YTD comps through 9/21 were positive mid-single-digits as the brand’s menu and marketing improvements gain traction while the brand continues to benefit from its QSR DT format and a return of breakfast.
• 2020 new build ROIs continued a declining trend, reflecting: higher construction costs; moderating new build AUV growth; and store-level margin pressure.
• A ramping build vs. buy ratio reflects the above trends in addition to declining acquisition multiples.
• This suggests that growth minded operators are more likely to buy than build for the time being.
Hardee's brand positioning as a regional chain with a Southeast & Midwest orientation is around hand-crafted down-home food, done right. This includes the following attributes: table service; made-from-scratch breakfast biscuits; made-to-order charbroiled burgers...