{"id":14329,"date":"2025-05-21T08:07:56","date_gmt":"2025-05-21T08:07:56","guid":{"rendered":"https:\/\/www.paperchase.ac\/?p=14329"},"modified":"2026-02-27T09:15:07","modified_gmt":"2026-02-27T09:15:07","slug":"the-perfect-plate-2025-q1","status":"publish","type":"post","link":"https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-2025-q1\/","title":{"rendered":"The Perfect Plate \u2013 2025 Q1"},"content":{"rendered":"\n\n\t<section class=\"section casestudy__fm-section\" id=\"section_1201315815\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t<img decoding=\"async\" width=\"2346\" height=\"1146\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2026\/02\/Image-1.jpg\" class=\"bg attachment-original size-original\" alt=\"Image 1\" \/>\t\t\t\t\t\t<div class=\"section-bg-overlay absolute fill\"><\/div>\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row align-center\"  id=\"row-789594996\">\n\n\n\t<div id=\"col-325317363\" class=\"col medium-10 small-12 large-10\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2161975402\" class=\"text casestudy__heading\">\n\t\t\n\n<h1><span class=\"ez-toc-section\" id=\"The_Perfect_Plate_%E2%80%93_2025_Q1\"><\/span>The Perfect Plate \u2013 2025 Q1<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\t\t\n<style>\n#text-2161975402 {\n  text-align: center;\n  color: rgb(255, 255, 255);\n}\n#text-2161975402 > * {\n  color: rgb(255, 255, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3959639493\" class=\"text\">\n\t\t\n\n<p>Q1 2025 presented a mixed picture for U.S. restaurant operators. While revenue growth continued\u2026<\/p>\n\n\t\t\n<style>\n#text-3959639493 {\n  text-align: center;\n  color: rgb(255, 255, 255);\n}\n#text-3959639493 > * {\n  color: rgb(255, 255, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1201315815 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n  min-height: 450px;\n}\n#section_1201315815 .section-bg-overlay {\n  background-color: rgba(57, 0, 119, 0.5);\n}\n#section_1201315815 .section-bg img {\n  object-position: 50% 100%;\n}\n@media (min-width:550px) {\n  #section_1201315815 {\n    min-height: 600px;\n  }\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section newsletter-post-single-page\" id=\"section_1005764663\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1045273332\">\n\n\n\t<div id=\"col-744153841\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"gap-1979352330\" class=\"gap-element clearfix hide-for-small\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1979352330 {\n  padding-top: 70px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3948501461\" class=\"text hidden\">\n\t\t\n\n<h1><span class=\"ez-toc-section\" id=\"The_Perfect_Plate_%E2%80%93_2025_Q1-2\"><\/span>The Perfect Plate \u2013 2025 Q1<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\t\t\n<style>\n#text-3948501461 {\n  text-align: left;\n  color: rgb(0, 0, 0);\n}\n#text-3948501461 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-942427343\" class=\"text subtitle-newsletter hidden\">\n\t\t\n\n<p>Every month, we\u2019ll provide updates on the latest trends in the restaurant industry. We\u2019ll include financial insights, charts, and public market comps.<\/p>\n\t\t\n<style>\n#text-942427343 {\n  text-align: left;\n  color: rgb(0, 0, 0);\n}\n#text-942427343 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-equal align-center\"  id=\"row-651161014\">\n\n\n\t<div id=\"col-1607750931\" class=\"col medium-8 small-12 large-3\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2104844086\" class=\"text author-box-newsletter\">\n\t\t\n\n<p><img decoding=\"async\" class=\"newsletter-author-img\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/DIMITRE-KROUCHEV_-Head-Shot.png\" alt=\"Paperchase\"><\/p>\n<p class=\"newsletter-author\">By <a href=\"https:\/\/www.paperchase.ac\/dimitre-krouchev\/\">Dimitre Krouchev<\/a><\/p>\n\t\t\n<style>\n#text-2104844086 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-316377852\" class=\"col medium-8 small-12 large-3\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"social-icons share-icons share-row relative full-width text-right icon-style-outline\" style=\"font-size:80%\"><a href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-2025-q1\/\" data-label=\"Facebook\" onclick=\"window.open(this.href,this.title,'width=500,height=500,top=300px,left=300px'); return false;\" target=\"_blank\" class=\"icon button circle is-outline tooltip facebook\" title=\"Share on Facebook\" aria-label=\"Share on Facebook\" rel=\"noopener nofollow\"><i class=\"icon-facebook\" aria-hidden=\"true\"><\/i><\/a><a href=\"https:\/\/x.com\/share?url=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-2025-q1\/\" onclick=\"window.open(this.href,this.title,'width=500,height=500,top=300px,left=300px'); return false;\" target=\"_blank\" class=\"icon button circle is-outline tooltip x\" title=\"Share on X\" aria-label=\"Share on X\" rel=\"noopener nofollow\"><i class=\"icon-x\" aria-hidden=\"true\"><\/i><\/a><a href=\"mailto:?subject=The%20Perfect%20Plate%20%E2%80%93%202025%20Q1&body=Check%20this%20out%3A%20https%3A%2F%2Fwww.paperchase.ac%2Fnewsletter%2Fthe-perfect-plate-2025-q1%2F\" class=\"icon button circle is-outline tooltip email\" title=\"Email to a Friend\" aria-label=\"Email to a Friend\" rel=\"nofollow\"><i class=\"icon-envelop\" aria-hidden=\"true\"><\/i><\/a><a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-2025-q1\/&title=The%20Perfect%20Plate%20%E2%80%93%202025%20Q1\" onclick=\"window.open(this.href,this.title,'width=500,height=500,top=300px,left=300px'); return false;\" target=\"_blank\" class=\"icon button circle is-outline tooltip linkedin\" title=\"Share on LinkedIn\" aria-label=\"Share on LinkedIn\" rel=\"noopener nofollow\"><i class=\"icon-linkedin\" aria-hidden=\"true\"><\/i><\/a><\/div>\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-193284274\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-193284274 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse\"  id=\"row-1514277989\">\n\n\n\t<div