By Mark Kalinowski
Published on May 13, 2019 at 12:00 AM
With this report, we increase our data-driven Kalinowski Quick-Service Burger Index for Q2E by +100 basis points to +3.3%. 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 8, 2019 at 12:00 AM
Earlier today, Wendy’s (WEN; Neutral) reported adjusted EPS of $0.14, surpassing our $0.11 estimate and sell-side consensus (according to Consensus Metrix) of $0.11. Relative to our model, outperformance came from: (1) better-than-expected G&A/Revenues (12.1% actual vs. 12.7% estimated), (2) better-than-expected Cost of Sales/Sales (85.0% actual vs. 85.8% forecasted), (3) lower-than-projected Interest Expense ($29.1 million actual vs. $30.1 million projected), and (4) a somewhat more favorable tax rate than anticipated (20.0% actual vs. 22.5% forecasted). These positives were partially offset by some other factors, such as higher-than-anticipated Other Operating Expenses.
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By Mark Kalinowski
Published on April 8, 2019 at 12:00 AM
We briefly note the following tidbits regarding U.S. quick-service burger-sector samestore sales trends and Starbucks (SBUX; Neutral):
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