By Mark Kalinowski
Published on August 6, 2019 at 12:00 AM
After today’s (Tuesday’s) market close, Papa John’s (PZZA; Neutral) reported adjusted Q2 EPS of $0.28, below our $0.29 EPS estimate and sell-side consensus (according to Consensus Metrix) of $0.31. A shift in the timing of an operations conference hampered G&A by about $2 million in Q2 from a year-over-year perspective, but should help Q3 year-over-year. We calculate that this is roughly a $0.04-$0.05 amount from an EPS standpoint.
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By Mark Kalinowski
Published on April 23, 2019 at 12:00 AM
Ahead of Dine Brands’ (DIN; Buy) first-quarter earnings release — scheduled for before the market open on Wednesday, May 1st — we lower our Q1E same-store sales forecast for IHOP by 50 basis points, to +2.5%. While a number at or near +2.5% would clearly still be good enough to outpace the family-dining sector average (including both publicly-traded and privately-held concepts), we are concerned about sector trends, and the possibility that this hints at a lack of near-term upside for IHOP in Q1. (FYI, our full-year 2019E and 2020E EPS projections of $7.05 and $8.65, respectively, remain unchanged with this report; please keep in mind that 2020 will benefit from an extra, 53rd week.)
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By Mark Kalinowski
Published on December 4, 2018 at 12:00 AM
With this report, we update our data-driven Kalinowski Casual Dining Index for Q4E from +1.6% to +2.1%. This 50 basis-point increase is based on our latest proprietary checks/data as regards same-store sales performance so far for this segment during October and the first half of November.
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