id=\"col-466062331\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"text-center\"><div class=\"is-divider divider clearfix\" style=\"margin-top:0px;margin-bottom:0px;max-width:1000px;height:1px;background-color:rgb(57, 0, 119);\"><\/div><\/div>\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-1951461990\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1951461990 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-708276224\">\n\n\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1005764663 {\n  padding-top: 0px;\n  padding-bottom: 0px;\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section newsletter-post-single-page\" id=\"section_1944915515\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1921723041\">\n\n\n\t<div id=\"col-186462327\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-778676515\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"2025_Q1_Earnings_Report_Summary\"><\/span>2025 Q1 Earnings Report Summary<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-778676515 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-778676515 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-929844812\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-929844812 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-833829708\" class=\"text hidden\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Overall_optimistic_business_environment_in_the_US_with_foundations_set_for_2026_onwards\"><\/span>Overall optimistic business environment in the US with foundations set for 2026 onwards<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-833829708 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-326121671\" class=\"gap-element clearfix hidden\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-326121671 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-335618072\" class=\"text hidden\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Impact_of_Strong_Economic_Growth_on_the_US_Restaurant_Industry\"><\/span>Impact of Strong Economic Growth on the U.S. Restaurant Industry<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-335618072 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-769463751\" class=\"gap-element clearfix hidden\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-769463751 {\n  padding-top: 15px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1099192612\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p><strong>Overview:<\/strong><\/p>\n<ul>\n<p>Q1 2025 presented a mixed picture for U.S. restaurant operators. While revenue growth continued for many brands, <b>macroeconomic headwinds, new tariffs,<\/b> and <b>shifting consumer behavior<\/b> led to uneven comparable sales performance. Executive teams focused on <b>supply chain strategy, pricing discipline,<\/b> and <b>consumer segmentation<\/b> to weather the turbulence.<\/p>\n\t\t\n<style>\n#text-1099192612 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-70621640\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-70621640 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-72826084\">\n\n\n\t<div id=\"col-212377251\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-1740394939\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaway_Two_Guests_Two_Strategies_%E2%80%94_and_a_Growing_Divide\"><\/span><span class=\"color_black\">Key Takeaway<\/span> | Two Guests, Two Strategies \u2014 and a Growing Divide<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-1740394939 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-1740394939 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-998666406\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-998666406 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1260878298\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p>Operators are navigating a tale of two diners: the value-seeker and the experience-driven loyalist. This is leading to very different strategies across the board, and the winners are the ones who know exactly which guest they\u2019re building for.<\/p>\n\t\t\n<style>\n#text-1260878298 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1806977233\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1806977233 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3505704087\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p><b>The Value-First Crowd \u2013 <span class=\"color_red\">Weaker<\/span> SSS Performance<\/b><br \/>\n<b>McDonald\u2019s, Burger King (RBI), and Wendy\u2019s<\/b> are all doubling down on affordability. Think bundled deals, limited-time discounts, and aggressive value messaging. These brands are laser-focused on retaining low- to middle-income guests who are trading down or visiting less often. Their playbook is all about keeping the doors open to price-sensitive customers without completely sacrificing margin.<\/p>\n\t\t\n<style>\n#text-3505704087 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1452912683\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1452912683 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-526871344\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p><b>The Experience Builders \u2013 <span class=\"color_green\">Stronger<\/span> SSS Performance<\/b><br \/>\n<b>CAVA, Texas Roadhouse, and The Cheesecake Factory<\/b> are going the other way \u2014 investing in throughput, hospitality, and fresh menu ideas. They\u2019re banking on a more resilient premium guest who\u2019s still willing to dine out if the value is clear, even at a higher price point. These brands are focused on long-term loyalty and market share, not chasing short-term foot traffic.<\/p>\n\t\t\n<style>\n#text-526871344 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-950314969\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-950314969 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1419459588\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p><b>Holding the Line &#038; Winning on Consistency<\/b><br \/>\nInterestingly, some of the strongest performers are those that aren\u2019t using aggressive discounting \u2014 instead, they\u2019re focused on delivering consistency, keeping prices stable, and expanding their footprint smartly. These brands understand that value isn\u2019t always about lower prices \u2014 it\u2019s about reliable service, quality, and the overall guest experience.