Hedgeye - RESTAURANT INSIGHTS | FWRG from LONG to SHORT, QSR Tomorrow

Removing FWRG from long BIAS

Adding to the SHORT bias

As Malcolm Knapp reported last week, the comparable restaurant sales-weighted average for all KNAPP-TRACK casual dining concepts is 0.63%, down from 3.7% in March, and traffic declined (-6.8%) from (-4.3%) in March.

The last time Traffic was this bad in the month of April was April 2009!

In April, Florida's SSS was (-0.3%), and traffic was (-6.9%). The company struggled to grow traffic in 4Q22 (-0.6%) but has a strong January up +5.1%. With 29% of the company-owned store base in Florida, the company has an above-average risk to the 2Q23 slowdown in Florida traffic.

QSR BLACK BOOK

We are hosting an RBI Black book call on May 23^rd at 12:30. RBI (QSR) joins MCD as our two BEST IDEA LONGS. We will also detail some of the changes taking place at TAST (LONG BIAS) and how that influences changes in the system and investor perception.

EVENT DETAILS:

Date & Time: Tuesday, May 23rd, at 12:30 PM ET.
Add To Your Calendar: CLICK HERE

RESTAURANT INSIGHTS | FWRG from LONG to SHORT, QSR Tomorrow

Removing FWRG from long BIAS

Adding to the SHORT bias

QSR BLACK BOOK

We are hosting an RBI Black book call on May 23rd at 12:30. RBI (QSR) joins MCD as our two BEST IDEA LONGS. We will also detail some of the changes taking place at TAST (LONG BIAS) and how that influences changes in the system and investor perception.

EVENT DETAILS:

We are hosting an RBI Black book call on May 23^rd at 12:30. RBI (QSR) joins MCD as our two BEST IDEA LONGS. We will also detail some of the changes taking place at TAST (LONG BIAS) and how that influences changes in the system and investor perception.