THE HBM: KNAPP, MCD, YUM, DPZ

THE HEDGEYE BREAKFAST MONITOR

 

MACRO NOTES

 

Employment

 

Initial jobless claims came in at 381k versus 395k consensus and revised 404k in the week higher.

 

THE HBM: KNAPP, MCD, YUM, DPZ - initial claims 128

 

 

SUBSECTOR PERFORMANCE

 

THE HBM: KNAPP, MCD, YUM, DPZ - subsector fbr

 

 

QUICK SERVICE

 

MCD: McDonald’s blew the doors off again in November with global comps of +7.4% versus StreetAccount consensus of +5.1%.  The US comps came in at +6.5% versus +4.3% consensus.  Europe’s print was +6.5% versus +4.3% consensus and APMEA posted +8.1% comparable restaurant sales growth versus +6.3% consensus.

 

MCD:  MCD Japan reported November comps of +8.7%.

 

YUM: Yum! Brands’ Analyst Day in New York yesterday showcased the impressive progress the company made in 2011.  CEO David Novak said that Yum plans to more than double its restaurants in China by 2020, when it hopes to have 9,000 across the country.

 

DPZ: Domino’s Pizza CEO Patrick Doyle told CNBC yesterday that the company is beginning a national online sales push.  Doyle also revealed that online orders have eclipsed phone orders.  Commodity prices for the company are also easing.

 

 

CASUAL DINING

 

KNAPP: The Knapp Track casual dining same-store sales index gained +0.2% in November while comparable guest counts decreased -2.2%.

 

CBRL: Institutional Shareholder Services has recommended that Cracker Barrel shareholder vote for all of the individuals

nominated by the company’s Board of Directors for election to the Board at the company’s 12/20 AGM.  By this action, ISS rejected Biglari Holding’s nomination of Sardar Biglari.

 

THE HBM: KNAPP, MCD, YUM, DPZ - stocks 128

 

 

Howard Penney

Managing Director

 

Rory Green

Analyst

 


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