<\/p>\n\t\t\n<style>\n#text-1419459588 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1581407152\">\n\n\n\t<div id=\"col-1002692325\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-1988869078\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Q1_Performance_Snapshot_Rankings\"><\/span>Q1 Performance Snapshot &#038; Rankings<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-1988869078 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-1988869078 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-373867625\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-373867625 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1698934507\" class=\"text newsletter-txt-li cus-spacing-ul  has_table\">\n\t\t\n\n\n<div class=\"wpdt-c row wpDataTableContainerSimpleTable wpDataTables wpDataTablesWrapper\n wdtscroll\"\n    >\n        <table id=\"wpdtSimpleTable-1\"\n           style=\"border-collapse:collapse;\n                   border-spacing:0px;\"\n           class=\"wpdtSimpleTable wpDataTable\"\n           data-column=\"3\"\n           data-rows=\"12\"\n           data-wpID=\"1\"\n           data-responsive=\"0\"\n           data-has-header=\"0\">\n\n                    <tbody>        <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"A1\"\n                    data-col-index=\"0\"\n                    data-row-index=\"0\"\n                    style=\" width:172px;                    padding:10px;\n                    \"\n                    >\n                                        Company                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"B1\"\n                    data-col-index=\"1\"\n                    data-row-index=\"0\"\n                    style=\" width:172px;                    padding:10px;\n                    \"\n                    >\n                                        Same Store Sales                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-bold wpdt-align-center\"\n                                            data-cell-id=\"C1\"\n                    data-col-index=\"2\"\n                    data-row-index=\"0\"\n                    style=\" width:172px;                    padding:10px;\n                    \"\n                    >\n                                        Executive Focus                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"A2\"\n                    data-col-index=\"0\"\n                    data-row-index=\"1\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        CAVA                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B2\"\n                    data-col-index=\"1\"\n                    data-row-index=\"1\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        +10.8%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C2\"\n                    data-col-index=\"2\"\n                    data-row-index=\"1\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Domestic supply chain, menu consistency, steady pricing                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"A3\"\n                    data-col-index=\"0\"\n                    data-row-index=\"2\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Texas Roadhouse                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B3\"\n                    data-col-index=\"1\"\n                    data-row-index=\"2\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        +3.5%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C3\"\n                    data-col-index=\"2\"\n                    data-row-index=\"2\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Traffic growth, selective pricing                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"A4\"\n                    data-col-index=\"0\"\n                    data-row-index=\"3\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Yum! Brands                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B4\"\n                    data-col-index=\"1\"\n                    data-row-index=\"3\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        +3.0%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C4\"\n                    data-col-index=\"2\"\n                    data-row-index=\"3\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Strong Taco Bell U.S. and KFC international performance                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"A5\"\n                    data-col-index=\"0\"\n                    data-row-index=\"4\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Cheesecake Factory                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B5\"\n                    data-col-index=\"1\"\n                    data-row-index=\"4\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        +1.0%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C5\"\n                    data-col-index=\"2\"\n                    data-row-index=\"4\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Menu innovation, labor retention                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"A6\"\n                    data-col-index=\"0\"\n                    data-row-index=\"5\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Wingstop                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B6\"\n                    data-col-index=\"1\"\n                    data-row-index=\"5\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        +0.5%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C6\"\n                    data-col-index=\"2\"\n                    data-row-index=\"5\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Record openings, digital sales growth                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"A7\"\n                    data-col-index=\"0\"\n                    