Notable macro data points, news items, and price action pertaining to the restaurant space.
Business and consumer optimism in the eurozone slipped in August, reinforcing fears about the region's economy. The economic sentiment index, issued today, fell 4.7 points to 98.3. Germany, the largest eurozone economy, reported the largest drop.
The Conference Board Consumer Confidence number for August is scheduled to be released at 10 a.m. this morning. The survey is calling for a print of 52 versus 59.5 prior. The University of Michigan Consumer Confidence number missed the survey, which was calling for a print of 62, by a wide margin when it came in at 54.9.
The ICSC chain store sales index ended its string of four declines with a slight 0.1% gain in the latest week. Discounters led the growth in some parts of the country as consumers prepared for Hurricane Irene. Year-over-year growth held 3%, the slowest pace in nine weeks and about its year-to-date average.
WINN has been trading strongly over the past couple of weeks and – as often happens – the strong price action in the stock was a precursor for the company to report strong earnings yesterday. 4QFY11 EPS came in at $0.11 vs $0.085 expectations.
- SBUX said today that it will have packages of its Keurig coffee pods available at U.S. grocery stores and specialty retailers beginning in November.
- DPZ announced that it has refranchised 30 company-owned stores in Atlanta to four local owner-operators.
- CBRL and BOBE were cut to “Neutral” from “Buy” at SunTrust Robinson
- CAKE has tapped Donald Evans as its Chief Marketing Officer. Mr. Evans most recently spent 11 years at Walt Disney Co., most recently as senior VP-animation marketing for Pixar Animation and Walt Disney Animation Studios.