• HEDGEYE’S MARKET BRIEF
    Our FREE Investing Newsletter
    Get Exclusive Summer Sale Discounts

    By joining our email marketing list you agree to receive marketing emails from Hedgeye. You may unsubscribe at any time by clicking the unsubscribe link in one of the emails. All Hedgeye products and services are subject to Hedgeye’s Terms of Service available at www.hedgeye.com/terms_of_service

Black Box Intelligence released same-restaurant sales data for February.  As expected, the data is implying a significant deceleration in comparable sales and traffic trends.

Takeaways:

  • SRS fell 5% in February
  • 1Q-to-date trends averaging -2.3%
  • Winter weather comparisons were a negative factor in first two weeks of February
  • The western region (weather not a factor) performed the best: SRS up 2.1%
  • New England performed the worst: SRS -8.9%
  • Traffic declined -6.2% on top of January’s decline of -3.1%.  The rolling 3mo decline in traffic is now -4.2%
  • Average check is running +3.3% in 1Q13, up from 1.6% in September 2012

Casual Dining Black Box Update - black box same restaurant sales

 

Casual Dining Black Box Update - blackbox average check

Some upcoming catalysts:

JPM, BofA, UBS conferences this week and next

Our favorite names:

Long: EAT, JACK, CAKE, YUM

Howard Penney

Managing Director

Rory Green

Senior Analyst