data-row-index=\"6\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Shake Shack                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B7\"\n                    data-col-index=\"1\"\n                    data-row-index=\"6\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        +0.2%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C7\"\n                    data-col-index=\"2\"\n                    data-row-index=\"6\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Operational improvements, menu testing                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"A8\"\n                    data-col-index=\"0\"\n                    data-row-index=\"7\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        RBI                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B8\"\n                    data-col-index=\"1\"\n                    data-row-index=\"7\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        +0.1%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C8\"\n                    data-col-index=\"2\"\n                    data-row-index=\"7\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Traffic headwinds, cautious optimism for Q2                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"A9\"\n                    data-col-index=\"0\"\n                    data-row-index=\"8\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Chipotle                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B9\"\n                    data-col-index=\"1\"\n                    data-row-index=\"8\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        -0.4%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C9\"\n                    data-col-index=\"2\"\n                    data-row-index=\"8\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Supplier diversification, weather disruptions                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"A10\"\n                    data-col-index=\"0\"\n                    data-row-index=\"9\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Sweetgreen                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B10\"\n                    data-col-index=\"1\"\n                    data-row-index=\"9\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        -3.1%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C10\"\n                    data-col-index=\"2\"\n                    data-row-index=\"9\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Operational reset, guest experience initiatives                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"A11\"\n                    data-col-index=\"0\"\n                    data-row-index=\"10\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        McDonald\u2019s (U.S.)                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B11\"\n                    data-col-index=\"1\"\n                    data-row-index=\"10\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        -3.6%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C11\"\n                    data-col-index=\"2\"\n                    data-row-index=\"10\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Income-driven traffic declines, value menu focus                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-bold wpdt-align-left\"\n                                            data-cell-id=\"A12\"\n                    data-col-index=\"0\"\n                    data-row-index=\"11\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        The ONE Group                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B12\"\n                    data-col-index=\"1\"\n                    data-row-index=\"11\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        -3.2%                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C12\"\n                    data-col-index=\"2\"\n                    data-row-index=\"11\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Expansion-led revenue growth, short-term comp softness                    <\/td>\n                                        <\/tr>\n                    <\/table>\n<\/div><style id='wpdt-custom-style-1'>\n<\/style>\n\n\t\t\n<style>\n#text-1698934507 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-127678925\">\n\n\n\t<div id=\"col-1575933558\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-95778254\" class=\"text cus-spacing-h2 has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Outlook_for_Remainder_of_2025\"><\/span>Outlook for Remainder of 2025<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-95778254 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-95778254 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1372196524\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1372196524 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-489728182\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<ul>\n<li><b>Traffic recovery<\/b> expected in H2 as economic conditions stabilize.<\/li>\n<li>Strategic investments in <b>supply chain, digital ordering, and menu development<\/b> will remain top priorities.<\/li>\n<li>Brands embracing <b>agility, customer loyalty, and margin control<\/b> are best positioned for sustained growth.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-489728182 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-459269728\">\n\n\n\t<div id=\"col-952649610\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-797554915\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Public_Market_Top_10_for_the_Week\"><\/span>Public Market Top 10 for the Week <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-797554915 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-797554915 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-319254930\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-319254930 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3418556500\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>Starbucks leads the top 10 for the week ending Wednesday, April 30, 2025.