Quarterly Concept Dashboard 2Q:14 Benchmarking for $1B+ Chains and Other Select Concepts System Stats, Unit Sales & Margins, Build Costs, Valuations

Size: px
Start display at page:

Download "Quarterly Concept Dashboard 2Q:14 Benchmarking for $1B+ Chains and Other Select Concepts System Stats, Unit Sales & Margins, Build Costs, Valuations"

Transcription

1 Quarterly Concept Dashboard 2Q:14 Benchmarking for $1B+ Chains and Other Select Concepts System Stats, Unit Sales & Margins, Build Costs, Valuations Casual Buffalo Wild Wings Cheesecake Factory Chili's Grill & Bar Long Horn Olive Garden Outback Red Lobster Red Robin Ruby Tuesday Texas Roadhouse TGI Friday's Family Bob Evans Cracker Barrel Denny's IHOP Perkins Fast Casual Chipotle Corner Bakery Panera Bread Qdoba Sandwich Arby's Burger King Carl's Jr. Chick-fil-A Five Guys Hardee's Jack in the Box McDonald's Sonic Drive-In Taco Bell Wendy's Zaxby's Sub-sandwich Firehouse Subs Jimmy John's Quizno's Subway Pizza Domino's Little Caesar's Papa John's Pizza Hut Chicken Church's KFC Popeyes Coffee/Bakery Dunkin Donuts Krispy Kreme Starbucks Tim Horton's Copyright: This Restaurant Research LLC document is copyrighted material. Due to the No Electronic Theft (NET) Act of 1997, electronic forwarding or other forms of redistribution, without the express permission of Restaurant Research LLC, are violations of law and could be subject to fines of up to $250,000 and up to five years of imprisonment, even when no financial gain or commercial advantage accrues to the forwarder/re-distributor. Copyright 2014 Restaurant Research LLC. All rights reserved. Disclosure: Restaurant Research LLC often sells report subscriptions to concepts under our coverage. Disclaimer of Liability: Although the information in this report has been obtained from sources Restaurant Research LLC believes to be reliable, RR does not guarantee its accuracy. The views expressed herein are subject to change without notice and in no case can be considered as an offer or solicitation with regard to the purchase or sales of any securities. Restaurant Research s analyses and opinions are not a guarantee of the future performance of any company or individual franchisee. RR disclaims all liability for any misstatements or omissions that occur in the publication of this report. In making this report available, no client, advisory, fiduciary or professional relationship is implied or established. This report is intended to provide an overview of the restaurant industry, but cannot be used as a substitute for independent investigations and sound business judgment.

2 Avg./Total U.S. System Scale Store Level Labor Structure System Sales ($'000) $4,530,000 $28,144,500 Total Salaried Employees 4-5 Market Share by Sales % Total Hourly/Crew Employees Market Share by Sales % Average Peak Shift System Units ,861 9,129 Pre-Opening Labor Hours/Day Market Share by Units 20.4% Total Salaried Labor Hours/Day Growth Total Crew Labor Hours/Day System Sales 2 Yr. Avg. 1.0% 2.9% Unit Economics Dec-13 System Sales 10 Yr. Avg. 2.6% 4.3% Average Unit Volume "AUV" $2,432,352 $3,768,280 COGs 26.3% 28.0% Gross New Units 2 Yr. Avg. 1.1% 2.9% Labor 32.1% 31.4% Gross New Units 10 Yr. Avg. 3.1% 5.1% EBITDAR 18.6% 18.1% Same-Store-Sales 2 Yr. Avg. 0.5% 0.8% 10 Yr. Avg. 0.0% 0.2% Unit Level M&A Multiple RR SSS Index (Base Yr. 2000) New Build AUV $2,600,000 $3,373,500 Unit Closures New Build Costs (Ex. Land) $2,273,900 $3,024,590 Building Size (Sq. Ft.) 5,410 6,429 2 Yr. Avg. 1.3% 1.3% Sales-to-Investment Ratio Yr. Avg. 1.1% 1.2% Sales/Sq. Ft. $480.6 $524.7 Unit Transfers 2 Yr. Avg. ( ) 11.9% 6.5% 10 Yr. Avg. 4.5% 2.9% Marketing Local Ad Spend 0.88% 0.3% National Ad Spend 3.25% 3.5% Investment/Sq. Ft. $420.3 $470.4 New Build Cost/Acquisition Cost 1.73 % of System at Current Image 75.0% 65.3% % of System Built in Last 7 Years 9.3% 24.0% Total Ad Spend ($ Millions) $187 $1,107 Total # Franchised Units 1,838 3,441 Total Ad Spend Market Share 16.9% % of System Franchised 98.8% 38.4% Menu, Marketing & Promotions Chain Total Franchisees Avg. # Units/Franchisee Menu Size Initial Franchise Fee $35,000 $39,500 # New Products Royalty Fee 4.0% 4.1% # New Products YTD Minimum Net Worth Requirement N/a $3,250,000 Average check $13.50 $16.45 Daypart sales S&P Debt Rating 0 Breakfast N/a N/a Stock Performance LTM 25.5% 6.1% Lunch 38% 32% Dinner 62% 68% Late Night N/a N/a Above Average RR Dashboard Segment New Build Economics System Condition Franchise Summary Franchisor Condition Casual Below Average Chain Home Segment Avg./Total Source: RR Estimates Report Not Licensed for Distribution

