{"id":4591,"date":"2024-03-15T11:58:41","date_gmt":"2024-03-15T11:58:41","guid":{"rendered":"https:\/\/staging.paperchase.ac\/?p=4565"},"modified":"2026-02-27T09:28:45","modified_gmt":"2026-02-27T09:28:45","slug":"the-perfect-plate-february-2024","status":"publish","type":"post","link":"https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-february-2024\/","title":{"rendered":"The Perfect Plate \u2013 February 2024"},"content":{"rendered":"\n\n\t<section class=\"section casestudy__fm-section\" id=\"section_460774232\">\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-2032918012\">\n\n\n\t<div id=\"col-1564462097\" 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-1159169708\" class=\"text casestudy__heading\">\n\t\t\n\n<h1><span class=\"ez-toc-section\" id=\"The_Perfect_Plate_%E2%80%93_February_2024\"><\/span>The Perfect Plate \u2013 February 2024<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\t\t\n<style>\n#text-1159169708 {\n  text-align: center;\n  color: rgb(255, 255, 255);\n}\n#text-1159169708 > * {\n  color: rgb(255, 255, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-2942648658\" class=\"text\">\n\t\t\n\n<p>Restaurant sales trended higher in inflation-adjusted terms during the last several months\u2026<\/p>\n\n\t\t\n<style>\n#text-2942648658 {\n  text-align: center;\n  color: rgb(255, 255, 255);\n}\n#text-2942648658 > * {\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_460774232 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n  min-height: 450px;\n}\n#section_460774232 .section-bg-overlay {\n  background-color: rgba(57, 0, 119, 0.5);\n}\n#section_460774232 .section-bg img {\n  object-position: 50% 100%;\n}\n@media (min-width:550px) {\n  #section_460774232 {\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_1226583639\">\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-256574249\">\n\n\n\t<div id=\"col-1680337758\" 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-1387722637\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1387722637 {\n  padding-top: 70px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-466806860\" class=\"text hidden\">\n\t\t\n\n<h1><span class=\"ez-toc-section\" id=\"The_Perfect_Plate_%E2%80%93_February_2024-2\"><\/span>The Perfect Plate \u2013 February 2024<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\t\t\n<style>\n#text-466806860 {\n  text-align: left;\n  color: rgb(0, 0, 0);\n}\n#text-466806860 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3020995586\" 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-3020995586 {\n  text-align: left;\n  color: rgb(0, 0, 0);\n}\n#text-3020995586 > * {\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-center\"  id=\"row-857618999\">\n\n\n\t<div id=\"col-957468111\" 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-717220614\" 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-717220614 {\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-345278050\" 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-february-2024\/\" 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-february-2024\/\" 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%20February%202024&body=Check%20this%20out%3A%20https%3A%2F%2Fwww.paperchase.ac%2Fnewsletter%2Fthe-perfect-plate-february-2024%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-february-2024\/&title=The%20Perfect%20Plate%20%E2%80%93%20February%202024\" 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-1211037289\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1211037289 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse\"  id=\"row-171537614\">\n\n\n\t<div id=\"col-752470307\" 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-204257356\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-204257356 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-551901944\">\n\n\n\t<div id=\"col-253924983\" class=\"col medium-6 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-2726657232\" class=\"text txt-a\">\n\t\t\n\n<p>If you are a hospitality investor or interested in learning more about investing in restaurants &amp; hospitality \u2013 <a href=\"#\" class=\"popmake-4962\"><strong>subscribe<\/strong><\/a>\u00a0to access private offerings from our select clients.<\/p>\n\t\t\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_1226583639 {\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_1554892645\">\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-683021113\">\n\n\n\t<div id=\"col-890646229\" 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-1618444498\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1618444498 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3866284592\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"A_positive_start_to_2024\"><\/span>A positive start to 2024<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-3866284592 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-3866284592 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-73728641\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-73728641 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2745810278\" class=\"text\">\n\t\t\n\n<p>Restaurant sales trended higher in inflation-adjusted terms during the last several months, as sales growth outpaced increases in menu prices. After adjusting for menu price inflation, eating, and drinking place <strong>sales were up 4.3%<\/strong> during the last 11 months. [National Restaurant Association]\n\t\t\n<style>\n#text-2745810278 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-247082062\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-247082062 {\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_1035330471\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"700\" height=\"292\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/IMG_5295.jpg\" class=\"attachment-original size-original\" alt=\"IMG 5295\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/IMG_5295.jpg 700w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/IMG_5295-300x125.jpg 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/>\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_1035330471 {\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\t<div id=\"gap-536177229\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-536177229 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1278420460\">\n\n\n\t<div id=\"col-1388025071\" 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-1739030104\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Public_Market_Top_10_for_the_Week_Fast_Casual_Dominates\"><\/span>Public Market Top 10 for the Week | <span class=\"color-black\">Fast Casual<\/span> Dominates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-1739030104 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-1739030104 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1707134709\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1707134709 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3350141357\" class=\"text\">\n\t\t\n\n<p>Sweetgreen leads the top 10 for the week ending March 1st, 2024, with a positive 2023 Q4 earnings report.