<\/p>\n\t\t\n<style>\n#text-3418556500 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1747928890\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1868\" height=\"678\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate Paperchase Q1 2025\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025.png 1868w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-300x109.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-1024x372.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-768x279.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-1536x557.png 1536w\" sizes=\"(max-width: 1868px) 100vw, 1868px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1747928890 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-844264924\">\n\n\n\t<div id=\"col-1306337571\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2301915224\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Public_Market_Summary_for_YTD_Returns\"><\/span>Public Market Summary for YTD Returns <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2301915224 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2301915224 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1819595836\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1819595836 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_232108545\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1906\" height=\"1064\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025_2.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate Paperchase Q1 2025 2\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025_2.png 1906w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025_2-300x167.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025_2-1024x572.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025_2-768x429.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025_2-1536x857.png 1536w\" sizes=\"(max-width: 1906px) 100vw, 1906px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_232108545 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-447520381\">\n\n\n\t<div id=\"col-348662174\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2261621887\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Our_Top_Article_Choices\"><\/span>Our Top Article Choices<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2261621887 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2261621887 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1834014260\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1834014260 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1696081561\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<ul>\n<li>NRA: Economic Indicators &#8211; Same-store sales and customer traffic &#8211; <a href=\"https:\/\/restaurant.org\/research-and-media\/research\/restaurant-economic-insights\/economic-indicators\/same-store-sales-and-customer-traffic\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>8 restaurant trends to watch in 2025 &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/8-restaurant-industry-trends-to-watch-in-2025\/736408\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Chipotle\u2019s Comparable Sales Dropped Year Over Year\u2026 &#8211; <a href=\"https:\/\/www.barrons.com\/articles\/chipotle-stock-price-earnings-news-3ee84fd2?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Toast Data: Reservation trends shift to slower days and early dinners &#8211; <a href=\"https:\/\/pos.toasttab.com\/news\/2024-reservation-trends\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>WSJ \u2013 Are value meals worth it for restaurants? \u2013 <a href=\"https:\/\/www.wsj.com\/business\/hospitality\/fast-food-discounts-value-meals-customers-59cf6198?mod=hospitality_more_article_pos9\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<\/ul>\n\t\t\n<style>\n#text-1696081561 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-679810248\">\n\n\n\t<div id=\"col-675369766\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-4228551785\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Deal_Making_Transaction_Activity\"><\/span>Deal Making: Transaction Activity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-4228551785 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-4228551785 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-967413554\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-967413554 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-573262650\" class=\"text has_dark-blue\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"M_A_in_2024_Q4_%E2%80%93_2025_Q1\"><\/span>M&#038;A in 2024 Q4 \u2013 2025 Q1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-573262650 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-815783070\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-815783070 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3251632583\" class=\"text newsletter-txt-li cus-spacing-ul inner_lists\">\n\t\t\n\n<ul>\n<li>DoorDash Expands with Deliveroo and SevenRooms Acquisitions &#8211; <a href=\"https:\/\/www.restaurantdive.com\/topic\/ma\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">Link<\/a>\n<ul>\n<li>Deliveroo &#8211; Deal Value: $3.9 billion\n<ul>\n<li>Details: DoorDash announced its acquisition of U.K.-based food delivery service Deliveroo,<br \/>\n                        enhancing its international presence.<\/li>\n<\/ul>\n<\/li>\n<li>SevenRooms &#8211; Deal Value: $1.2 billion<\/li>\n<\/ul>\n<\/li>\n<li>Wonder to acquire Grubhub for $650m &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/wonder-buys-grubhub-650m\/732763\/\" target=\"_blank\" rel=\"noopener\">Link<\/a>\n    <\/li>\n<li>TGI Fridays Sells Corporate-Owned Locations Amid Bankruptcy &#8211; <a href=\"https:\/\/www.reuters.com\/legal\/litigation\/tgi-fridays-gets-bankruptcy-court-approval-sell-9-locations-2025-01-02\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">Link<\/a>\n<ul>\n<li>TGI Fridays received court approval to sell nine of its 39 corporate-owned locations to Mexico-based<br \/>\n                MERA for $34.5 million, as part of its bankruptcy proceedings.