Same Store Sales Trends

3Q:21 Sales Strength Tempered by Labor Shortage 

• 16 out of 27 public $1B+ restaurant chains have reported 3Q comps with half of these chains achieving double digit 2 yr. stacked growth and only 3 chains reporting negative comps.
• Tailwinds include digital, group orders and pricing while headwinds include labor shortages/reduced operating hours and declining post-stimmy consumer strength.

• Notably, total restaurant industry sales growth improved on a 2-year stacked basis to +11.7% in September (from +8.6% in August) but continues to lag grocery store sales (+19.5%).
• Grocery stores have ramped-up pricing since July at an increasing rate which makes food-away-from-home more appealing while pressuring disposable income.