On the whole, same-store sales grew at restaurant companies in the third quarter as chains continued to raise menu prices to offset inflation.
One company that bucked this trend for the worse was Papa Johns, whose sales slipped for the first time in just over three years despite success at quick-service pizza competitors Domino’s and Pizza Hut.
In casual dining, restaurants continue to experiment with off-premises format to retain those customers who might otherwise move to fast-casual or quick-service chains for financial or convenience purposes. Applebee’s Neighborhood Grill & Bar and Chili’s Grill & Bar both expanded prototype tests during the quarter.
The supply chain continues to be a struggle as restaurants attempt to expand their footprints, with The Cheesecake Factory and Portillo’s both pushing restaurant openings due to lack of equipment and permitting issues.
On the flip side, chicken prices are falling, as mentioned by both Wingstop and Noodles & Company, hopefully a good sign as restaurants adjust to inflation.
Click through this gallery to see how 21 restaurant companies performed in their most recent quarters.