<\/li>\n<\/ul>\n<\/li>\n<li>Jersey Mike\u2019s has agreed to sell a majority stake to Blackstone &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/jersey-mikes-sells-majority-ownership-stake-blackstone\/733301\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<\/ul>\n\t\t\n<style>\n#text-3251632583 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1676926086\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1676926086 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1653394203\" class=\"text img-source-txt text-left\">\n\t\t\n\n<p><em><strong>Source: <a href=\"https:\/\/www.restaurantdive.com\/topic\/ma\/\" target=\"_blank\" rel=\"noopener\">Restaurant Mergers &#038; Acquisitions | Restaurant Dive<\/a><\/strong><\/em><\/p>\n\t\t\n<style>\n#text-1653394203 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-846015852\">\n\n\n\t<div id=\"col-358814303\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2830224266\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Market_Update_Public_Comps\"><\/span>Market Update: Public Comps<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2830224266 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2830224266 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1608056190\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1608056190 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2136139837\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p>Week Ending | 4\/30\/2025<\/p>\n\t\t\n<style>\n#text-2136139837 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1581413888\">\n\n\n\t<div id=\"col-1737070977\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"gap-1910581261\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1910581261 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3033384747\" class=\"text has_dark-blue\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Top_10_Monthly_Price_Movements\"><\/span>Top 10 Monthly Price Movements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3033384747 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-449959649\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-449959649 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3756392923\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p>The last 30-day performance had an average of 0.9% for the Top 10.<\/p>\n\t\t\n<style>\n#text-3756392923 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_2122330248\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1894\" height=\"768\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-3.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate Paperchase Q1 2025 3\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-3.png 1894w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-3-300x122.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-3-1024x415.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-3-768x311.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-3-1536x623.png 1536w\" sizes=\"(max-width: 1894px) 100vw, 1894px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_2122330248 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3153579276\" class=\"text has_dark-blue\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Top_10_Enterprise_Value_EV_NTM_Revenue_Multiples\"><\/span>Top 10 Enterprise Value [EV] \/ NTM Revenue Multiples<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3153579276 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1922114384\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1922114384 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-625213701\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p>The top 10 is made up of mostly Franchisor entities, which have higher multiples than company owned concepts. Consensus revenue growth forecasts estimate ~12.5% growth into 2025. The growth guidance is attributable to store growth and price increases.<\/p>\n\t\t\n<style>\n#text-625213701 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-278400106\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-278400106 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_160516325\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1846\" height=\"748\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-4.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate Paperchase Q1 2025 4\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-4.png 1846w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-4-300x122.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-4-1024x415.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-4-768x311.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-4-1536x622.png 1536w\" sizes=\"(max-width: 1846px) 100vw, 1846px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_160516325 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2825016738\" class=\"text cus-spacing-h2 has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Public_Comps_%E2%80%93_Trends\"><\/span>Public Comps &#8211; Trends<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2825016738 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2825016738 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1327095636\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1327095636 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1820286205\" class=\"text has_dark-blue\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Trend_%E2%80%93_Enterprise_Value_EV_LTM_Revenue_Multiples\"><\/span>Trend &#8211; Enterprise Value [EV] \/ LTM Revenue Multiples<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-1820286205 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1955208160\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1955208160 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_119264083\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1838\" height=\"692\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-5.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate Paperchase Q1 2025 5\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-5.png 1838w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-5-300x113.