DOCSLIB.ORG

US Restaurants Food for Thought: Shakin’ Things Up

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
US Restaurants Food for Thought: Shakin’ Things Up 8 November 2019 Equity Research Americas | United States US Restaurants Food for Thought: Shakin’ Things Up Restaurants | Weekly Analysis This is our weekly US Restaurants note that highlights the most significant news as it pertains Research Analysts to our coverage and industry. An Eventful Week in Restaurants Lauren Silberman 212 325 2720 McDonald’s: McDonald’s announced it appointed Chris Kempczinski, previously President of [email protected] McDonald’s USA, as CEO, succeeding Steve Easterbrook. Joe Erlinger was appointed President, McDonald’s USA, most recently President, International Operated Markets. While Easterbrook’s departure is viewed as a major loss, investors appear confident in MCD’s talented bench, and do not expect a meaningful change in strategy, pointing to Kempczinski’s contribution to the development of the US growth drivers over the last couple of years, and impressive strength in international markets. Our thoughts on CEO Change Shake Shack: Shake Shack (SHAK) has been down 25%+ this week following a disappointing 3Q19 earnings print and lowered 2019 SSS and restaurant margin guidance (though SHAK had run up ~15% since 2Q19). The thesis on SHAK is dependent on robust unit growth potential, and there are concerns regarding the longer-term margin profile and SHAK’s willingness/ability to raise prices and offset the margin degradation. We believe the reaction is overblown – the SSS drag from the delivery transition should be transitory and somewhat offset by the co-marketing campaign with Grubhub that began this week – we estimate NYC represents ~30% of SSS and the NYC & Northeast represent ~65% together – with Grubhub likely strongest in these markets. Papa John’s: Papa John’s (PZZA) has been up ~8% following 3Q19 earnings, and ~40% since it appointed Rob Lynch as CEO at the end of August. As we highlighted in our recent upgrade note, New Coach, Proven Playbook; Upgrade to Outperform, we have increased confidence in the brand’s ability to execute a turnaround, with 3Q19 marking the first quarter of positive SSS in nearly two years. PZZA also announced several management changes, including the departures of CFO Joe Smith (early 2020), Chief Marketing Officer Karlin Linhardt and Chief Operating & Growth Officer Mike Nettles. Max Wetzel is joining in mid-November as Chief Commercial and Marketing Officer, Jim Norberg has been named Chief Operating Officer, North America, and Jack Swaysland has been named Chief Operating Officer, International. Wendy’s: Wendy’s (WEN) reported 3Q19 earnings, though it was largely uneventful following its recent Investor Day on 10/11 (our Investor Day takeaways), with investors primarily focused on the execution of the breakfast launch in 2020. Next Week in Restaurants We will be attending the Restaurant Finance & Development Conference (RFDC) in Las Vegas. Notable News 1) McDonald’s appoints Chris Kempczinski as CEO, succeeding Steve Easterbrook; 2) Papa John’s announces management changes, including search for new CFO; 3) TGI Fridays expected to go public following acquisition/merger agreement; 4) Papa John’s launched a new Garlic Parmesan Crust Pizza; and 5) Starbucks and Dunkin’ both unveiled holiday cups. DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. 