<\/p>\n\t\t\n<style>\n#text-3350141357 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1108075458\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1108075458 {\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_1586183571\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2560\" height=\"920\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/fast-casual-dominates.png\" class=\"attachment-original size-original\" alt=\"fast casual dominates\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/fast-casual-dominates.png 2560w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/fast-casual-dominates-300x108.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/fast-casual-dominates-1024x368.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/fast-casual-dominates-768x276.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/fast-casual-dominates-1536x552.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/fast-casual-dominates-2048x736.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/>\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_1586183571 {\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\t<div id=\"gap-1659254317\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1659254317 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-841082183\">\n\n\n\t<div id=\"col-852535951\" 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-2796958989\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Stock_Highlight_Sweetgreen\"><\/span>Stock Highlight: Sweetgreen<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2796958989 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2796958989 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-329590699\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-329590699 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-762760211\" class=\"text\">\n\t\t\n\n<p>With a fresh Q4 report to look at; here are our top highlights from SG\u2019s 2023 Q4 Report and comparisons to the Fast Casual Cohort.<\/p>\n\t\t\n<style>\n#text-762760211 {\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_533716606\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"832\" height=\"815\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Stock-highlight-sweetgreen.png\" class=\"attachment-original size-original\" alt=\"Stock highlight sweetgreen\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Stock-highlight-sweetgreen.png 832w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Stock-highlight-sweetgreen-300x294.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Stock-highlight-sweetgreen-768x752.png 768w\" sizes=\"(max-width: 832px) 100vw, 832px\" \/>\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_533716606 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-269090703\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-269090703 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2821925600\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>1. The key driver for Sweetgreen\u2019s stock jump this week was its <strong>improvement in profitability<\/strong> in addition to its consistent growth trajectory as it opens new locations.<\/p>\n<ul>\n<li>Restaurant-Level Profit <strong>improved by 5%<\/strong> &#8211; it was $24.8 million, and Restaurant-Level Profit Margin was 16%, versus Restaurant-Level Profit of $12.8 million and Restaurant-Level Profit Margin of 11% in the prior year period.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-2821925600 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3290015660\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>2. <strong>Revenue Growth:<\/strong><\/p>\n<ul>\n<li><strong>Sweetgreen<\/strong> reported <strong>total revenue of $153.0 million<\/strong> for Q4 2023, a <strong>29.0% increase<\/strong> compared to the same period in 2022.<\/li>\n<li>In comparison:\n<ul class=\"small-li\">\n<li><strong>CAVA<\/strong> achieved revenue growth of <strong>52.5%<\/strong>,<\/li>\n<li><strong>Shake Shack<\/strong> achieved revenue growth of <strong>20.0%<\/strong>,<\/li>\n<li><strong>Chipotle<\/strong> achieved revenue growth of <strong>15.4%<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\t\t\n<style>\n#text-3290015660 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1481436952\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>3. <strong>Same-Store Sales:<\/strong><\/p>\n<ul>\n<li>Sweetgreen\u2019s <strong>same-store sales<\/strong> rose by <strong>6.0%<\/strong> in Q4 2023, outperforming its <strong>4.0%<\/strong> growth in the prior year.<\/li>\n<li>In comparison:\n<ul class=\"small-li\">\n<li><strong>CAVA<\/strong> same-store sales were <strong>11.4%<\/strong><\/li>\n<li><strong>Chipotle<\/strong> same-store sales were <strong>8.4%<\/strong>.<\/li>\n<li><strong>Shake Shack\u2019s<\/strong> same-store sales were <strong>2.8%<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\t\t\n<style>\n#text-1481436952 {\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\t<div id=\"gap-2067721638\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2067721638 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1080356601\">\n\n\n\t<div id=\"col-308497673\" 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-2589187491\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Highlights_from_Annual_Q4_Reports\"><\/span>Highlights from Annual &#038; Q4 Reports<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2589187491 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2589187491 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-2051000009\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2051000009 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-4087161108\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Looking_forward_to_2024_Store_Growth_and_Automation\"><\/span>Looking forward to 2024: Store Growth and Automation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-4087161108 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-2014049155\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2014049155 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2012114292\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p><span style=\"text-decoration: underline;\"><strong>Chipotle &#8211; CMG<\/strong><\/span><\/p>\n<p>New Restaurant Openings: The company is on track to <strong>open between 255 to 285 new restaurants<\/strong> in the current year and anticipates opening between<strong> 285 to 315 new restaurants in 2024<\/strong>, with at least 80% having Chipotlane.