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-5-1024x386.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-5-768x289.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-5-1536x578.png 1536w\" sizes=\"(max-width: 1838px) 100vw, 1838px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_119264083 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1018724267\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1018724267 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-4003363891\" class=\"text has_dark-blue\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Trend_%E2%80%93_Enterprise_Value_EV_LTM_EBITDA_Multiples\"><\/span>Trend &#8211; Enterprise Value [EV] \/ LTM EBITDA Multiples<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-4003363891 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-56147683\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-56147683 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1897871094\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1854\" height=\"746\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-6.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate Paperchase Q1 2025 6\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-6.png 1854w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-6-300x121.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-6-1024x412.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-6-768x309.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-6-1536x618.png 1536w\" sizes=\"(max-width: 1854px) 100vw, 1854px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1897871094 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1845109985\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1845109985 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-454625974\" class=\"text has_dark-blue\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Revenue_Multiple_Trends\"><\/span>Revenue Multiple Trends<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-454625974 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1751780275\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1751780275 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-824111453\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p>Restaurant businesses are generally valued on multiples of their revenue or EBITDA, depending on their capital structure, growth potential, and franchise model. For example, a McDonald&#8217;s franchise has a higher revenue multiple than a company-owned restaurant chain like Shake Shack.<br \/>\nHere are some of the factors that affect restaurant valuation multiples:<\/p>\n<ul>\n<li><b>Capital structure:<\/b> Businesses with less debt and more equity tend to have higher valuation multiples.\n    <\/li>\n<li><b>Growth potential:<\/b> Businesses with high growth potential tend to have higher valuation multiples.<\/li>\n<li><b>Franchise model:<\/b> Franchise businesses tend to have higher valuation multiples than company-owned<br \/>\n        businesses.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-824111453 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1668323657\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1668323657 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1970088776\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1910\" height=\"1210\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-7.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate Paperchase Q1 2025 7\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-7.png 1910w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-7-300x190.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-7-1024x649.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-7-768x487.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-7-1536x973.png 1536w\" sizes=\"(max-width: 1910px) 100vw, 1910px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1970088776 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1704218309\">\n\n\n\t<div id=\"col-656052012\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"gap-1087815749\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1087815749 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3060782973\" class=\"text has_dark-blue\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"EBITDA_Multiple_Trends\"><\/span>EBITDA Multiple Trends<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3060782973 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-436257928\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-436257928 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_2140924166\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1936\" height=\"1148\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-8.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate Paperchase Q1 2025 8\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-8.png 1936w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-8-300x178.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-8-1024x607.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-8-768x455.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/05\/Perfect-Plate-Paperchase-Q1_2025-8-1536x911.png 1536w\" sizes=\"(max-width: 1936px) 100vw, 1936px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_2140924166 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-256284769\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-256284769 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-859264386\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Sources\"><\/span>Sources<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-859264386 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-859264386 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1470832549\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1470832549 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1668586497\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>TIKR<br \/>\nBloomberg<br \/>\nCompany 10-Q and 10-K Filings<br \/>\nRestaurant Business<\/p>\n\t\t\n<style>\n#text-1668586497 