8 November 2019 Weekly Restaurant News TGI Fridays: Privately held TGI Fridays and Allegro Merger Corp. announced they signed a definitive agreement for a business combination, to take the company public in a deal valued at ~$380MM. The business combination is expected to close in early 2020. (press release TGI Fridays/Allegro Merger Corp.; 8 October 2019) Noodles: Noodles is marking up its delivery menu by ~10%, noting minimal pushback so far. (news article Nation’s Restaurant News; 8 November 2019) McDonald’s: McDonald’s announced it signed two long-term, large-scale power purchase agreements, agreeing to buy renewable energy to prevent 700K+ metric tons of carbon emissions annually (equivalent to planting 11 million trees, taking 140K cars off the road for one year, 2,500+ restaurants-worth of electricity). (press release McDonald’s; 7 November 2019) Restaurant Industry: Saudia Arabia’s Public Investment Fund invested $400MM in CloudKitchens, Travis Kalanick’s (founder & former CEO of Uber) ghost kitchen startup, in January, valuing the company at ~$5BN. (news article WSJ; 7 November 2019) Chipotle: Chipotle is running its annual Military Appreciation promotion on Veterans Day (11/11), with all military and veterans qualifying for a BOGO offer on any burrito, bowl, salad or taco. (press release Chipotle; 7 November 2019) Burger King/Carrols: Carrols Restaurant Group (1,000+ Burger King restaurants) reported 3Q19 SSS of 4.5%, driven by the launch of the Impossible Whopper, 2 for $6 Mix & Match and $1 Crispy Taco. SSS would have been 7.4% excluding the impact of excess sales discounts specific to Carrols’ restaurants. September SSS were 7.9%, with strong sales that continued into October. Carrols’ Burger King restaurants tend to outperform the system by ~200bps. (press release Carrols Restaurant Group; 7 November 2019) McDonald’s: From 11/7-11/11, McDonald’s is running a Surprise Happy Meal promotion to celebrate the 40th anniversary of the Happy Meal, featuring popular toys from the past 40 years. (press release McDonald’s; 6 November 2019) Dunkin’: Dunkin’ plans to open 18 new restaurants in partnership with new franchisee, Manchester Enterprises, in summer 2020, in Houston, TX. (press release Dunkin’; 6 November 2019) Starbucks: On 11/7, Starbucks brought back its seasonal menu items, including the Peppermint Mocha, Eggnog Latte, Holiday Turkey & Stuffing Panini and others. (press release Starbucks; 6 November 2019) Taco Bell: Taco Bell is awarding more than $6MM in tuition money in 2019 to students through Live Más Scholarships as part of its seven year commitment to award $21MM in scholarships by 2021. (press release Taco Bell; 6 November 2019) Bloomin’ Brands: Bloomin’ Brands announced it is evaluating strategic alternatives, including a possible sale. (news article Nation’s Restaurant News; 6 November 2019) Starbucks: On 11/7, Starbucks stores in the US and Canada gave away free, reusable red cups to customers who ordered holiday beverages. From 11/7-1/6, customers with a reusable red cup are eligible for a $0.50 discount on grande holiday beverages after 2PM. (press release Starbucks; 6 November 2019) Papa John’s: Papa John’s announced senior management changes this week, including the departures of CFO Joe Smith (early 2020), Chief Marketing Officer Karlin Linhardt and Chief Operating and Growth Officer Mike Nettles. Max Wetzel will be joining in mid-November as Chief Commercial and Marketing Officer, Jim Norberg was appointed as Chief Operating Officer, North America and Jack Swaysland has been named Chief Operating Officer, International. (press release Papa John’s; 6 November 2019) Buffalo Wild Wings: Diversified Restaurant Holdings (SAUC), one of Buffalo Wild Wing’s largest franchisees with 64 units, announced an agreement to be acquired by private equity firm ICV Partners in a transaction valued at ~$130MM. (press release Diversified Restaurant Holdings; 6 November 2019) US Restaurants 2 8 November 2019 Sonic: Sonic added Chili Cheese Bites and Bacon Mac & Cheese Bites, both starting at $1.99 for six pieces. (news article Brand Eating; 6 November 2019) IHOP: IHOP is offering a holiday menu in collaboration with The Elf on a Shelf. IHOP is also offering a seasonal dine-in deal from 4-10PM where kids under 12 can eat free with the