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John Gordon  

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  • Restaurants: Recognizable Realities In 2015
    Tue, Jan. 6 BLMN, BOBE, CMG 1 Comment

    Summary

    • Restaurants were said today to be a leading indicator of investment market power in 2015.
    • Five recognizable realities exist in the space that are both challenges and addressable opportunities.
    • Insufficient restaurant profit flow-through rates, M&A upside and downside, dysfunctional early IPO valuations, franchisor overfishing and CAPEX measurement are issues.
  • Restaurant Franchise Investments Require Detailed Due Diligence
    Aug. 1, 2014 DIN, PLKI, QSR 4 Comments

    Summary

    • Recent Businessweek article on Burger King Lacks Detail.
    • Much More Franchisor Investor Due Diligence Necessary.
    • Commonly Used Metrics Must be Parsed.
  • Red Lobster Levers
    May. 21, 2014 DRI 4 Comments

    Summary

    • No one should have been surprised by the Darden Red Lobster sale to private equity.
    • The Red Lobster outcome confirms brand management problems at Darden.
    • Several Red Lobster levers to improvement exist.
  • Activists Vs. Darden: Look Beyond The Real Estate
    Apr. 20, 2014 DRI 6 Comments

    Summary

    • Think beyond Darden's real estate to determine if long term value is present.
    • Both the activists and Darden provided incomplete analysis.
    • Restaurant level EBITDA is a poor metric; free cash flow metric is better.
  • McDonald's Real Estate Model Realities
    Aug. 8, 2013 MCD 10 Comments
  • Get Off The Comp Number, Better Earnings Q&A Is Possible
    Jul. 30, 2013 SBUX 1 Comment
  • Is Noodles The New Chipotle?
    Jul. 1, 2013 NDLS 24 Comments
  • 2013 Restaurant Standouts And What's Next
    Jun. 12, 2013 PLKI, CAKE, CMG 2 Comments
  • Restaurant Conditions: Comps Cliff Coming
    Jan. 14, 2013 PLKI, BLMN, BWLD 2 Comments
  • Burger King Battles For Market Share
    Dec. 12, 2012 QSR Comment!
  • Memo To McDonald's: Fix The Reporting
    Nov. 12, 2012 MCD 2 Comments
  • Pure Play Restaurant Franchisors Reporting
    Oct. 23, 2012 DNKN, DPZ, SONC 2 Comments
  • Restaurant Margins: Rising Commodity Costs Are Workable
    Sep. 11, 2012 DPZ, DRI, JCP 1 Comment
  • Restaurant Earnings Fundamentals: 6 Standouts
    Sep. 6, 2012 PLKI, EAT, PNRA Comment!
  • Restaurant Same Store Sales Misses, Marketing Miscues?
    Jun. 1, 2012 BH, DPZ, JMBA 3 Comments
  • Bill Ackman And Burger King: Hopeful
    Apr. 5, 2012 DNKN, JACK, MCD 3 Comments
  • For Benihana, Metrics Matter
    Mar. 22, 2012 BNHN Comment!
  • 2012 Restaurant Space Themes
    Jan. 17, 2012 YUM, MCD, DPZ 1 Comment
  • Biglari On Biglari
    Dec. 13, 2011 BH 2 Comments
  • Biglari Vs. Cracker Barrel: Battle Of Restaurant Analytics
    Nov. 22, 2011 CBRL, BH, BOBE 1 Comment
  • Chipotle: Not Just A Fast Food Joint
    Oct. 24, 2011 CMG 5 Comments
  • Red Lobster Achieves Rare Same-Store Sales 'Pop'
    Sep. 9, 2011 DRI Comment!
  • Restaurant Recap: Q2 Earnings So Far
    Aug. 4, 2011 ARCO, SBUX, PZZA Comment!
  • Steak House Conundrum: Sales Are Up and So Is the Cost of Beef
    Jul. 5, 2011 DRI, EAT, MRT 1 Comment
  • Restaurant Chain Sonic Sends Mixed Messages
    Jun. 24, 2011 SONC 1 Comment
  • Yum Brands Acquisition of Little Sheep: Company vs. Franchise Operations
    May. 17, 2011 YUM Comment!
  • Arcos Dorados IPO: Economics for McDonald's Latin America Franchisee
    Apr. 13, 2011 MCD, ARCO 1 Comment
  • Private Equity Firms and Restaurants: Motivations, Results Thus Far
    Mar. 23, 2011 YUM, WEN, CKR 1 Comment
  • Chain Restaurant Earnings and Fundamentals Update, February 2011
    Feb. 3, 2011 MCD, YUM, WEN 1 Comment
  • Yum Foods, Wendy's and Multi-iBrand Operator Decombination
    Jan. 20, 2011 YUM, WEN Comment!
  • McDonald's Mania Is Overblown
    Jan. 7, 2011 MCD 8 Comments
  • Some Barriers to Sonic's Improvement
    Jan. 6, 2011 SONC Comment!