
Sales, Costs & Key Industry Commentary


Applebee’s | Operators have been keeping menu price increases to roughly half the inflation rate. |
Chili’s | Company store comp of +8% consisted of +9.7% price and +5.5% mix offset by a -7.6% traffic decline (dine-in traffic remains slightly below covid levels). |
Denny’s | Comps increase consisted of +7.5% price/+1% mix/-6.5% traffic. 67% of the system is now open 24/7, up +14% since midyear 2022. Notably, comps from 24/7 units outperform non-24/7 units by mid-teens. |
IHOP | Value (a key construct currently) is provided with offers like: IHOPPY Hour program; BOGO crepes LTO; $6 Rooty Tooty at the beginning of the year; and customized loyalty value offers. |

McDonald’s | Results driven by pricing & traffic with contributions from its Cactus Plant Flea Market promotion, McRib, Boo Buckets, digital (up +40% y/y) and delivery. |
Jack in the Box | Results were attributed to: its hook-and-build menu strategy; higher staffing levels (particularly during late-night); improving service speed; and a reduction in service alert problems. |
Wendy’s | Breakfast sales peaked at $3k+/week, driven by its first major breakfast innovation (French Toast Sticks) and its traffic-driving $3 Croissant promotion. |
Burger King | Reclaim the Flame initiatives are starting to gain traction. |

Papa John’s | Ability to hold-on to post-covid pizza demand spike during 2022 attributed to impactful menu innovations. |
Pizza Hut | Results driven by: new ads highlighting both premium & value; growth from delivery partners; and its new Melts product. |
Domino’s | Carryout comp was +14.3% during the quarter (+31% on a 3-year basis) while delivery comps declined -6.6% (+3.3% on a 3-year basis). |

Wingstop | Efforts to increase AUV from $1.6MM currently to $2MM will be driven by: increased brand awareness; menu innovation; expanded delivery channel; data-driven marketing approach; and digital platform upgrades. |
KFC | New wrap product enhances value positioning. |
Popeye’s | Sales benefit from launch of its Black & Chicken Sandwich, digital and operational improvements. |
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