3 Domestic System Statistics - 10 Year Summary FYE December Outlook 10 yr. Average System-wide sales ($'000) System-wide Sales $3,888,400 $4,192,200 $4,542,900 $4,505,000 $4,485,000 $4,390,000 $4,328,000 $4,440,000 $4,515,000 $4,530,000 % Growth 10.5% 7.8% 8.4% -0.8% -0.4% -2.1% -1.4% 2.6% 1.7% 0.3% 2.6% Segment Sales $20,453,300 $22,142,600 $24,128,647 $25,349,409 $25,968,539 $25,676,145 $25,609,000 $26,568,000 $27,670,825 $28,144,500 % Growth 10.3% 8.3% 9.0% 5.1% 2.4% -1.1% -0.3% 3.7% 4.2% 1.7% 4.3% Concept's Market Share 19.0% 18.9% 18.8% 17.8% 17.3% 17.1% 16.9% 16.7% 16.3% 16.1% Market Share Change 0.0% -0.1% -0.1% -1.1% -0.5% -0.2% -0.2% -0.2% -0.4% -0.2% -0.3% Same Store Sales Franchised 5.0% 2.6% -0.5% -2.0% -2.4% -4.4% 0.6% 2.0% 1.3% -0.3% N/a 0.2% Company 3.8% -0.9% -1.0% -2.0% -1.3% -4.8% -1.9% 1.8% 0.6% N/a N/a -0.6% Total System 4.8% 1.7% -0.6% -2.1% -2.2% -4.5% 0.3% 2.0% 1.2% -0.3% (2.0%) to 1.0% 0.0% Segment Avg. 2.6% 2.9% 0.5% -0.3% -2.6% -4.8% 0.0% 1.9% 1.7% -0.1% 0.2% Unit Counts Franchised 1,189 1,246 1,320 1,354 1,470 1,470 1,553 1,694 1,862 1,838 Company Home Total 1,613 1,732 1,841 1,864 1,875 1,868 1,862 1,871 1,885 1,861 % Growth 4.9% 7.4% 6.3% 1.2% 0.6% -0.4% -0.3% 0.5% 0.7% -1.3% 2.0% Segment Avg. 7.1% 7.5% 7.4% 5.7% 3.6% 1.3% 1.0% 1.8% 1.4% 1.8% 3.9% Gross New Unit Development Franchised Company Total % Growth 6.4% 8.1% 7.2% 3.1% 1.6% 1.0% 0.7% 0.8% 1.1% 1.1% 1.9% 3.1% Segment Avg. 8.1% 8.4% 8.4% 6.9% 4.9% 3.4% 2.5% 2.8% 2.7% 3.0% 2.4% 5.1% Transfers & Closure Rates Franchised Transfers 0.1% 0.4% 2.4% 6.1% 7.7% 1.0% 0.5% 3.5% 15.5% 8.3% 4.5% Segment Transfers 0.1% 0.7% 3.8% 3.2% 4.5% 0.6% 0.5% 2.4% 8.3% 4.7% 2.9% Franchised Closings 1.9% 0.8% 0.9% 0.8% 1.1% 1.7% 1.0% 0.4% 0.4% 2.4% 1.1% Company Closings 0.3% 0.2% 0.8% 4.6% 0.6% 0.0% 1.5% 0.0% 0.0% 0.0% 0.8% System Closings 1.5% 0.7% 0.9% 1.8% 1.0% 1.3% 1.1% 0.3% 0.3% 2.3% 1.1% Segment Closings 1.0% 0.9% 0.9% 1.2% 1.2% 2.1% 1.4% 1.0% 1.3% 1.2% 1.2% Source: RR Estimates Report Not Licensed for Distribution

4 Applebee s Qtr ended: 6/30/14 US Comps: +0.6% Company Sales: +1.5% Costs: N/A 2Q comps increased +0.6% and Applebee s outperformed the casual dining segment based on industry sales and traffic data. Early in 2Q, the messaging centered around lunch combos and 2 for $20 while in May the brand continued the lunch combos campaign and transitioned to fresh flavors of the Southwest (helping generate consumer interest in lunch and dinner day parts). Brand reported a deep dive into: menu architecture and design; grill and bar pipeline of new and improved menu items; value proposition; ad and media mix; and bar business relevancy (i.e. craft beer). One important goal is to determine how to better compete against fast casual. Resultant brand reset is built on 5 key strategies: 1) achieving operations excellence to improve inrestaurant speed and consistency; 2) achieving brand perception leadership; 3) define day part strategies that drive profitable and sustainable growth; 4) delivering a personalized experience to build guest loyalty; and 5) defining the of the future to adapt to the new marketplace. The brand has identified new consumer targets. It's less about age/generations/price and more about the increasingly important emotional connection (service platform/experience/food taste). Minimal pricing has kept pace with inflation and some franchisees are offering the 2 for $25 deal. Tablets roll-out will be completed by the end of the year.

5 Visit or contact us at (203) or to: Inquire about a Subscription Ask us about Custom Research Projects Sign-up for Complimentary Think Piece & Thermometer Magazine s Copyright: This Restaurant Research LLC document is copyrighted material. Copyright 2014 Restaurant Research LLC. All rights reserved. Disclosure: Restaurant Research LLC often sells report subscriptions to concepts under our coverage. Disclaimer of Liability: Although the information in this report has been obtained from sources Restaurant Research LLC believes to be reliable, RR does not guarantee its accuracy. The views expressed herein are subject to change without notice and in no case can be considered as an offer or solicitation with regard to the purchase or sales of any securities. Restaurant Research s analyses and opinions are not a guarantee of the future performance of any company or individual franchisee. RR disclaims all liability for any misstatements or omissions that occur in the publication of this report. In making this report available, no client, advisory, fiduciary or professional relationship is implied or established. This report is intended to provide an overview of the restaurant industry, but cannot be used as a substitute for independent investigations and sound business judgment. - Please Pass Along

Industry Data Report New Unit Investment

Industry Data Report New Unit Investment Data, Analysis & Insight for a Stronger Industry Building Bridges between Franchisees, Franchisors & Financiers Industry Data Report New Unit Investment 2018-2019 RR s New Unit Investment Industry Data

