Notable news items and price action from the restaurant space as well as our fundamental view on select names.
- MCD global comparable store sales rose 3.1% in May versus consensus of 3.6%. U.S. comps were up 2.4%, below the street’s estimate of 2.9%. Europe comparable restaurant sales great 2.3% versus 4% consensus. Finally, APMEA comparable restaurants sales great 4.3% versus 4% consensus.
- YUM’s Taco Bell CEO Greg Creed insists that Taco Bell does not compete with Chipotle just as Hyundai does not compete with BMW.
- KONA and DIN were notable underperformers during yesterday’s session, trading down -5.3% and -2.4%, respectively, on accelerating volume.
- According To NRN.com, the foodservice industry is forecast to add 425,000 jobs over the summer, reflecting the healthiest summer employment picture since 2007.