<\/p>\n\t\t\n<style>\n#text-2012114292 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1252818401\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1252818401 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3680327663\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p><strong>International Expansion: Chipotle<\/strong> opened its first location in Calgary, Canada, with record opening day sales. Plans are in place to improve operations in Europe and to collaborate with Alshaya Group for openings in <strong>Kuwait and Dubai<\/strong><\/p>\n\t\t\n<style>\n#text-3680327663 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-522885130\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-522885130 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2757327798\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p><span style=\"text-decoration: underline;\"><strong>Sweetgreen &#8211; SG<\/strong> <\/span><\/p>\n<p>Infinite Kitchen Deployment: <strong>Sweetgreen<\/strong> anticipates deploying 7 <strong>to 9 Infinite Kitchens into new units and 2 to 4 retrofits in 2024<\/strong>. The Infinite Kitchen is expected to create a more efficient assembly process and enhance the customer and employee experience.<\/p>\n\t\t\n<style>\n#text-2757327798 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-825073980\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-825073980 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2071528987\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>New Store Openings: The company plans to open between <strong>23 and 28 new stores during 2024<\/strong>, with the Infinite Kitchen installations weighted towards the back half of the year. The retrofits are planned for high-volume urban stores to understand how the increased throughput will translate into higher revenue and flow-through.<\/p>\n\t\t\n<style>\n#text-2071528987 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1256581612\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1256581612 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1493952992\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p><span style=\"text-decoration: underline;\"><strong>The One Group &#8211; STKS<\/strong><\/span><\/p>\n<p><strong>The ONE Group<\/strong> plans to <strong>add 8 new venues in 2023<\/strong>, with 6 already opened by the time of the earnings call. Upcoming Openings: For the remainder of the year, they are on track to open 2 new company owned STKs in Boston, Massachusetts, and Salt Lake City, Utah.<\/p>\n\t\t\n<style>\n#text-1493952992 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-2077982024\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2077982024 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-4046127581\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>Early in 2024, the company plans to open a company-owned STK in Washington, D.C., at the Marriott Grand Marquis, a company-owned STK in Aventura, Florida at the Aventura Mall, and a licensed STK.<\/p>\n\t\t\n<style>\n#text-4046127581 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1849135239\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1849135239 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1985445630\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p><strong>Long-term Growth<\/strong>: The ONE Group views their <strong>addressable market<\/strong> as <strong>200 STK restaurants<\/strong> globally and <strong>200 Kona Grill<\/strong> restaurants domestically, with best-in-class ROIs of between 40% and 50%<\/p>\n\t\t\n<style>\n#text-1985445630 {\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\t<div id=\"gap-1971495235\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1971495235 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-667956226\">\n\n\n\t<div id=\"col-221166662\" 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-3085636109\" class=\"text\">\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-3085636109 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-3085636109 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-603587720\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-603587720 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-192672382\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li>Countdown to California\u2019s new fast-food wage\u2026 &#8211; <a href=\"https:\/\/www.restaurantbusinessonline.com\/workforce\/countdown-californias-new-fast-food-wage-triggering-some-strangeness\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>James Beard\u2019s 2023 Industry Report &#8211; <a href=\"https:\/\/jbf-media.s3.amazonaws.com\/production\/blog\/2023\/12\/7\/120623_JBF_INDUSTRY_REPORT.pdf\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Restaurant Dive &#8211; 7 restaurant industry trends to watch in 2024 <a href=\"https:\/\/www.restaurantdive.com\/news\/restaurant-industry-trends-2024\/704139\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Restaurant Dive &#8211; The restaurant labor market in 6 key statistics &#8211; <a href=\"#\">Link<\/a><\/li>\n<li>Restaurant Business &#8211; Labor Pains &#8211; <a href=\"https:\/\/www.restaurantbusinessonline.com\/labor-pains\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<\/ul>\n\t\t\n<style>\n#text-192672382 {\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\t<div id=\"gap-84582941\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-84582941 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1901631831\">\n\n\n\t<div id=\"col-361472814\" 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-878288793\" class=\"text\">\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-878288793 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-878288793 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1863720487\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1863720487 