It’s almost like those of us who cover the restaurant industry get a Christmas-like experience every quarter as we unwrap earnings reports. These reports allow us to peel back a few more layers than what we normally get from press releases or statements, and they enable us to put some pieces together, both for the companies we cover and the industry at large.
Most restaurant companies’ second-quarter earnings calls are on deck, with some of the big boys kicking things off next week – namely Domino’s, Chipotle, McDonald’s, Sweetgreen and Texas Roadhouse.
This quarterly overview follows a first quarter that took many of us – on and off Wall Street – by surprise. A lot of expectations were exceeded, especially as consumers continued to show their willingness to pay higher menu prices across the board, and as the labor picture continued to recover from a dismal 2022. Consider Wingstop, for example. Its same-store sales were up over 20% driven largely by traffic growth.