Analysts: Restaurant sales rise as tax refunds catch up

Analysts: Restaurant sales rise as tax refunds catch up

Piper Jaffray analysts note that recent tax refund activity is boosting consumer spending

With the federal government beginning to catch up on delayed income tax refunds, consumers are likely loosening the purse strings that have choked restaurant sales in January and February, research analysts say.

Piper Jaffray analysts issued an industry note this week citing that tax refund activity through March 15 was higher than comparable weeks in the prior year.

“We believe retailers serving lower- to middle-income consumers that were weighed do

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