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NoBull Public Posts
Target 2Q26: Turnaround Accelerates
Target delivered +3.8% comps during 2Q as a +3.6% traffic increase was supported by improving value, stronger priority categories & rapid same-day delivery growth. Adjusted earnings improved, even excluding tariff benefits, while management raised FY26 sales growth guidance to approximately +5% as its turnaround momentum builds.
5MM People Dropped from SNAP over Last Year
Since H.R.1 was enacted in July 2025, approximately 5MM people have lost SNAP.
El Pollo Loco Holdings 2Q26: Accelerating Sales Momentum Drive ↑ FY26 Outlook
El Pollo Loco delivered +3.9% system-wide comps growth in 2Q, accelerating to +5.8% through late July, while its restaurant-level margin expanded +40 bps to 19.5%. FY26 comp guidance was increased to +3.5% to +4.5%, reflecting menu innovation & digital growth, while improving operating efficiencies support adjusted EBITDA growth guidance of +2% to +5%.
Report Announcements
1H26 Franchise Lending & Valuation Report
RR’s 1H26 Restaurant & Fitness Lending Update analyzes how the lending environment has changed since January 2026 with respect to: (1) projected FY26 loan originations; (2) underwriting standards; (3) current lending rates; and (4) borrower financial condition. The report also includes an update to 1H26 franchisee EBITDA valuation multiples and cap rates.
Buffalo Wild Wings 2026
Buffalo Wild Wings remains an iconic sports bar, but the market has changed since 1982. With more fans watching at home and competitors offering near fast-food prices, BWW has broadened its menu and shifted toward a more traditional casual dining model. However, we believe BWW could do more to appeal to sports fans by improving its in-restaurant experience.
Papa Johns 2026
Papa Johns is executing well, but comp sales and transactions remain under pressure, reflecting a tough consumer environment and its limited scale as the smallest national pizza chain. Management’s growth plan—including renewed local marketing, non-pizza offerings, more product launches, and closing 300 underperforming stores—should strengthen the system.
Dashboards
Restaurant Research’s Capital Markets Dashboard
Equities Pause During July While Energy Surges Amid Shifting Monetary Policy Expectations
Contact Us
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