| Chili’s | Goal is to drive sales by eliminating aggressive promotions while increasing pricing & premium trade-up opportunities sufficient to invest in marketing & operations. |
| IHOP | Guest dynamics remained consistent during the quarter, reflecting IHOP’s ability to retain its diverse customer base with menu innovation, attractive price points, abundant value and targeted loyalty deals. |
| Denny’s | Sales benefitted from trade-down from casual as consumer confidence and spending declined. However, the market is generally strong as indicated by a small increase in Denny’s value incidence from 14% to 15%. |
| Applebee’s | Results driven by LTO menu innovation and abundant value programs. The brand kicked off 2023 with abundant value in the form of its 2 for $25 offer & $14.99 all-you-can-eat boneless wings, riblets & double crunch shrimp. |
| McDonald’s | Results were attributed to: strategic menu price increases; strong operations; effective marketing campaigns featuring the core menu; and continued digital & delivery growth. |
| Jack in the Box | Results were attributed to: hook & build strategy; successful marketing of its barbell menu; culturally relevant messaging; and improvements in hours of operation & ops execution. |
| Burger King | Results driven by menu price increases, creative messaging, compelling value initiatives (including the $5 Your Way meal) and 30%+ growth in digital sales. |
| Wendy’s | Results were attributed to marketing, operational improvements, digital growth and late-night sales growth which was driven by a return to more normalized late-night hours, local advertising and its growing late-night delivery business. |
| Pizza Hut | Sales helped by its $6.99 Melts (driven by its lowest-income consumers) and Big New Yorker which drove traffic from both existing & new customers. |
| Domino’s | Results reflected +6% price during quarter, driven by last year’s price increases in its Mix & Match offers. Low income consumers continue to struggle with delivery costs. |
| Papa John’s | 1Q23 system comps were flat, lapping significant comp increases from 2022 (including its best January ever when customers were home from covid) and 2021. On a 2-year & 3-year stack, comps were up +2% & +28%, respectively. |
| Wingstop | Management reported a “pantry full of consumer-tested flavor options with tremendous potential” to drive future LTOs. |
| Popeye’s | Results helped by its Ghost Pepper Wings LTO in January which sold-out in 2 weeks and drove check & traffic. |
| KFC | Brand objective is to target new audiences & category use occasions by leveraging relevant value & product innovation, as exemplified by the following boneless offering intros: the return of the Double Down sandwich; 2 for $5 wraps during 1Q; and chicken nuggets during 2Q. |
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