski Published on November 6, 2019 at 12:00 AM

Earlier today, Wendy’s (WEN; Buy) reported adjusted Q3 EPS of $0.19, coming in ahead of our $0.15 forecast and sell-side consensus (according to Consensus Metrix) of $0.15. We attribute the earnings beat to two main factors: (1) better-thanexpected success of Spicy Chicken Nuggets, which drove Q3 same-store sales up by +4.4%, the third-best quarterly showing this decade, and (2) a more favorable-thanexpected adjusted tax rate.

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) +6% U.S. Comps & No Spicy Chicken Sandwich Inconceivable

By Mark Kalinowski Published on October 30, 2019 at 12:00 AM

After today’s market close, Starbucks (SBUX; Buy) reported fiscal Q4 adjusted EPS of $0.70, matching our $0.70 forecast and sell-side consensus (according to Consensus Metrix) of $0.70.