By Mark Kalinowski
Published on November 4, 2018 at 12:00 AM
With this report, we update our data-driven Kalinowski Quick-Service Burger Index for Q4E from +2.0% to +1.6%. This 40 basis-point decrease is based on our latest proprietary checks/data as regards same-store sales performance for this segment during October. In the last eight months, October 2018 looks to have been the thirdweakest of these eight for the burger segment. We point out that we still have November and December to go as regards Q4 as a whole.
Read More
By Mark Kalinowski
Published on October 31, 2018 at 12:00 AM
Earlier today, Dine Brands (DIN; Buy) — the owner and franchisor of the Applebee’s and IHOP restaurant concepts — reported adjusted Q3 EPS of $1.53, matching our $1.53 forecast, and coming in slightly above the sell-side consensus number of $1.52, according to Consensus Metrix.
Read More
By Mark Kalinowski
Published on October 31, 2018 at 12:00 AM
Earlier today, Yum Brands (YUM; Buy) reported adjusted Q3 EPS of $1.04, exceeding our $0.83 forecast and sell-side consensus of $0.83. However, this $1.04 figure includes a $0.22 boost from an update in the fair value of Yum’s investment in GrubHub (GRUB; Not Rated), which led to $94 million of pre-tax investment income. Excluding this $0.22 boost, adjusted Q3 EPS would have been $0.82, one cent below our forecast and consensus. We do note that G&A/Revenues of 14.7% were higher than our 14.4% estimate.
Read More