purchase of an adult entrée. (press release IHOP; 6 November 2019) Chipotle: Chipotle announced new benefits for more than 80K employees beginning in 2020, including access to one-on-one mental health and emotional support counseling. (press release Chipotle; 5 November 2019) Shake Shack: Shack Shack is expanding its test of the four-day work week, noting positive employee feedback and enhanced recruiting potential. (news article Nation’s Restaurant News; 5 November 2019) Popeyes: Popeyes is bringing back Cajun Turkey to its menu for the holiday season. The 10- 14lb Louisiana seasoned turkey costs ~$50 and is available through Thanksgiving at most locations. (news article Brand Eating; 5 November 2019) Dunkin’: Dunkin’ is giving veterans and active duty military free donuts on Veterans Day (11/11). The first 50 veterans and active duty military will also receive a thank you card written by members of the community. (press release Dunkin’; 5 November 2019) Dunkin’: Throughout November, Dunkin’ is offering $2 Medium Latte, Cappuccino and Americano beverages from 2-6PM as part of its Happy Hour program. (press release Dunkin’; 4 November 2019) Chicken Salad Chick: Chicken Salad Chick (Alabama based fast casual chain) was acquired by Brentwood Associates (investor in Blaze Pizza) from Eagle Merchant Partners. (news article QSR Magazine; 4 November 2019) Papa John’s: Papa John’s launched Garlic Parmesan Crust Pizza, marking the first time the company has changed its dough recipe. The pizza is available nationwide for $10. (press release Papa John’s; 4 November 2019) Dunkin’: Dunkin’ has rolled out its holiday menu, including a few new signature lattes. Dunkin’ is also introducing new holiday cups with a joyful holiday word. (press release Dunkin’; 4 November 2019) McDonald’s: McDonald’s announced David Fairhurst, Chief People Officer, left McDonald’s after 15 years with the company. (news article WSJ; 4 November 2019) Starbucks: On Veterans Day (11/11), Starbucks will donate a portion of every cup of brewed coffee to two non-profits.
Load more

Recommended publications
  • Innovative Restaurant Brands and Executives Shaping the Fast Casual Segment Start Up
    Innovative restaurant brands and executives shaping the fast casual segment Start up. Scale up. Succeed. Oracle MICROS Simphony Point of Service: • Open API • Gift & Loyalty • Simple Delivery • Labor & Inventory • Easy Online Integrations • Kitchen Display • Analytics & Reporting • Kiosk & Mobile Contact us for a free consultation: oracle.com/food-beverage 1.866.287.4736 Copyright © 2020, Oracle and/or its a�liates. All rights reserved. Oracle and Java are registered trademarks of Oracle and/or its a�liates. ExecutiveEXECUTIVE Summary REPORT Although 2020 isn’t quite half over, it’s already been a trying year thanks to the outbreak of COVID-19. As I watch the fast casual industry rebuild from the upheaval, however, I know two things about its workers and leaders: 1. They take care of one another. 2. Their innovation, creativity and ingenuity never stop even while facing a pandemic. Tom Harper The crisis has been especially hard on restaurants, which CEO [email protected] normally employ millions of global workers. Instead of closing up shop, however, so many fast casual brands have not only found Cherry Cansler Kathy Doyle ways to stay in business by pivoting to online ordering, curbside VP of Editorial, Networld Media Group President & Publisher pick up and delivery, but are also using precious resources to [email protected] help those in need. From collecting customer donations and creating unique social media campaigns to raise money for out- Cherryh Cansler of-work restaurant employees to giving thousands of dollars worth of food to frontline workers VP of Editorial [email protected] and cutting delivery fees, the giving spirit of this industry is contagious.
