Restaurants are having a pretty unappetizing earnings season.
Fifteen of the 16 restaurant chains that have reported second-quarter earnings so far said sales were down from a year ago, or that growth had slowed from the previous quarter. For the first time since 2009, average comparable sales for the group turned negative.
Bloomberg Intelligence analyst Michael Halen points out that pizza chains typically do well when consumers cut spending due to their value proposition — there aren’t many ways to feed a family on $7.99
Pizza chains have also been quick to adapt to changing technologies, realizing the only thing more important to strapped consumers than price is convenience. – read more – http://bloom.bg/2amwYEi