STRONG 4Q RESULTS, BUT IS IT SUSTAINABLE?
4Q21 comps for the $1B+ Chains increased +11.5% and +10.5% on a 2-year stacked basis (’21 vs. ’19).
The challenge will be to maintain sales momentum (especially as it relates to value consumers post-stimmy) with high-single-digit menu price increases and record, wallet-draining gas prices. Wendy’s reported that 30% to 35% of its customers make less than $45,000/year.
A dine-in rebound is helping to restore parity between QSR and FSR performance.