By Mark Kalinowski
Published on May 16, 2019 at 12:00 AM
With this report, we increase our data-driven Kalinowski Quick-Service Other Index for Q2E by +30 basis points, to +2.6%. This figure is based on our latest proprietary checks/data as regards same-store sales performance for this segment during April 2019 and the beginning of May 2019.
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By Mark Kalinowski
Published on May 1, 2019 at 12:00 AM
Earlier today, Yum Brands (YUM; Buy) reported Q1 adjusted EPS of $0.82, surpassing our $0.72 forecast (which had incorporated an anticipated -$0.09 hit from markto-market of Yum’s investment in GrubHub [GRUB; Not Rated]) and the $0.81 consensus number (likely not apples-to-apples with our forecast). Yum notes that “We reflected the change in fair value of our investment in Grubhub by recording $20 million of pre-tax investment expense, resulting in a negative ($0.05) impact in EPS.”
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By Mark Kalinowski
Published on April 22, 2019 at 12:00 AM
Ahead of Yum Brands’ (YUM; Buy) first-quarter earnings release — scheduled for before the market open on Wednesday, May 1st — we look at a key positive and a key risk surrounding YUM. Most importantly on the positive side of the ledger, based on our data-driven checks, we raise our Q1 same-store sales forecast for Taco Bell by one percentage point, to +5%, as we believe that brand’s momentum, innovation, and differentiation continue to pay off. Promotions during various parts of the first quarter included Steak Rattlesnake Fries, the Steak Rattlesnake Burrito, the return of the Naked Chicken Chalupa, and the return of Nacho Fries. Our Q2E same-store sales forecast is also boosted by one percentage point, to +4%, and that is not a bestcase scenario if the second quarter trends well. We’ll see…
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