    [Show full text]
  • Restaurant Portfolio Investment Opportunity
    RESTAURANT PORTFOLIO INVESTMENT OPPORTUNITY Burger King | Pontiac, MI Hardees | Columbia, SC Long John Silver’s | Cincinnati, OH Raising Cane’s | Blue Springs, MO Net Lease Restaurant Portfolio – Four Triple Net Lease Properties Available on an Individual or Portfolio Basis DISCLAIMER STATEMENT DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. STATEMENT: It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group has not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NET LEASE INVESTMENT OFFERING PORTFOLIO OVERVIEW
    [Show full text]
  • County Audit Date Permit Number Facility Address
    County Audit Date Permit Number Facility Address Abbeville 04/29/2020 01-206-00944 HARDEE'S # 1501697 110 W GREENWOOD STREET Abbeville 04/29/2020 01-206-00934 IRENE'S OF DUE WEST 201 MAIN ST Abbeville 05/18/2020 01-206-00798 MARIA'S MEXICAN RESTAURANT 125 COURT SQUARE Abbeville 05/22/2020 01-206-00908 NAP'S GROCERY & VARIETY #3 501 CAMBRIDGE ST Abbeville 06/03/2020 01-206-00965 STOP A MINIT 700 W GREENWOOD ST Abbeville 06/12/2020 01-206-00961 OLD COUNTRY DINER 91 HWY 72 W Abbeville 06/18/2020 01-206-00972 DAILY BREAD BAKERY LLC 109 WASHINGTON ST Abbeville 06/19/2020 01-206-00943 ROUGH HOUSE 116 COURT SQUARE Abbeville 06/22/2020 01-206-00954 SAVANNAH GRILL 101 N COX AVE Abbeville 06/23/2020 01-206-00738 COLD SPRINGS STORE 1151 HWY 20 Abbeville 06/24/2020 01-206-00838 SAXON'S HOT DOGS 381 HIGHWAY 72 W Abbeville 06/24/2020 01-206-00877 THEO'S 302-1 S MAIN ST Abbeville 06/24/2020 01-206-00872 MAIN ST COFFEE CO 109 S MAIN ST Aiken 04/02/2020 02-206-03127 SONIC DRIVE-IN, RICHLAND AVE. 1230 RICHLAND AVENUE Aiken 04/08/2020 02-206-02774 APIZZA DI NAPOLI 740 SILVER BLUFF ROAD Aiken 04/09/2020 02-206-03259 CROWNE PLAZA NORTH AUGUSTA 1060 CENTER STREET Aiken 04/10/2020 02-206-02477 BRUCE'S POOL HALL 1959 AUGUSTA ROAD Aiken 04/15/2020 02-206-03267 BLUE COLLARD 113 WATERLOO STREET Aiken 04/15/2020 02-206-02028 CITY BILLIARDS 208 RICHLAND AVE W Aiken 04/16/2020 02-206-03097 TEQUILA'S MEXICAN 3566 RICHLAND AVE W Aiken 04/16/2020 02-206-02452 PIZZA JOINT 125 RICHLAND AVE W Aiken 04/17/2020 02-206-02280 BBQ BARN 10298 ATOMIC ROAD Aiken 04/20/2020 02-206-02603 ANTONIO'S 336 GEORGIA AVE SUITE 103 Aiken 04/20/2020 02-206-02556 RESTAURANT AT THE WILLCOX 100 COLLETON AVE SW Aiken 04/21/2020 02-206-02332 WING PLACE 732 E PINE LOG ROAD Aiken 04/22/2020 02-206-02287 MARIA'S MEXICAN RESTAURANT 716 E PINE LOG ROAD Aiken 04/22/2020 02-206-01590 DUKE'S BBQ 4248 WHISKEY ROAD Aiken 04/23/2020 02-206-02726 GRUMPY'S SPORTS PUB 216 EASTGATE DRIVE Aiken 04/23/2020 02-206-02851 PAT'S SUB SHOP 728 E.