More information

Dine Brands Global, Inc. Investor Presentation March 2019

Dine Brands Global, Inc. Investor Presentation March 2019 Dine Brands Global, Inc. Investor Presentation March 2019 Disclosures Forward-Looking Information: The content contained in this presentation is as of March 5, 2019. The Company assumes no obligation to

More information

Dine Brands Global, Inc. Investor Presentation December 2018

Dine Brands Global, Inc. Investor Presentation December 2018 Dine Brands Global, Inc. Investor Presentation December 2018 Disclosures Forward-Looking Information: The content contained in this presentation is as of December 4, 2018. The Company assumes no obligation

More information

Investor Presentation JANUARY 2016

Investor Presentation JANUARY 2016 Investor Presentation JANUARY 2016 FORWARD-LOOKING STATEMENTS Forward-Looking Statements This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements

More information

Industry Data Report

Industry Data Report Industry Data Report 1H:17 Valuations & Finance Update Report Highlights (1) EBITDA multiple estimates (post G&A) for 44 chains based on survey data from 8 leading appraisal firms; (2) a comparison of

More information

Industry Data Report

Industry Data Report Industry Data Report Finance & Valuations 2018 RR s Finance & Valuation IDR is based on survey responses (equally weighted) from 49 finance companies including traditional cash flow franchise lenders,

More information

Industry Data Report

Industry Data Report Industry Data Report Finance & Valuations 2019 RR s Finance & Valuation IDR is based on survey responses (equally weighted) from 48 finance companies including traditional cash flow franchise lenders,

More information

Dine Brands Global, Inc. Investor Presentation. March 5, 2018

Dine Brands Global, Inc. Investor Presentation. March 5, 2018 Dine Brands Global, Inc. Investor Presentation March 5, 2018 2 Disclosures Forward-Looking Information: The content contained in this presentation is as of February 21, 2018. The Company assumes no obligation

More information

AVERAGE LISTING CAP RATE BY REGION & TERM REMAINING

AVERAGE LISTING CAP RATE BY REGION & TERM REMAINING AVERAGE LISTING CAP RATE BY REGION & TERM REMAINING 7.50% 7.00% 6.50% 5.50% 5.00% 4.50% 4.00% 0-10 11-20 0-10 11-20 0-10 11-20 0-10 11-20 0-10 11-20 0-10 11-20 0-10 11-20 0-10 11-20 0-10 11-20 Applebee's

More information

Jack in the Box Inc. Cowen & Company 7 th Annual Consumer Conference

Jack in the Box Inc. Cowen & Company 7 th Annual Consumer Conference Jack in the Box Inc. Cowen & Company 7 th Annual Consumer Conference January 12, 2009 Jack in the Box Inc. Safe Harbor Statement This presentation includes plans and estimates for the future, which are

More information

UNITED STATES MAP REGIONS

UNITED STATES MAP REGIONS UNITED STATES MAP REGIONS WEST MIDWEST NORTHEAST MOUNTAIN MID-ATLANTIC SOUTH WEST MOUNTAIN MIDWEST SOUTH MID-ATLANTIC NORTHEAST Washington Oregon California Montana Idaho Wyoming Nevada Utah Colorado Arizona

More information

McDonald's Corp (MCD)

McDonald's Corp (MCD) Americas/United States Equity Research Restaurants Rating OUTPERFORM Price (18-Dec-17, US$) 174.20 Target price (US$) (from 178.00) 185.00 52-week price range (US$) 174.20-119.48 Market cap(us$ m) 142,278

More information

DINEEQUITY OVERVIEW JUNE 2016

DINEEQUITY OVERVIEW JUNE 2016 JULIA STEWART CHAIRMAN AND CEO AND PRESIDENT OF APPLEBEE S DINEEQUITY OVERVIEW JUNE 2016 Forward-Looking Information: Statements contained in this presentation may constitute forward-looking statements

More information

PANERA BREAD COMPANY

PANERA BREAD COMPANY UVA-F-1575 Rev. Sept. 3, 2009 As the end of 2007 drew near, Panera Bread Company was facing a brand-new challenge. Until recently, strong margins had allowed Panera to finance its rapid growth largely

More information

3rd Quarter 2012 Restaurant Industry Commentary. Same-Store Sales Discussion and Analysis

3rd Quarter 2012 Restaurant Industry Commentary. Same-Store Sales Discussion and Analysis 3rd Quarter 2012 Restaurant Industry Commentary What s Inside This Commentary Same-Store Sales Discussion and Analysis 1 Same-Store Sales Data 2 What happened with the Fiscal Cliff? 4 The Importance of

More information

Evercore ISI Restaurants

Evercore ISI Restaurants Restaurants Matt McGinley (212)-446-9421 Matt.McGinley@evercoreisi.com Josh Schwartz (212)-446-5630 Josh.Schwartz@evercoreisi.com Please see the analyst certification and important disclosures at the end

More information

Delivering a Best-in-Class Guest Experience and Exceptional Shareholder Returns. Fall 2015 Investor Presentation

Delivering a Best-in-Class Guest Experience and Exceptional Shareholder Returns. Fall 2015 Investor Presentation Delivering a Best-in-Class Guest Experience and Exceptional Shareholder Returns Fall 2015 Investor Presentation Important Additional Information Cracker Barrel Old Country Store, Inc. (the Company ) urges

More information

30 th Annual Raymond James Institutional Investors Conference March 11, 2009

30 th Annual Raymond James Institutional Investors Conference March 11, 2009 30 th Annual Raymond James Institutional Investors Conference March 11, 2009 Safe Harbor Statement Under the Private Securities i Litigation i i Reform Act of 1995 Our presentation includes, and our response