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1247480373\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"M_A_in_2024_Q1\"><\/span>M&#038;A in 2024 Q1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-1247480373 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-2047265892\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2047265892 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3581569525\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li>Craveworthy Brands buys major stake in Dirty Dough Cookies \u2013 <a href=\"https:\/\/www.restaurantdive.com\/news\/craveworthy-brands-acquires-dirty-dough-cookies\/705432\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Thai Union Group looks to sell stake in Red Lobster &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/Thai-Union-to-sell-minority-stake-Red-Lobster\/704654\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Burger King Company to Acquire Carrols Restaurant Group for $1.0B &#8211; <a href=\"https:\/\/www.rbi.com\/English\/news\/news-details\/2024\/Burger-King-Company-to-Acquire-Carrols-Restaurant-Group\/default.aspx\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<\/ul>\n\t\t\n<style>\n#text-3581569525 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-729419464\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-729419464 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2986971848\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"M_A_in_2023_Q4\"><\/span>M&#038;A in 2023 Q4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-2986971848 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1654448845\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1654448845 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1920592773\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li>Authentic Restaurant Brands acquired Fiesta Restaurant Group for <a href=\"https:\/\/www.restaurantdive.com\/news\/fiesta-restaurant-group-reportedly-nearing-225-million-sale\/690056\/\" target=\"_blank\" rel=\"noopener\">$220m<\/a><\/li>\n<\/ul>\n\t\t\n<style>\n#text-1920592773 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1465566004\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1465566004 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-4255615487\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"M_A_in_2023_Q3\"><\/span>M&#038;A in 2023 Q3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-4255615487 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-102380545\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-102380545 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-4118696787\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li><a href=\"https:\/\/www.restaurantdive.com\/news\/ftc-reportedly-investigating-roarks-subway-purchase\/700615\/\" target=\"_blank\" rel=\"noopener\">FTC reportedly investigating Roark\u2019s Subway purchase<\/a> | The FTC is concerned the deal could create a monopoly in the sandwich segment, as Roark Capital also owns Arby\u2019s, Jimmy John\u2019s, and related chains.\n<ul class=\"small-li\">\n<li>Subway to be <a href=\"https:\/\/www.restaurantdive.com\/news\/subway-agrees-sale-roark-9B\/649717\/\" target=\"_blank\" rel=\"noopener\">acquired by Roark Capital<\/a> for $9B. Subway has been going through their sales process since late 2022.<\/li>\n<\/ul>\n<\/li>\n<li>Bain Capital <a href=\"https:\/\/www.restaurantdive.com\/news\/Fogo-de-chao-to-be-acquired-bain-capital-private-equity\/690901\/\" target=\"_blank\" rel=\"noopener\">acquired<\/a> Fogo de Chao for $560 million after it rapidly grew under Rhone Capital.<\/li>\n<li>Fat Brands <a href=\"https:\/\/www.restaurantdive.com\/news\/fat-brands-acquires-smokey-bones-for-30-million\/694716\/\" target=\"_blank\" rel=\"noopener\">buys<\/a> Smokey Bones for $30m<\/li>\n<\/ul>\n\t\t\n<style>\n#text-4118696787 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-272330609\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-272330609 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-870929500\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"M_A_in_2023_Q1_Q2\"><\/span>M&#038;A in 2023 Q1 &#038; Q2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-870929500 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1585310280\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1585310280 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1347879598\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li>Darden acquired <a href=\"https:\/\/www.restaurantdive.com\/news\/darden-to-buy-ruths-hospitality-group-for-715m\/649282\/\" target=\"_blank\" rel=\"noopener\">Ruth\u2019s Hospitality Group for $715m<\/a><\/li>\n<li>Mohari acquired <a href=\"https:\/\/www.prnewswire.com\/news-releases\/mohari-hospitality-finalizes-acquisition-of-tao-group-hospitality-301814871.html\" target=\"_blank\" rel=\"noopener\">TAO Group Hospitality for $550m<\/a><\/li>\n<li>Main Squeeze Juice Co. [Conscious Capital] <a href=\"https:\/\/www.restaurantdive.com\/news\/main-squeeze-juice-co-buys-I-love-juice-bar\/646145\/\" target=\"_blank\" rel=\"noopener\">acquired I Love Juice Bar\u2019s 20 units<\/a><\/li>\n<li>SSCP Restaurant Investors bought out bankrupt <a href=\"https:\/\/www.restaurantdive.com\/news\/corner-bakery-bought-by-sscp-restaurant-investors\/652030\/\" target=\"_blank\" rel=\"noopener\">Corner Bakery for $15m<\/a><\/li>\n<\/ul>\n<p><em>Source: <a href=\"https:\/\/www.restaurantdive.com\/topic\/ma\/\" target=\"_blank\" rel=\"noopener\">Restaurant Mergers &amp; Acquisitions | Restaurant Dive<\/a><\/em><\/p>\n\t\t\n<style>\n#text-1347879598 {\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\t<div id=\"gap-1170457129\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1170457129 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-605147496\">\n\n\n\t<div id=\"col-450069762\" 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-3057536825\" class=\"text\">\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-3057536825 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-3057536825 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1322878488\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1322878488 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3111312538\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>Week Ending | 3\/1\/2024<\/p>\n\t\t\n<style>\n#text-3111312538 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1517991281\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1517991281 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-490897323\" class=\"text\">\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-490897323 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-711447101\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-711447101 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1649969489\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>The last 90-day performance has been strong with an average of +35% for the Top 10.