By Mark Kalinowski
Published on February 7, 2019 at 12:00 AM
Earlier today, Yum Brands (YUM; Buy) reported adjusted Q4 EPS of $0.40, which includes a -$0.41 impact from mark-to-market related to the company’s investment in GrubHub (GRUB; Not Rated). Even adding this $0.41 back, EPS would have been short of our $0.99 forecast and the sell-side consensus (according to Consensus Metrix) of $0.97 (more on this shortly).
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By Mark Kalinowski
Published on February 7, 2019 at 12:00 AM
Earlier this morning, Dunkin’ Brands Group (DNKN; Buy) reported adjusted Q4 2018 EPS of $0.68, ahead of our $0.62 forecast and sell-side consensus (according to Consensus Metrix) of $0.62. We attribute this in part to better-than-expected Occupancy Expenses-Franchised Restaurants/Franchise Fees and Royalty Income (4.7% actual vs. our 5.1% estimated) and Cost of Ice Cream and Other Products/ Sales of Ice Cream and Other Products (5.1% actual vs. 6.2% forecasted).
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By Mark Kalinowski
Published on January 28, 2019 at 12:00 AM
Following our data-driven checks regarding Applebee’s, we increase our Q4E 2018 same-store sales projection for that brand by +80 basis points, to a new “sell-side high” of +4.0%. We believe that Applebee’s — the nation’s largest casual dining concept, as measured by domestic systemwide sales — in particular enjoyed a solid December, during which time the Neighborhood Drink of the Month was the Dollar Jolly (lapping December 2017’s $1 Long Island Iced Teas), as well as a successful November (which featured $2 Bud Lights — Dilly! Dilly! — as compared to no nationwide drink special during November 2017; also, Bigger, Bolder Grill Combos were brought back as a featured promotion in mid-November 2018).
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