More information

Investor Presentation. January 2017

Investor Presentation. January 2017 Investor Presentation January 2017 Forward-Looking Statements Forward-Looking Statements This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements

More information

4th Quarter 2009 Restaurant Industry Commentary

4th Quarter 2009 Restaurant Industry Commentary 4th Quarter 2009 Restaurant Industry Commentary What s Inside This Commentary Same-Store Sales Discussion and Analysis 1 Same-Store Sales Data 2 The Impact of Artificially Low Interest Rates on Your Business

More information

QUIC RESEARCH REPORT. Consumers & Healthcare. Restaurant Brands International (TSX:QSR) Stock Pitch A Company as Rich as its Dark Roast Coffee

QUIC RESEARCH REPORT. Consumers & Healthcare. Restaurant Brands International (TSX:QSR) Stock Pitch A Company as Rich as its Dark Roast Coffee QUIC RESEARCH REPORT Consumers & Healthcare Restaurant Brands International (TSX:QSR) Stock Pitch A Company as Rich as its Dark Roast Coffee Daniel Morris Julie Vincent Jon Allion Simon Rezene Michael

More information

Investor Presentation. Russ Bendel Chief Executive Officer. Ira Fils Chief Financial Officer. May 2015 AND

Investor Presentation. Russ Bendel Chief Executive Officer. Ira Fils Chief Financial Officer. May 2015 AND Investor Presentation May 2015 Russ Bendel Chief Executive Officer AND Ira Fils Chief Financial Officer Forward Looking Statements Forward Looking Statements This presentation contains forward looking

More information

Investor Presentation

Investor Presentation Investor Presentation October, 2008 Andrew F. Puzder, President & CEO Ted Abajian, EVP and CFO CKE Restaurants, Inc. (NYSE: CKR) DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS Matters discussed in this

More information

Macquarie Investor Day Presentation

Macquarie Investor Day Presentation RESTAURANT BRANDS NEW ZEALAND LIMITED Macquarie Investor Day Presentation Sydney 4 May 2017 Russel Creedy Group CEO Presentation Outline RBD Who Are We FY17 Trading Results Hawaiian Acquisition Growth

More information

The Cheesecake Factory Incorporated

The Cheesecake Factory Incorporated March 20, 2015 The Cheesecake Factory Incorporated (CAKE-NASDAQ) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 01/12/2011 Current Price (03/19/15) $48.82

More information

Restaurant Industry Overview and Valuation

Restaurant Industry Overview and Valuation A Specialized Investment Bank Restaurant Industry Overview and Valuation Pacific Financial Plaza 860 Newport Center Drive Newport Beach CA 92660 949.219.5296 July 2007 949.720.9194 fax WWW.CBCAPITAL.COM

More information

October 22, Dear Mr. Craigie:

October 22, Dear Mr. Craigie: October 22, 2018 The Independent Members of the Board of Directors Bloomin Brands, Inc. 2202 North West Shore Boulevard Tampa, Florida 33607 Attention: Mr. James R. Craigie Lead Independent Director Dear

More information

November 20 th, Company: Sonic Corp. (NASDAQ SONC) Action: Long Price Target: $34.00 Students: Peiheng Xu, Devon Pennington, Elise Radolf

November 20 th, Company: Sonic Corp. (NASDAQ SONC) Action: Long Price Target: $34.00 Students: Peiheng Xu, Devon Pennington, Elise Radolf November 20 th, 2015 Company: Sonic Corp. (NASDAQ SONC) Action: Long Price Target: $34.00 Students: Peiheng Xu, Devon Pennington, Elise Radolf Long: SONC Company Overview Domestic Drive-in Leader Market

More information

Investor Presentation. December 2014

Investor Presentation. December 2014 Investor Presentation December 2014 Forward-Looking Statements and Non-GAAP Financial Measures Denny s Corporation urges caution in considering its current trends and any outlook on earnings disclosed

More information

Investor Presentation. Wells Fargo Conference October 2012

Investor Presentation. Wells Fargo Conference October 2012 Investor Presentation Wells Fargo Conference October 2012 Disclaimer This presentation contains forward-looking statements, as defined by federal and state securities laws. Forwardlooking statements include

More information

Jack in the Box Inc. Reports First Quarter FY 2015 Earnings; Updates Guidance for FY 2015

Jack in the Box Inc. Reports First Quarter FY 2015 Earnings; Updates Guidance for FY 2015 Investor Contact: Carol DiRaimo, (858) 571-2407 FOR IMMEDIATE RELEASE Media Contact: Brian Luscomb, (858) 571-2291 Jack in the Box Inc. Reports First Quarter FY 2015 Earnings; Updates Guidance for FY 2015

More information

Dougherty & Company Institutional Investor Conference

Dougherty & Company Institutional Investor Conference Dougherty & Company Institutional Investor Conference September 19, David Burke, Chief Executive Officer Phyllis Knight, Chief Financial Officer Safe Harbor The information made available in this presentation

More information

(RBD) INVESTOR PRESENTATION

(RBD) INVESTOR PRESENTATION RESTAURANT BRANDS NEW ZEALAND LIMITED (RBD) INVESTOR PRESENTATION MAY 2018 RUSSEL CREEDY GROUP CHIEF EXECUTIVE OFFICER GRANT ELLIS GROUP CHIEF FINANCIAL OFFICER 1 OUTLINE Restaurant Brands 101 FY18 Results

More information

Restaurant Quarterly Update. F a l l

Restaurant Quarterly Update. F a l l Restaurant Quarterly Update F a l l 2 0 1 8 1 Restaurant Monthly Quarterly Update January Fall 2018 2018 Market Update KEY I N F O R M A T I O N ( 1 ) September restaurant survey data indicated a 1.2%