<\/p>\n\t\t\n<style>\n#text-1649969489 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-2072610209\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2072610209 {\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_999826905\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2560\" height=\"920\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/fast-casual-dominates.png\" class=\"attachment-original size-original\" alt=\"fast casual dominates\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/fast-casual-dominates.png 2560w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/fast-casual-dominates-300x108.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/fast-casual-dominates-1024x368.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/fast-casual-dominates-768x276.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/fast-casual-dominates-1536x552.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/fast-casual-dominates-2048x736.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/>\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_999826905 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1250063017\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1250063017 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1455651008\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>This Top 10 cohort has <strong>outperformed the S&amp;P<\/strong> and S&amp;P Consumer index over the last year.<\/p>\n\t\t\n<style>\n#text-1455651008 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1648818106\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1648818106 {\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_1608869187\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"838\" height=\"269\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/outperformed-the-sp.png\" class=\"attachment-original size-original\" alt=\"outperformed the sp\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/outperformed-the-sp.png 838w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/outperformed-the-sp-300x96.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/outperformed-the-sp-768x247.png 768w\" sizes=\"(max-width: 838px) 100vw, 838px\" \/>\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_1608869187 {\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\t<div id=\"gap-1117071470\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1117071470 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1974332143\">\n\n\n\t<div id=\"col-1524023659\" 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-4269908398\" class=\"text\">\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-4269908398 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1010991114\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1010991114 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1210277944\" class=\"text newsletter-txt-li\">\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 ~10% growth into 2024. The growth guidance is attributable to store growth and price increases.<\/p>\n\t\t\n<style>\n#text-1210277944 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1964812340\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1964812340 {\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_1752431727\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2560\" height=\"937\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ntm-revenue-multiples.png\" class=\"attachment-original size-original\" alt=\"ntm revenue multiples\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ntm-revenue-multiples.png 2560w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ntm-revenue-multiples-300x110.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ntm-revenue-multiples-1024x375.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ntm-revenue-multiples-768x281.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ntm-revenue-multiples-1536x562.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ntm-revenue-multiples-2048x749.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/>\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_1752431727 {\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\t<div id=\"gap-789448127\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-789448127 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-574696601\">\n\n\n\t<div id=\"col-1440279224\" 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-136610817\" class=\"text\">\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-136610817 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-136610817 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1192002245\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1192002245 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2917146806\" class=\"text\">\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-2917146806 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-786565060\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-786565060 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1406455442\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>The restaurant industry has seen valuations decline due to interest rate increases.<\/p>\n\t\t\n<style>\n#text-1406455442 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-872415174\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-872415174 {\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_1742971621\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"791\" height=\"288\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ltm-revenue-trend.png\" class=\"attachment-original size-original\" alt=\"ltm revenue trend\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ltm-revenue-trend.png 791w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ltm-revenue-trend-300x109.