Restaurant Profits Face Tough Times in 2013
Back in mid-November I described a behavioral shift with Millennials (aged 18 to 34) to eating out roughly once a week less than what the same age group did in 2007 per the NPD Group. As I mentioned at the time, that equated to a 20% drop in millennials eating out and my investing concern was what that would mean for the restaurant industry.
Since then McDonald's (MCD), Darden (DRI) and others have reported weaker than expected same-store sales fourth-quarter figures. According to the latest MillerPulse, an operator survey exclusive to Nation's Restaurant News, overall industry same-store sales were flat in December and traffic compressed. ...320 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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