More information

Micky Pant CEO, Yum China

Micky Pant CEO, Yum China Micky Pant CEO, Yum China Cautionary Language Regarding Forward-Looking Statements Forward-Looking Statements. Our presentation may contain forward-looking statements within the meaning of Section 27A

More information

INVESTOR PRESENTATION JANUARY 2018

INVESTOR PRESENTATION JANUARY 2018 INVESTOR PRESENTATION JANUARY 2018 0 FORWARD-LOOKING STATEMENTS Forward-Looking Statements This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements

More information

Investor Presentation

Investor Presentation Investor Presentation Sidoti& Company Institutional Investor Forum March 18, 2014 Forward-Looking Statements and Non-GAAP Financial Measures Denny s Corporation urges caution in considering its current

More information

Restaurants. Industry Focus. Restaurant Industry Initiation. Citigroup Global Markets. North America Restaurants (Citi) 5 December pages

Restaurants. Industry Focus. Restaurant Industry Initiation. Citigroup Global Markets. North America Restaurants (Citi) 5 December pages North America Restaurants (Citi) Industry Focus 36 pages Restaurants Restaurant Industry Initiation Restaurant Initiation We are initiating coverage of the restaurant industry. We rate Burger King a Buy/Medium

More information

Sphera Franchise Group. Interim results: Jan-Sep 2017

Sphera Franchise Group. Interim results: Jan-Sep 2017 Sphera Franchise Group Interim results: Jan-Sep 2017 1 Disclaimer This presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of shares issued

More information

My Largest Short Position: Wingstop. Whitney Tilson April 7, 2017

My Largest Short Position: Wingstop. Whitney Tilson April 7, 2017 My Largest Short Position: Wingstop Whitney Tilson April 7, 2017 Kase Capital Management Is a Registered Investment Advisor Carnegie Hall Tower 152 West 57th Street, 46th Floor New York, NY 10019 (212)

More information

Panera Bread Company. Stock Report Jan. 3 rd, 2014 Sympol: PNRA. 12-Month Target $207. Ray s Recommendation Buy by Ray Xiao

Panera Bread Company. Stock Report Jan. 3 rd, 2014 Sympol: PNRA. 12-Month Target $207. Ray s Recommendation Buy by Ray Xiao Ray s Recommendation Buy by Ray Xiao rui.xiao@tufts.edu Price $175 12-Month Target $27 Sector Consumer Sub-sector Restaurant Summary This company owns, operates, and franchises retail bakery-cafes in the

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended

More information

Yum China Reports First Quarter 2018 Results. May 1, :30 PM ET

Yum China Reports First Quarter 2018 Results. May 1, :30 PM ET Yum China Reports First Quarter 2018 Results May 1, 2018 4:30 PM ET SHANGHAI, May 1, 2018 /PRNewswire/ -- Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC) today reported unaudited results

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K. DineEquity, Inc.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K. DineEquity, Inc. (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended

More information

COLLINS FOODS LIMITED

COLLINS FOODS LIMITED COLLINS FOODS LIMITED 2014 FINANCIAL YEAR RESULTS 25 June 2014 FY14 financial overview $m FY13 FY14 WA impact (1) Significant items (2) FY14 Underlying Change versus FY13 Underlying Revenue 423.9 440.6

More information

INVESTOR PRESENTATION JUNE 2018

INVESTOR PRESENTATION JUNE 2018 INVESTOR PRESENTATION JUNE 2018 0 FORWARD-LOOKING STATEMENTS Forward-Looking Statements This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements

More information

MCDONALD S COMPANY REPORT

MCDONALD S COMPANY REPORT MASTERS IN FINANCE QUICK SERVICE RESTAURANTS INDUSTRY 23 MAY 2018 STUDENT: DIOGO GÓIS 27229@novasbe.pt Velocity Growth Plan Continues And we re lovin it Recommendation: BUY We start the analysis of McDonald

More information

Jack in the Box Inc. Reports Third Quarter FY 2015 Earnings; Updates Guidance for FY 2015; Declares Quarterly Cash Dividend

Jack in the Box Inc. Reports Third Quarter FY 2015 Earnings; Updates Guidance for FY 2015; Declares Quarterly Cash Dividend Investor Contact: Carol DiRaimo, (858) 571-2407 FOR IMMEDIATE RELEASE Media Contact: Brian Luscomb, (858) 571-2291 Reports Third Quarter FY Earnings; Updates Guidance for FY ; Declares Quarterly Cash Dividend

More information

INVESTOR PRESENTATION SEPTEMBER 2018

INVESTOR PRESENTATION SEPTEMBER 2018 INVESTOR PRESENTATION SEPTEMBER 2018 Forward-Looking Statements Forward looking statements This presentation includes statements that are, or may deemed to be, forward-looking statements. These forward-looking

More information

Buffalo Wild Wings, Inc. Announces Second Quarter Earnings per Share of $0.55 and Adjusted Earnings per Share of $0.66

Buffalo Wild Wings, Inc. Announces Second Quarter Earnings per Share of $0.55 and Adjusted Earnings per Share of $0.66 July 26, 2017 Buffalo Wild Wings, Inc. Announces Second Quarter Earnings per Share of $0.55 and Adjusted Earnings per Share of $0.66 -FY2017 Guidance Updated to $4.00 to $4.50 GAAP EPS and $4.50 to $5.00

More information

Restaurant Industry Insights

Restaurant Industry Insights Restaurant Industry Insights December 2008 > 1.0 Third Quarter 2008 Review A challenging U.S. economic outlook has cast dark clouds over the restaurant industry and is driving decreased traffic at many

More information

Oppenheimer 18 th Annual Consumer Conference June 20, 2018

Oppenheimer 18 th Annual Consumer Conference June 20, 2018 Oppenheimer 18 th Annual Consumer Conference June 20, 2018 David Burke, Chief Executive Officer Phyllis Knight, Chief Financial Officer 1 Safe Harbor Some of the statements contained in this presentation