    [Show full text]
  • National Retailer & Restaurant Expansion Guide Spring 2016
    National Retailer & Restaurant Expansion Guide Spring 2016 Retailer Expansion Guide Spring 2016 National Retailer & Restaurant Expansion Guide Spring 2016 >> CLICK BELOW TO JUMP TO SECTION DISCOUNTER/ APPAREL BEAUTY SUPPLIES DOLLAR STORE OFFICE SUPPLIES SPORTING GOODS SUPERMARKET/ ACTIVE BEVERAGES DRUGSTORE PET/FARM GROCERY/ SPORTSWEAR HYPERMARKET CHILDREN’S BOOKS ENTERTAINMENT RESTAURANT BAKERY/BAGELS/ FINANCIAL FAMILY CARDS/GIFTS BREAKFAST/CAFE/ SERVICES DONUTS MEN’S CELLULAR HEALTH/ COFFEE/TEA FITNESS/NUTRITION SHOES CONSIGNMENT/ HOME RELATED FAST FOOD PAWN/THRIFT SPECIALTY CONSUMER FURNITURE/ FOOD/BEVERAGE ELECTRONICS FURNISHINGS SPECIALTY CONVENIENCE STORE/ FAMILY WOMEN’S GAS STATIONS HARDWARE CRAFTS/HOBBIES/ AUTOMOTIVE JEWELRY WITH LIQUOR TOYS BEAUTY SALONS/ DEPARTMENT MISCELLANEOUS SPAS STORE RETAIL 2 Retailer Expansion Guide Spring 2016 APPAREL: ACTIVE SPORTSWEAR 2016 2017 CURRENT PROJECTED PROJECTED MINMUM MAXIMUM RETAILER STORES STORES IN STORES IN SQUARE SQUARE SUMMARY OF EXPANSION 12 MONTHS 12 MONTHS FEET FEET Athleta 46 23 46 4,000 5,000 Nationally Bikini Village 51 2 4 1,400 1,600 Nationally Billabong 29 5 10 2,500 3,500 West Body & beach 10 1 2 1,300 1,800 Nationally Champs Sports 536 1 2 2,500 5,400 Nationally Change of Scandinavia 15 1 2 1,200 1,800 Nationally City Gear 130 15 15 4,000 5,000 Midwest, South D-TOX.com 7 2 4 1,200 1,700 Nationally Empire 8 2 4 8,000 10,000 Nationally Everything But Water 72 2 4 1,000 5,000 Nationally Free People 86 1 2 2,500 3,000 Nationally Fresh Produce Sportswear 37 5 10 2,000 3,000 CA
    [Show full text]
  • Restaurant Quarterly Update
    Restaurant Quarterly Update F a l l 2 0 1 8 1 Restaurant MonthlyQuarterly Update Update | January| Fall 2018 2018 KEY Market Update INFORMATION ( 1 ) September restaurant survey data indicated a 1.2% improvement in same-store sales (SSS), while the third quarter had an overall increase in SSS of 1.2%. This quarterly result represents the strongest sales growth rates for restaurants in the past three years and is the first quarter since the fourth quarter of 2015 in which all three consecutive months were positive. September SSS grew by 1.2%, while comparable traffic fell by Even though the industry appeared stronger due to hurricanes in Texas 1.4% and Florida in the previous year, sales growth was impressive across the entire country. All geographic regions reported positive sales growth throughout both September and the third quarter as a whole, with 76% of all designated market areas (“DMAs”) posting positive growth. Average guest checks are up 2.9% in 2018 vs. 2.2% for the same Although the industry generated positive sales growth, restaurants period last year, helping to mitigate experienced a 1.4% decline in same-store traffic in September. While the drop in traffic this is an improvement from earlier in the year, it still indicates that restaurants are likely far from a true long-term recovery. Even though the third quarter experienced a 1.3% decline in same-store traffic, this represented the best quarterly result in the past three years. Job growth among chain restaurants has accelerated in Even as sales hint at a recovery, the reality is that restaurants opened recent months, with the number of for more than one year continue to lose guests.
