• 1Q22 same store sales for the $1B+ Chains increased +6.1% (+14.7% 3-yr stack) on slowing momentum (relative to +11.5% during 4Q21) with 7 of 30 chains reporting negative sales (compared to just 1 in 4Q21).
• With food-away-from-home CPI up +6.7% during the quarter, it is easy to see that comp growth is primarily attributable to menu price increases as opposed to traffic.

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