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2024 Unit & Sales Growth

Restaurant Research’s Unit & Systemwide Sales Growth Report provides a 10-year history for 58 $1B+ chains including: (1) total units; (2) new units; (3) closures; (4) systemwide sales; and (5) system sales market share.

Restaurant Systemwide Sales Growth Graph

Costco’s May Sales Update

Costco’s impressive 3QFY24 sales growth continued in May, although at a slightly lower rate.

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Part 2: Analyzing Food Spend Channel Share Changes From 2018 to 2023

Grocery & convenience stores and warehouse clubs have been ceding food sales share to hotels & schools?

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Part 1: Long Covid Diet – Analyzing 2019 to 2023 Food & Alcohol Spend Trends

Recent data provided by the USDA provides valuable insight into consumer food spending patterns by channel through 2023. Interestingly, the -6.3% y/y decline in total food spend during 2020 was double the -3% decline during the 2009 Great Recession. In any case, 2023 total food spend adjusted for inflation is up +43% since 2009 & up +16% since 2020. Maybe all this stress eating explains the huge demand for the GLP-1 weight loss meds?

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Restaurant Research’s Unit Economic Dashboard for June 2024

Lower Commodity Costs & Higher Menu Prices Bolster 1Q24 Store-Level Margins

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Wendy’s 2024

“Choose wisely, choose Wendy’s” QSR+ positioning is supported by a growth strategy designed to: reinforce its quality leadership around its cooked-to-order burgers (distinguished by square patties) made with fresh, never frozen North American beef; raise consumer expectations with its chicken products; leverage its equity in bacon (Baconator); and drive unique visits with salads, beverages, innovation & value. While Wendy’s is executing against a well-considered plan which magnifies its significant brand equity, the chain’s positioning would further benefit from an increase in frequency, average check, and store level profits.

Wendys Building

Williams-Sonoma, Inc. 1Q24: Trends Are Finally Beginning to Improve, But Have a Long Way to Go

Williams-Sonoma continues to struggle with declining sales of high-ticket, discretionary items (particularly as it relates to furniture) although its q/q sequential results are finally improving. While the company enjoys beneficial positioning as the largest player in a huge, fragmented industry, a complete sales rebound may have to wait for a badly needed interest rate cut.

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The TJX Companies, Inc. 1QFY25: Solid Quarter Reflects Business Model Strength

The TJX Companies reported that its 2Q is off to a good start, inventory levels are in good shape & the company is in a great position to capitalize on outstanding buying opportunities in the marketplace. Management plans to flow fresh assortments to its stores & online this summer and throughout the year. While positive sales were reported for income cohorts both above & below $100k, sales growth during the quarter skewed more toward the lower-income customer.

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Target Corporation 1Q24: Could Be Better…

Target reported that its view of the highly resilient U.S. consumer remains the same as 3 months ago. While consumers begin to moderate their post-covid spending emphasis on services, entertainment & travel, continued discretionary category softness (most notably in Home & Hardlines) reflects the cumulative impact of higher retail prices on consumer budgets.

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2024 Menu & Promotions Report

Total Menu Item Counts Remain Stable While Average Check Growth Moderates and QSR Value Promotional Mix Increases

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