FSR

Texas Roadhouse, Inc. 3Q23: Comps +8.2% Y/Y

Texas Roadhouse, Inc. 3Q23: Comps +8.2% Y/Y

Texas Roadhouse is not calling for a recession, but rather sees a benign economic situation. The consumer has remained resilient in their desire to dine at restaurants offering quality products along with a high level of value, service & hospitality. The chain’s restaurant margins & dollar profits should continue to improve assuming a steady pricing & macro environment.

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Darden 1Q24: Sales +11.6% Y/Y, Comps +5.5% Y/Y

Darden 1Q24: Sales +11.6% Y/Y, Comps +5.5% Y/Y

Darden reported that industry same-restaurant sales increased +0.9% and industry same-restaurant guest counts decreased -4.2% during its fiscal 1Q24. The chain’s comps outperformed the industry by +4.1% and its traffic outperformed by +4.3% (= flattish traffic for Darden during the quarter).

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Brinker Fiscal 4Q23: Chili’s Comps Up +6%

Brinker Fiscal 4Q23: Chili’s Comps Up +6%

Chili’s company store comp growth of +6.3% during fiscal 4Q23 reflected +9.4% price and +4.6% mix offset by a -7.7% traffic decline. Notably, quarterly dining room traffic improved y/y and there was no sequential frequency decline from low-end customers, a slight decline with middle-income customers, and an increase among high-income customers.

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Denny’s 2Q23: +3% Comp Included +8.25% Pricing

Denny’s 2Q23: +3% Comp Included +8.25% Pricing

Denny’s reported that while the consumer remains resilient, lower-income consumers continue to struggle, especially given the gas price hike over the last couple of weeks. Notably, a decline in tourism is driving sales challenges at restaurants located in travel centers.

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