Consumer ETF Performance
Changes to the Position Monitor
Foodservice is a Short in Quad 4
We are removing CHEF from the LONG list and going SHORT. In addition, we are adding SYY USFD to the shortlist. Looking at the numbers from both Black Box and Knapp Track, restaurant industry sales collapsed in December and January will likely get worse. Casual Dining, as measured by Knapp Track fell 500bps sequentially to 0.5% or down 14.3% on a 2-years basis versus 2019. Early in 2022, the trends continue to decelerate to the downside, especially for independents are expressed by the decline in Open Table reservations.
Open Table Seated Diners
Open Table is a proxy for how an independent restaurant is doing, which is where the Foodservice industry gets its incremental margin.
Knapp Track 2021 Same-Store Sales Trends