More information

Q Financial Results. August 3, 2017

Q Financial Results. August 3, 2017 Q2 2017 Financial Results August 3, 2017 Safe Harbor The information made available in this presentation contains forward-looking statements which reflect the Company s current view of future events, results

More information

INVESTOR PRESENTATION. August & September 2018

INVESTOR PRESENTATION. August & September 2018 INVESTOR PRESENTATION August & September 2018 1 FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES Denny s Corporation urges caution in considering its current trends and any outlook on earnings

More information

Jack in the Box Inc. Reports Second Quarter FY 2015 Earnings; Updates Guidance for FY 2015; Raises Quarterly Cash Dividend by 50%

Jack in the Box Inc. Reports Second Quarter FY 2015 Earnings; Updates Guidance for FY 2015; Raises Quarterly Cash Dividend by 50% Investor Contact: Carol DiRaimo, (858) 571-2407 FOR IMMEDIATE RELEASE Media Contact: Brian Luscomb, (858) 571-2291 Reports Second Quarter FY Earnings; Updates Guidance for FY ; Raises Quarterly Cash Dividend

More information

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP FORM 10-K (Annual Report) Filed 03/12/15 for the Period Ending 12/31/14 Telephone (905) 845-6511 CIK 0001618755 Symbol RSTRF SIC Code 5812 - Retail-Eating

More information

Investor Presentation March

Investor Presentation March 1 Investor Presentation March 2016 Presenters 2 Tim Taft President & Chief Executive Officer President & Chief Executive Officer Lynn Schweinfurth Chief Financial Officer Forward-looking Statements 3 This

More information

McDonald's has a Debt Rating of A [S&P] and A3 [Moody's] and a CP rating of A-1/P-2.

McDonald's has a Debt Rating of A [S&P] and A3 [Moody's] and a CP rating of A-1/P-2. CASE 1: MCDONALD'S CORPORATION Excerpts from McDonald's Corporation's 2009 financial statements are attached. Also, excerpts from Wendy s International, YUM and Burger King financial statements are attached

More information

Tigress Financial Partners

Tigress Financial Partners Page 1 of 12 Industry Update: Casual Dining 2 Company Notes 3 Ratings History 8 Tigress Research Methodology Overview 9 Glossary of Key Terms and Measures 9 Contacts 10 Analyst Certification 10 Research

More information

Investor Presentation

Investor Presentation Investor Presentation November 2014 Michael Ansley President, CEO & Board Chairman David G. Burke Chief Financial Officer & Treasurer Safe Harbor Statement The information made available in this presentation

More information

Buffalo Wild Wings, Inc. Announces Third Quarter Earnings per Share of $1.17 and Adjusted Earnings per Share of $1.36

Buffalo Wild Wings, Inc. Announces Third Quarter Earnings per Share of $1.17 and Adjusted Earnings per Share of $1.36 Buffalo Wild Wings Inc. Logo Buffalo Wild Wings, Inc. Announces Third Quarter Earnings per Share of $1.17 and Adjusted Earnings per Share of $1.36 October 25, 2017 Increasing 2017 Forecasted GAAP EPS to

More information

Sonic Capital LLC (Series )

Sonic Capital LLC (Series ) Presale: Sonic Capital LLC (Series 2018-1) This presale report is based on information as of Jan. 16, 2018. The ratings shown are preliminary. This report does not constitute a recommendation to buy, hold,

More information

FULL YEAR RESULTS PRESENTATION 2014

FULL YEAR RESULTS PRESENTATION 2014 FULL YEAR RESULTS PRESENTATION 2014 Russel Creedy Grant Ellis CEO CFO PRESENTATION OUTLINE Highlights Results Overview KFC Pizza Hut Starbucks Coffee Carl s Jr. Outlook HIGHLIGHTS Commentary Group Revenues

More information

Jack in the Box Inc. Reports Second Quarter FY 2014 Earnings; Updates Guidance for FY 2014

Jack in the Box Inc. Reports Second Quarter FY 2014 Earnings; Updates Guidance for FY 2014 Investor Contact: Carol DiRaimo, (858) 571-2407 FOR IMMEDIATE RELEASE Media Contact: Brian Luscomb, (858) 571-2291 Reports Second Quarter FY Earnings; Updates Guidance for FY SAN DIEGO, May 14, (NASDAQ:

More information

2017 My Scrip Cards Order (Also called Gift Cards for Shopping & Dining)

2017 My Scrip Cards Order (Also called Gift Cards for Shopping & Dining) -St. Paul Lutheran Church Christian Education Gift cards / Certificates /Pre-Paid Cards St. Paul Preschool K.R.E.W.( formerly called Sunday School), S.P.Y. ( St. Paul Youth Group), V.B.S. ( Vacation Bible

More information

EVERGREEN PLAZA SALE PRICE: $3,300,000 FOR SALE SPECTACULAR, RARE OWNER / USER OPPORTUNITY PRIME FACTORIA / I-90 LOCATION DESIRABLE ZONING

EVERGREEN PLAZA SALE PRICE: $3,300,000 FOR SALE SPECTACULAR, RARE OWNER / USER OPPORTUNITY PRIME FACTORIA / I-90 LOCATION DESIRABLE ZONING SPECTACULAR, RARE OWNER / USER OPPORTUNITY EVERGREEN PLAZA PRIME FACTORIA / I-90 LOCATION 12838 SE 40 TH PLACE BELLEVUE, WA DESIRABLE ZONING OFFICE, DAY CARE, SPECIALTY SCHOOL, MEDICAL, CHURCH / RELIGIOUS

