Same Store Sales Trends
Optimistic Start for the New Year
- Darden reported strong comps for the quarter ended 11/28, including +3.6% on a 2-year stacked basis at Olive Garden and +16.6% 2-year stacked at LongHorn.
- Darden also increased its FY 5/31/22 aggregate comp outlook slightly to +29% to +31%.
- Notably, RR’s Intent to Eat Out Index indicates a sharp y/y uptick for January.
- All-the-same, it remains to be seen what impact higher menu prices will have on sales…
- QSR CPI prices are at their highest level in at least 22 years (+14.3% in November 2021 on a 2-yr. stacked basis).
- Food at Home prices are also accelerating, up +10.2% y/y during November on a 2-yr. stacked basis.