By Ryan D. Lavender
Published on February 22, 2021 at 4:41 PM
Dine Brands plans to release its Q4 2020 earnings before the market open on Tuesday, March 2nd. As regards Q4E, we retain our IHOP U.S. same-store sales forecast of -30.0%, but we reduce our Applebee’s U.S. same-store sales projection by -200 basis points, to -7.5%. Dine Brands has previously announced that for the first four weeks of Q4E, IHOP’s same-store sales declined by -24.0%, while Applebee’s same-store sales decreased by -1.9%. Our updated Q4E projections incorporate implicit same-store sales assumptions for the remaining weeks of that quarter of -10% (or so) for Applebee’s and -33% (or so) for IHOP. As a result of all this, our Q4E EPS projection goes down by -2 cents, to $0.68. Our full-year 2020E EPS estimate also goes down by -2 cents (to $2.06).
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By Ryan D. Lavender
Published on January 28, 2021 at 4:14 PM
Earlier today, McDonald’s reported $1.70 in adjusted Q4 EPS, lower than our $1.72 forecast and sell-side consensus (according to Consensus Metrix) of $1.77. Fourth-quarter Company-Operated Restaurant Expenses/Sales by CompanyOperated Restaurants came in at 85.2%, worse than our 82.8% estimate.
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By Mark Kalinowski
Published on April 2, 2020 at 12:00 AM
We lower our U.S. (and Americas, of which the U.S. makes up the vast majority) samestore sales estimates for Starbucks (SBUX; Buy) as follows:
Fiscal Q1A 2020: already reported at +6%
Fiscal Q2E 2020: down by -10 percentage points to -5%
Fiscal Q3E 2020: down by -32 percentage points to -30%
Fiscal Q4E 2020: down by -12 percentage points to -10%
Fiscal full-year 2020E: down by -14 percentage points to -10%
Fiscal full-year 2021E: up by +7 percentage points to +10%
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