Despite its appearance as a fast casual dining firm with similar food to Panera (NASDAQ:PNRA) and its more spacious seating than most Quick Service Restaurants (QSRs), Einstein Noah (NASDAQ:BAGL) is actually nothing more than a premium QSR. We believe that a lot of people in the market have misunderstood this company and put a lot of weight on their ability to grow sales due to the explosion of fast casual dining. When we dig deep, we see they have positioned themselves as a QSR, and their growth comes not from checks rising or more sales in-store. Rather, they are going to rely on unit volumes to increase. In this article, we will show you how this...
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