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RR 2023 Wendy’s Report

RR 2023 Wendy’s Report

While Wendy’s has done well to magnify its significant menu prowess sufficient to generate a respectable +18% cumulative U.S. comp growth from 2019 – 2022, the chain must continue to work to translate its QSR+ positioning into increased frequency from a higher income demo sufficient to drive a higher check and store level profits.

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RR 2023 IHOP Report

RR 2023 IHOP Report

IHOP is well positioned as the largest player in the $1B+ family chain segment with 30% market share and the largest marketing budget in the segment. The chain is well known for: an unexpected twist on “all things breakfast, any time of the day”; world famous pancakes; flavored syrups; and the never empty coffee pot.

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Burger King’s Largest Franchisee Reports Strong 1Q23 Results

Burger King’s Largest Franchisee Reports Strong 1Q23 Results

1Q23 comps increased +11.7% y/y (+9.7% price, +3.3% mix & -1.1% traffic), helped by a 7% reduction in discount mix & late-night traffic strength. The best 1Q restaurant-level adjusted EBITDA margin in 5 years (12.2%) reflected strong sales, moderating inflation & improved operational efficiencies.

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Wendy’s 1Q23 System Comps Increased +7.2% Y/Y

Wendy’s 1Q23 System Comps Increased +7.2% Y/Y

Wendy’s reported that net disposable income is a big driver of restaurant sales & noted that decreasing grocery price inflation should drive net disposable income higher. Also, while traffic is flat for the under $75k consumer, traffic is growing for the over $75k demo.

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RR Report McDonald’s 2023

RR Report McDonald’s 2023

While McDonald’s is well positioned for the long-term with solid execution around sound fundamentals, the current macro environment may prompt its core value-oriented customers to demand more deals and concessions than the system is prepared for.

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