More information

Jacky Lo Chief Finance Officer, Yum China

Jacky Lo Chief Finance Officer, Yum China Jacky Lo Chief Finance Officer, Yum China Cautionary Language Regarding Forward-Looking Statements Forward-Looking Statements. Our presentation may contain forward-looking statements within the meaning

More information

Diversified Restaurant Holdings, Inc. Wedbush Securities 2013 CA Dreamin Consumer Conference December 10, 2013

Diversified Restaurant Holdings, Inc. Wedbush Securities 2013 CA Dreamin Consumer Conference December 10, 2013 Diversified Restaurant Holdings, Inc. Wedbush Securities 2013 CA Dreamin Consumer Conference December 10, 2013 Michael Ansley President, CEO & Board Chairman David G. Burke Chief Financial Officer & Treasurer

More information

Creating a Global QSR Leader. August 26 th, 2014

Creating a Global QSR Leader. August 26 th, 2014 Creating a Global QSR Leader August 26 th, 2014 0 This presentation includes forward-looking statements, which are often identified by the words may, might, believes, thinks, anticipates, expects, intends

More information

Panera Bread Company is a national bakery-cafe with 1,504 locations across the US and

Panera Bread Company is a national bakery-cafe with 1,504 locations across the US and Panera Bread Company is a national bakery-cafe with 1,504 locations across the US and Canada. This case study provides information regarding the past performance, current analysis, stock valuation, market

More information

Second Quarter 2018 Results

Second Quarter 2018 Results Second Quarter 2018 Results August 21, 2018 CLASSIFIED INTERNAL USE ONLY Forward-Looking Statements Forward-looking statements in this presentation regarding the Company s future performance, restaurant

More information

MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless otherwise noted, the section references to (i) us, our, we, the Company and YUM refer to YUM Brands, Inc. and

More information

All numbers used in this presentation, regarding future performance are based on analysts independent forecast of AmRest results.

All numbers used in this presentation, regarding future performance are based on analysts independent forecast of AmRest results. All numbers used in this presentation, regarding future performance are based on analysts independent forecast of AmRest results. 1 Executive Summary Definitive agreement to acquire Spanish Restaurant

More information

An Investment Analysis Case Study

An Investment Analysis Case Study An Investment Analysis Case Study This case is a group project that is due on April 2, before class at 10.30. Stating the obvious: Each group will turn in one report (sounds obvious, but might as well

More information

Second Quarter 2012 Earnings Conference Call. August 9, Oldemark LLC JOHN BARKER CHIEF COMMUNICATIONS OFFICER

Second Quarter 2012 Earnings Conference Call. August 9, Oldemark LLC JOHN BARKER CHIEF COMMUNICATIONS OFFICER Second Quarter 2012 Earnings Conference Call August 9, 2012 1 2012 Oldemark LLC JOHN BARKER CHIEF COMMUNICATIONS OFFICER 2 1 Today s Agenda Opening Comments Financial Update CEO Overview Emil Brolick Steve

More information

Q Financial Results. May 4, 2017

Q Financial Results. May 4, 2017 Q1 2017 Financial Results May 4, 2017 Safe Harbor The information made available in this presentation contains forward-looking statements which reflect the Company s current view of future events, results

More information

A few reminders:! This week is Iowa Assessments! Thank you for providing healthy. snacks during our testing window."

A few reminders:! This week is Iowa Assessments! Thank you for providing healthy. snacks during our testing window. A few reminders: This week is Iowa Assessments Thank you for providing healthy snacks during our testing window." We need to make up 840 minutes of instruction because of weather-related school closures

More information

Restaurant Brands NZ Limited

Restaurant Brands NZ Limited New horizons, new growth. Restaurant Brands NZ Limited 2018 Full Year Results Presentation Russel Creedy - Group CEO Grant Ellis Group CFO Hamish Stevens - Director Restaurant Brands New Zealand Limited

More information

AFC Enterprises Reports Financial Results for Third Quarter 2010; Raises Fiscal 2010 Earnings Guidance

AFC Enterprises Reports Financial Results for Third Quarter 2010; Raises Fiscal 2010 Earnings Guidance November 10, 2010 AFC Enterprises Reports Financial Results for Third Quarter 2010; Raises Fiscal 2010 Earnings Guidance ATLANTA--(BUSINESS WIRE)-- AFC Enterprises, Inc. (NASDAQ: AFCE), the franchisor

More information

CHAPTER 4 Franchises and Buyouts

CHAPTER 4 Franchises and Buyouts Part 2 Starting from Scratch or Joining an Existing Business CHAPTER 4 Franchises and Buyouts Longenecker Moore Petty Palich 2008 Cengage Learning. All rights reserved. PowerPoint Presentation by Charlie

More information

Lipton Financial Services Restaurant and Retail Review

Lipton Financial Services Restaurant and Retail Review DUNKIN BRANDS GROUP Date : August 8, 2017 DNKN: Company Overview (2016 10K) Dunkin Brands Group, Inc. oversees one of the world s leading franchisor operations consisting of 20,242 stores worldwide at

More information

RETAIL INVESTMENT GROUP, LLC

RETAIL INVESTMENT GROUP, LLC RETAIL INVESTMENT GROUP, LLC 1590 E YONEZAWA BLVD MOSES LAKE, WA 98837 $3,135,000 CAP: 5.00% CLICK TO VIEW DRONE VIDEO ACTUAL SITE INVESTMENT SUMMARY PRICE: $3,135,000 CAP: 5.00% PROPERTY INFORMATION INVESTMENT

More information

Investor Presentation October 2018

Investor Presentation October 2018 Investor Presentation October 2018 Safe Harbor Statement This presentation contains forward-looking statements about our current and presently expected performance trends, growth plans, business goals

