Unit Economics – 2022
- RR’s Industry Data Report on Unit Economics provides: (1) FYE 2021 unit-level AUV along with COGs, labor, royalty, advertising, other operating and EBITDAR margin estimates for 47 chains; (2) a 5-year history of unit economic performance; (3) an analysis of food and labor cost drivers; (4) leverage ratio ranges from RR’s annual lender survey and (5) median G&A & rent margins.
- While AUV’s continue to benefit from the closure of underperforming stores over the last 2 years, significant 2022 sales headwinds reflect the need to pass along higher prices to consumers with less disposable income.
- The average 2021 unit-level EBITDAR margin for the $1B+ chains rebounded to just under the 2019 level as higher COGS were more than off-set by lower labor and operating costs, both of which benefitted from significant sales leverage.
- In any case, actual unit-level EBITDAR dollar amounts set a record in 2021.