    [Show full text]
  • Eagles Landing
    PROPERTY VIDEO EAGLES LANDING EAGLES LANDING E XCHANGE 1001 EAGLES LANDING PKWY | STOCKBRIDGE, GA 30281 (Atlanta MSA) OFFERING MEMORANDUM ™ 1 EAGLES LANDING EAGLES LANDING E XCHANGE 6 PROPERTY OVERVIEW 8 FINANCIAL OVERVIEW 12 AREA OVERVIEW 16 TENANT OVERVIEW ANDREW GROSS Senior Associate Capital Markets ™ BROKER OF RECORD KYLE MATTHEWS D: (214) 295-4511 License No. 67120 (GA) M: (435) 659-1404 E: [email protected] License No. 01987860 (CA) 2 EAGLES LANDING PROPERTY NET LIST PRICE CAP RATE ADDRESS RENTABLE AREA 1001 Eagles Landing Pkwy ±8,900 SF $4,250,000 6.45% Stockbridge, GA INVESTMENT HIGHLIGHTS Perfectly situated in the heart of one of the region’s strongest medical districts, across from the Regional Hospital – Piedmont Henry (more than 1,600 employees and medical staff over 700 physicians). The tenant lineup conveniently serves the area as a “Restaurant Hub” with with growing corporate and franchisee operators : Moe’s Southwest Grill (20 Locations) , Jersey Mike’s (6 Locations), @ Nail Bar (8 Locations) and Chicken Salad Chick (Corporate Guarantee). Huge Traffic Counts on the main corridor of Eagles Landing Pkwy ( VPD: 20,000) and just off of I -75 ( VPD: 18,000) High-Income area – property is about 0.5 miles from Eagles Landing Country Club - including 27 holes of championship golf Phenomenal retail synergy – property surrounded by major national tenants including Starbucks, Chick-fil-a, BB&T, Mellow Mushroom, QuikTrip, McDonald’s, Bank of America, Walmart Supercenter, Wendy’s, Dairy Queen, Zaxby’s, Firehouse Subs., Texaco, Waffle House, KFC, Walgreens and more Stockbridge is one of the fastest growing cities in the Atlanta metropolitan, experiencing 12.57% growth over the last 5 years and projected to grow near 11% from 2017 – 2022.
    [Show full text]
  • Expansion Guide North America / Summer 2016
    Retail & Restaurant Expansion Guide North America / Summer 2016 interactive menu click to get started INTRODUCTION ICSC PERSPECTIVE APPAREL ENTERTAINMENT ARTS / CRAFTS / HOBBIES FINANCIAL SERVICES AUTOMOTIVE FOOD-RELATED BEER / LIQUOR / WINE GROCERY BOOKS / MEDIA / TOYS HEALTH AND BEAUTY CARDS / GIFTS / NOVELTY HOME-RELATED CHILDCARE / LEARNING CENTERS JEWELRY CONSUMER ELECTRONICS MISCELLANEOUS RETAIL DEPARTMENT STORE PETS / PETCARE DISCOUNTERS / SUPERSTORES RESTAURANTS DRUG STORE / PHARMACY SPORTING GOODS North American Retail & Restaurant Expansion Guide Summer 2016 INTRODUCTION Welcome to the inaugural edition of the Cushman & Wakefield North American Retailer and Restaurant Expansion Guide In this report, we track the growth plans of thousands of major retail and restaurant chains and public statements made by company executives, and reliable “word on the street” throughout the United States and Canada. This is not your typical retail research report gathered from the retail and brokerage communities. Additionally, in cases where we were in that the purpose of the Expansion Guide is not to create hard metrics or to provide either unable to obtain reliable data or where we received questionable information, we numbers-driven statistical analysis. Certainly, our tracking of such data heavily informs provided our own estimates of current unit counts and likely growth in the year ahead. our standard research efforts from our quarterly reports to white papers on special topics. These estimates were based upon a mix of factors, including recent growth history and But the ultimate goal of this publication is to provide a glimpse of likely growth over the sector health. coming year across all of the major retail sectors from a mix of various concepts as we know or understand them.