More information

Investor Presentation September 2012

Investor Presentation September 2012 Investor Presentation September 2012 T. Michael Ansley President & Chief Executive Officer David G. Burke Chief Financial Officer & Treasurer OTCQB : DFRH www.diversifiedrestaurantholdings.com Safe Harbor

More information

Directors Report to Shareholders For the 28 Weeks ended 11 September 2017 (1H 2018)

Directors Report to Shareholders For the 28 Weeks ended 11 September 2017 (1H 2018) RESTAURANT BRANDS NEW ZEALAND LIMITED Directors Report to Shareholders For the 28 Weeks ended 11 September 2017 (1H 2018) Key Points Total Group Sales ($m) 386.1 256.2 +129.9 +50.7 Group NPAT (reported)

More information

AmRest Holdings SE Presentation for Investors March 19th 2013

AmRest Holdings SE Presentation for Investors March 19th 2013 AmRest Holdings SE 2012 Presentation for Investors March 19th 2013 Teleconference Details AmRest FY 2012 results are included in the FY 2012 Financial Report which is available to download from Investor

More information

Youth Job. Jobs for Youth 16 & Older with current school/work permit TH BA Y

Youth Job. Jobs for Youth 16 & Older with current school/work permit TH BA Y outh Job Our service area is Inglewood, Hawthorne, Lawndale, El egundo, Hermosa Beach, Manhattan Beach, Redondo Beach, Carson, Gardena, Torrance and Lomita. TH JOB OPPORTUNITIE - 10/01/18-10/15/18 Jobs

More information

29 th Annual ROTH Conference March 13, 2017

29 th Annual ROTH Conference March 13, 2017 29 th Annual ROTH Conference March 13, 2017 David Burke, Chief Executive Officer Phyllis Knight, Chief Financial Officer Safe Harbor The information made available in this presentation contains forward-looking

More information

MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless otherwise noted, the section references to (i) us, our, we, the Company and YUM refer to YUM Brands, Inc. and

More information

INVESTOR PRESENTATION

INVESTOR PRESENTATION INVESTOR PRESENTATION DECEMBER 2014 Forward-Looking Statements This contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the

More information

Sonic Reports Strong First Quarter of Fiscal 2014 Financial Results

Sonic Reports Strong First Quarter of Fiscal 2014 Financial Results January 6, 2014 Sonic Reports Strong First Quarter of Fiscal 2014 Financial Results OKLAHOMA CITY--(BUSINESS WIRE)-- Sonic Corp. (NASDAQ: SONC), the nation's largest chain of drive-in restaurants, today

More information

INVESTKentucky Conference Louisville, KY June 6, 2013

INVESTKentucky Conference Louisville, KY June 6, 2013 INVESTKentucky Conference Louisville, KY June 6, 2013 Tony Thompson EVP, Chief Operating Officer and President, PJ Food Service Lance Tucker SVP, Chief Financial Officer and Chief Administrative Officer

More information

Q4 and FY 2017 Financial Results. March 9, 2018

Q4 and FY 2017 Financial Results. March 9, 2018 and Financial Results March 9, 2018 Safe Harbor The information made available in this presentation contains forward looking statements which reflect the Company s current view of future events, results

More information

Fourth Quarter & Full Year 2017 Results Presentation. February 8, 2018

Fourth Quarter & Full Year 2017 Results Presentation. February 8, 2018 Fourth Quarter & Full Year 2017 Results Presentation February 8, 2018 1 Cautionary Statement on Forward-Looking Statements & Non-GAAP Measures This presentation contains forward-looking statements within

More information

Comprehensive Plan to Enhance Shareholder Value. December 19, 2013

Comprehensive Plan to Enhance Shareholder Value. December 19, 2013 Comprehensive Plan to Enhance Shareholder Value December 19, 2013 Forward-Looking Statements During the course of this presentation, Darden Restaurants officers and employees may make forward-looking statements

More information

Noble Roman s Highlights Third Quarter Events; Announces Financial Results for the Third Quarter and Year-to-Date.

Noble Roman s Highlights Third Quarter Events; Announces Financial Results for the Third Quarter and Year-to-Date. NEWS BULLETIN FOR ADDITIONAL INFORMATION, CONTACT: For Media Information: Scott Mobley, President & CEO 317/634-3377 For Investor Relations: Paul Mobley, Executive Chairman 317/634-3377 RE: NOBLE ROMAN'S,

More information

FOCUS Brands Funding LLC (Series )

FOCUS Brands Funding LLC (Series ) Presale: FOCUS Brands LLC (Series 2017-1) This presale report is based on information as of March 9, 2017. The ratings shown are preliminary. This report does not constitute a recommendation to buy, hold,

More information

Burger King Holdings Inc ( BKC ) 10 K Annual report pursuant to section 13 and 15(d) Filed on 9/7/2007 Filed Period 6/30/2007

Burger King Holdings Inc ( BKC ) 10 K Annual report pursuant to section 13 and 15(d) Filed on 9/7/2007 Filed Period 6/30/2007 Burger King Holdings Inc ( BKC ) 5505 BLUE LAGOON DRIVE MIAMI, FL, 33126 305 378 3000 http://www.bk.com/ 10 K Annual report pursuant to section 13 and 15(d) Filed on 9/7/2007 Filed Period 6/30/2007 UNITED

More information

Bob Evans Express expects to open three new locations during Q2 2015; up to ten new locations expected for fiscal 2015

Bob Evans Express expects to open three new locations during Q2 2015; up to ten new locations expected for fiscal 2015 BOB EVANS REPORTS FISCAL 2015 FIRST-QUARTER RESULTS Q1 2015 net sales total $326.3 million, a decline of $3.1 million, or 0.9 percent, compared to prior year first-quarter results. GAAP net loss of $0.04

More information

MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless otherwise noted, the section references to (i) us, our, we, the Company and YUM refer to YUM Brands, Inc. and

More information