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-498091510\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-498091510 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1108527855\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>Bureau of Labor Statistics (BLS) [bls.gov]\nU.S. Bureau of Economic Analysis (BEA) [bea.gov]\nU.S. Department of Agriculture (USDA) Economic Research Service [ers.usda.gov]\nFederal Reserve Economic Data (FRED) [fred.stlouisfed.org]\nNational Restaurant Association [restaurant.org]\nInternational Monetary Fund (IMF) [imf.org]\n\t\t\n<style>\n#text-1108527855 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1181580498\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1181580498 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-440469137\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-440469137 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1178694480\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1178694480 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-898145207\">\n\n\n\t<div id=\"col-2129039019\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-802012142\" class=\"text has_light-blue\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-802012142 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-802012142 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-285649060\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-285649060 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3669098324\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>The information provided is believed to be from reliable sources, but no liability is accepted for any inaccuracies.  This is for information purposes and should not be construed as an investment recommendation.  Past performance is no guarantee of future performance.<\/p>\n\t\t\n<style>\n#text-3669098324 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-418813511\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-418813511 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2911557163\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>This post and the information presented are intended for informational purposes only. The views expressed herein are the author\u2019s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, timeliness, or completeness of this information. The author and all employers and their affiliated people assume no liability for this information and no obligation to update the information or analysis contained herein in the future.<\/p>\n\t\t\n<style>\n#text-2911557163 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n<div class=\"social-icons share-icons share-row relative share__icon-newsletter icon-style-outline\" ><a href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-2025-q1\/\" data-label=\"Facebook\" onclick=\"window.open(this.href,this.title,&#039;width=500,height=500,top=300px,left=300px&#039;); return false;\" target=\"_blank\" class=\"icon button circle is-outline facebook\" title=\"Share on Facebook\" aria-label=\"Share on Facebook\" rel=\"noopener nofollow\"><i class=\"icon-facebook\" aria-hidden=\"true\"><\/i><\/a><a href=\"https:\/\/x.com\/share?url=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-2025-q1\/\" onclick=\"window.open(this.href,this.title,&#039;width=500,height=500,top=300px,left=300px&#039;); return false;\" target=\"_blank\" class=\"icon button circle is-outline x\" title=\"Share on X\" aria-label=\"Share on X\" rel=\"noopener nofollow\"><i class=\"icon-x\" aria-hidden=\"true\"><\/i><\/a><a href=\"mailto:?subject=The%20Perfect%20Plate%20%E2%80%93%202025%20Q1&body=Check%20this%20out%3A%20https%3A%2F%2Fwww.paperchase.ac%2Fnewsletter%2Fthe-perfect-plate-2025-q1%2F\" class=\"icon button circle is-outline email\" title=\"Email to a Friend\" aria-label=\"Email to a Friend\" rel=\"nofollow\"><i class=\"icon-envelop\" aria-hidden=\"true\"><\/i><\/a><a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&amp;url=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-2025-q1\/&amp;title=The%20Perfect%20Plate%20%E2%80%93%202025%20Q1\" onclick=\"window.open(this.href,this.title,&#039;width=500,height=500,top=300px,left=300px&#039;); return false;\" target=\"_blank\" class=\"icon button circle is-outline linkedin\" title=\"Share on LinkedIn\" aria-label=\"Share on LinkedIn\" rel=\"noopener nofollow\"><i class=\"icon-linkedin\" aria-hidden=\"true\"><\/i><\/a><\/div>\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1944915515 {\n  padding-top: 0px;\n  padding-bottom: 0px;\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section newsletter-bottom-sec source-disc-sec content_sec\" id=\"section_988654267\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n\t<div id=\"gap-1280596962\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1280596962 {\n  padding-top: 50px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_988654267 {\n  padding-top: 0px;\n  padding-bottom: 0px;\n}\n<\/style>\n\t<\/section>\n\t\n\n","protected":false},"excerpt":{"rendered":"<p>Q1 2025 presented a mixed picture for U.S. restaurant operators. While revenue growth continued&#8230;<\/p>\n","protected":false},"author":1,"featured_media":14334,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-14329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter"],"_links":{"self":[{"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts\/14329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/comments?post=14329"}],"version-history":[{"count":21,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts\/14329\/revisions"}],"predecessor-version":[{"id":18051,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts\/14329\/revisions\/18051"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/media\/14334"}],"wp:attachment":[{"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/media?parent=14329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/categories?post=14329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/tags?post=14329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}