    [Show full text]
  • UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D.C
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ FORM 8-K ____________________________ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 13, 2021 ____________________________ Carrols Restaurant Group, Inc. (Exact name of registrant as specified in its charter) ____________________________ Delaware 001-33174 83-3804854 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification No.) 968 James Street Syracuse, New York 13203 (Address of principal executive office) (Zip Code) Registrant’s telephone number, including area code: (315) 424-0513 N/A (Former name or former address, if changed since last report.) ____________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $.01 per share TAST The NASDAQ Global Market Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    [Show full text]
  • Carrols Restaurant Group, Inc. 2017 Annual Report
    Carrols Restaurant Group, Inc. 2017 Annual Report April 27, 2018 Dear Fellow Stockholders: 2017 was a year of continued progress at Carrols Restaurant Group, Inc. and we were pleased with our accomplishments, which included crossing the $1 billion mark in restaurant sales and increasing our unit count to more than 800 restaurants. We are proud to reach these milestones and intend to build upon them as we further position the Company for continued groowth. Total revenues in 2017 were $1.09 billion, an increase of 15.4% over the prior year, including $210.3 million in restaurant sales from the 175 restaurants acquired from 2015 to 2017. Comparable restaurant sales growth in 2017 of 5.2% yielded a strong 7.5% two-yyear trend, which outpaced most of our quick- service restaurant peers. Despite higher beef costs and wwage inflation, we also increased Adjusted EBITDA in 2017 to $91.4 million from $89.5 million in the prior year. BURGER KING®’s marketing strategy continues to effectively balance premium, value, and limited time product offerings to drive sales, average check, and customer traffic in a highly competitive environment. Premium offerings during the year included a number of products built around our new King™ sandwich platform and our new Crispy Chicken Sandwich. Notable value oofferings included the 2 for $6 WHOPPER® promotion, 2 cheeseburgers with small fries and a drink for $3.49, and 2 for $4 Mix and Match breakfast sandwiches, among others. In 2017, we acquired 64 BURGER KING restaurants in three separate transactions, consisting of 43 in Ohio (Cincinnati market), 17 in Maryland (Baltimore - Washington, DC market), and four in Maine.
    [Show full text]
  • Carrols Restaurant Group, Inc. Carrols Corporation
    Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 3, 2011 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-33174 CARROLS RESTAURANT GROUP, INC. (Exact name of Registrant as specified in its charter) Delaware 16-1287774 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 968 James Street Syracuse, New York 13203 (Address of principal executive office) (Zip Code) Registrant’s telephone number, including area code: (315) 424-0513 Commission File Number: 001-06553 CARROLS CORPORATION (Exact name of registrant as specified in its charter) Delaware 16-0958146 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 968 James Street Syracuse, New York 13203 (Address of principal executive offices) (Zip Code) Registrant’s telephone number including area code: (315) 424-0513 Carrols Corporation meets the conditions set forth in General Instruction H(1) and is therefore filing this form with reduced disclosure format pursuant to General Instruction H(2). Indicate by check mark whether either of the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.
