Within the next few days the street will get the most recent data on sales trends in the casual dining industry.
If the whispers are to be believed, it appears the casual dining industry (according to Knapp) will see sales trends improve sequentially to 1% or slightly better. The implication here is that two-year trends will improve 135 bps from -3.70% to -2.35%.
I continue to favor EAT and PFCB on the long side and have my concerns with BWLD, but I don’t want to press the BWLD bet yet.
Howard Penney
Managing Director
