January weekly restaurant survey shows a bounce back in demand
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The weekly restaurant survey report for the week ended January 8 shows an uptick relative to December and Q4, looking at the winter weather more favorably.
One-year comparision private restaurant chains shows a 7% surge (sample size of restaurants with annualized $11B or above sales), compared to +3% in December, and +5% in Q4 22 overall. Bifurcating: fast-casual up 13% in most recent week and fast-casual up 12%.
Three-year comparision shows sales up 21%, above 16% in December and 18% in Q3. Segment-wise: casual dining +5%, fast-casual +27%, and quick-service +21%.
The apparent reversal of impacts related to weather conditions in most recent week and more normalized calendar comparisons could the factors that aided sales for week ended January 8 as per Baird reports.
Stocks on the watch: BJ's Restaurants (BJRI); Dutch Bros (BROS); The Cheesecake Factory (CAKE); Chuy's (CHUY); Chipotle Mexican Grill (CMG); Domino's Pizza (DPZ); Darden Restaurants (DRI); Jack in the Box (JACK);El Pollo Loco (LOCO); McDonald's (MCD); Portillo's (PTLO); Restaurant Brands International (QSR); Starbucks (SBUX); Shake Shack (SHAK); Texas RoadHouse (TXRH); Wingstop (WING); Yum! Brands (YUM)