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 26, 2020 at 12:00 AM
We lower our U.S. same-store sales estimates for Wendy’s (WEN; Buy) as follows:
Q1E 2020: down by -4.8 percentage points to +0.2%
Q2E 2020: down by -22 percentage points to -15.0%
Q3E 2020: down by -11.5 percentage points to -5.0%
Q4E 2020: down by -7 percentage points to 0.0%
Full-year 2020E: down by -6.4 percentage points to -5.0%
Full-year 2021E: up by +5 percentage points to +8%
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By Mark Kalinowski
Published on February 6, 2020 at 12:00 AM
Earlier today, Yum Brands (YUM; Buy) reported adjusted Q4 EPS of $1.00 — which included a -$0.05 hit related to the mark-to-market adjustment for Yum’s investment in Grubhub (GRUB; Not Rated). Excluding this GRUB-related adjustment, adjusted EPS would have been $1.05 — still short of our $1.14 forecast and $1.13 sell-side consensus (according to Consensus Metrix).
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