As menu prices go up, many would-be customers are avoiding restaurants and cooking at home instead.
. During RBI's last earnings call, CEO Josh Cobza said Burger King's traffic so far this year has remained"modestly negative"—although it is trending in the right direction."We're feeling increasingly positive about the case path forward this year and into the future," he added.An absolute pizza powerhouse chain, Domino's boasts 6,000 domestic locations and billions in annual revenue.
Domino's has long relied on its delivery business, but between extra fees and inflated prices, ordering delivery can end up being more expensive than dining out these days. In the fourth quarter of 2022, Domino's saw its delivery sales decline by an astoundingyear over year. Earlier this year, CEO Russell Weiner attributed declining delivery sales to consumers increasingly turning"to carry out, sit-down meals and home cooking.
"We believe this dynamic will continue to pressure the delivery category in the short term as long as consumers' disposable income remains pressured by macroeconomic factors," he added. Even more recently, during Domino's first quarter earnings call, the pizza chain said it expects domestic delivery sales toto be an area of concern. While quarterly earnings featured a 3.6% increase in U.S. same-store sales, CFO Sandeep Reddy noted Domino's global retail sales for 2023 will likely end up being on the"low end" of the chain's long-term sales outlook of 4-8% yearly growth.
"The challenges that we were seeing in the U.S. delivery business was the primary driver of the lowered estimation of the global retail sales outlook," he explained.Costa Mesa, Calif.-based grilled chicken chain El Pollo Loco had a fairly slow first quarter this year,
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