    [Show full text]
  • COMPLETELY COMFORTABLE 5470 Inn Rd
    2558 Schillinger Rd. • 219-7761 COFFEE, SMOOTHIES, LUNCH & BEERS. CHUCK’S FISH ($$) 966 Government St.• 408-9001 LAID-BACK EATERY & FISH MARKET 3249 Dauphin St. • 479-2000 5460 Old Shell Rd. • 344-4575 SEAFOOD AND SUSHI BAMBOO 1477 Battleship Pkwy. • 621-8366 FOY SUPERFOODS ($) 551 Dauphin St.• 219-7051 STEAKHOUSE & SUSHI BAR ($$) RIVER SHACK ($-$$) 119 Dauphin St.• 307-8997 SERDA’S COFFEEHOUSE ($) TRADITIONAL JAPANESE WITH HIBACHI GRILLS SEAFOOD, BURGERS & STEAKS COFFEE, LUNCHES, LIVE MUSIC & GELATO CORNER 251 ($-$$) 650 Cody Rd. S • 300-8383 6120 Marina Dr. • Dog River • 443-7318 GULF COAST EXPLOREUM CAFE ($) 3 Royal St. S. • 415-3000 HIGH QUALITY FOOD & DRINKS BANGKOK THAI ($-$$) THE GRAND MARINER ($-$$) HOMEMADE SOUPS & SANDWICHES 1539 US-98 • Daphne • 517-3963 251 Government St • 432-8000 DELICIOUS, TRADITIONAL THAI CUISINE 65 Government St. • 208-6815 28600 US 98 • Daphne • 626-5286 LOCAL SEAFOOD & PRODUCE DAUPHIN’S ($$-$$$) 6036 Rock Point Rd. • 443-7540 $10/PERSON • $$ 10-25/PERSON • $$$ OVER 25/PERSON SHELL FOOD MART ($) 3821 Airport Blvd. • 344-9995 HOOTERS ($) Co. Rd. 49 & U.S. 98• Magnolia Springs HIGH QUALITY FOOD WITH A VIEW 3869 Airport Blvd. • 345-9544 107 St. Francis St/RSA Building • 444-0200 BANZAI JAPANESE THE HARBOR ROOM ($-$$) COMPLETELY COMFORTABLE 5470 Inn Rd. • 661-9117 SIMPLY SWEET ($) RESTAURANT ($$) UNIQUE SEAFOOD 28975 US 98 • Daphne • 625-3910 CUPCAKE BOUTIQUE DUMBWAITER ($$-$$$) TRADITIONAL SUSHI & LUNCH. 64 S. Water St. • 438-4000 9 Du Rhu Dr. Suite 201 ALL SPORTS BAR & GRILL ($) 6207 Cottage Hill Rd. Suite B • 665-3003 312 Schillinger Rd./Ambassador Plaza• 633-9077 3408 Pleasant Valley Rd. • 345-9338 JAMAICAN VIBE ($) 167 Dauphin St.
    [Show full text]
  • 2016 •Fi a YEAR in REVIEW for RESTAURANT FIRMS
    Journal of Hospitality Financial Management The Professional Refereed Journal of the Association of Hospitality Financial Management Educators Volume 24 | Issue 1 Article 1 5-23-2016 2016 – A YEAR IN REVIEW FOR RESTAURANT FIRMS Atul Sheel Isenberg School of Management, University of Massachusetts, Amherst, MA Follow this and additional works at: https://scholarworks.umass.edu/jhfm Recommended Citation Sheel, Atul (2016) "2016 – A YEAR IN REVIEW FOR RESTAURANT FIRMS," Journal of Hospitality Financial Management: Vol. 24 : Iss. 1 , Article 1. DOI: https://doi.org/10.1080/10913211.2016.1174034 Available at: https://scholarworks.umass.edu/jhfm/vol24/iss1/1 This Editor's Note is brought to you for free and open access by ScholarWorks@UMass Amherst. It has been accepted for inclusion in Journal of Hospitality Financial Management by an authorized editor of ScholarWorks@UMass Amherst. For more information, please contact [email protected]. The Journal of Hospitality Financial Management ISSN: 1091-3211 (Print) 2152-2790 (Online) Journal homepage: http://www.tandfonline.com/loi/uhfm20 2016 - A Year in Review for Restaurant Firms Atul Sheel To cite this article: Atul Sheel (2016) 2016 - A Year in Review for Restaurant Firms, The Journal of Hospitality Financial Management, 24:1, 1-4, DOI: 10.1080/10913211.2016.1174034 To link to this article: https://doi.org/10.1080/10913211.2016.1174034 Published online: 23 May 2016. Submit your article to this journal Article views: 674 View related articles View Crossmark data Full Terms & Conditions
    [Show full text]