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ltm-revenue-trend-768x280.png 768w\" sizes=\"(max-width: 791px) 100vw, 791px\" \/>\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_1742971621 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3836948233\" class=\"text\">\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 <span style=\"text-decoration: underline;\">EBITDA<\/span> Multiples<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3836948233 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1848069045\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1848069045 {\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_731228669\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"791\" height=\"288\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ltm-ebitda-trend.png\" class=\"attachment-original size-original\" alt=\"ltm ebitda trend\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ltm-ebitda-trend.png 791w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ltm-ebitda-trend-300x109.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ltm-ebitda-trend-768x280.png 768w\" sizes=\"(max-width: 791px) 100vw, 791px\" \/>\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_731228669 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-352608453\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-352608453 {\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-1836800866\">\n\n\n\t<div id=\"col-1483728647\" 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-983663144\" class=\"text\">\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-983663144 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-2132271085\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2132271085 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2261810287\" class=\"text newsletter-txt-li txt-a\">\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.<\/p>\n\t\t\n<style>\n#text-2261810287 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1615668469\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<p>Here are some of the factors that affect restaurant valuation multiples:<\/p>\n\t\t\n<style>\n#text-1615668469 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1022599065\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li><strong>Capital structure:<\/strong> Businesses with less debt and more equity tend to have higher valuation multiples.<\/li>\n<li><strong>Growth potential:<\/strong> Businesses with high growth potential tend to have higher valuation multiples.<\/li>\n<li><strong>Franchise model:<\/strong> Franchise businesses tend to have higher valuation multiples than company-owned businesses.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-1022599065 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1488545294\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1488545294 {\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_853659427\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2560\" height=\"1369\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/median-ev-ltm-rev.png\" class=\"attachment-original size-original\" alt=\"median ev ltm rev\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/median-ev-ltm-rev.png 2560w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/median-ev-ltm-rev-300x160.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/median-ev-ltm-rev-1024x548.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/median-ev-ltm-rev-768x411.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/median-ev-ltm-rev-1536x822.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/median-ev-ltm-rev-2048x1096.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/>\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_853659427 {\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\t<div id=\"gap-451892391\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-451892391 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1036691402\">\n\n\n\t<div id=\"col-824844136\" 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-3247636171\" class=\"text\">\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-3247636171 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1241474246\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1241474246 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1728430624\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1728430624 {\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_449082072\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2560\" height=\"1369\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ebitda-multiple-trends-1.png\" class=\"attachment-original size-original\" alt=\"ebitda multiple trends 1\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ebitda-multiple-trends-1.png 2560w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ebitda-multiple-trends-1-300x160.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ebitda-multiple-trends-1-1024x548.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ebitda-multiple-trends-1-768x411.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ebitda-multiple-trends-1-1536x822.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/ebitda-multiple-trends-1-2048x1096.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/>\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_449082072 {\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\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1554892645 {\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\" id=\"section_2145312957\">\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-902314120\">\n\n\n\t<div id=\"col-514002768\" class=\"col medium-6 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-1424327767\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1424327767 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-4183271942\" class=\"text\">\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-4183271942 {\n  color: rgb(187, 176, 255);\n}\n#text-4183271942 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3277209388\" class=\"text headingWithCopyText\">\n\t\t\n\n<p>TIKR<br \/>Bloomberg<br \/>Company 10-Q and 10-K Filings<\/p>\n\t\t\n<style>\n#text-3277209388 {\n  color: rgb(0, 0, 0);\n}\n#text-3277209388 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-932957279\" class=\"text headingWithCopyText links-txt-p\">\n\t\t\n\n<p>Bureau of Labor Statistics (BLS) [<a href=\"https:\/\/www.bls.gov\" target=\"_blank\" rel=\"noopener\">bls.gov<\/a>]\n<p>U.S. Bureau of Economic Analysis (BEA) [<a href=\"https:\/\/www.bea.gov\" target=\"_blank\" rel=\"noopener\">bea.gov<\/a>]\n<p>U.S. Department of Agriculture (USDA) Economic Research Service [<a href=\"https:\/\/www.ers.usda.gov\" target=\"_blank\" rel=\"noopener\">ers.usda.gov<\/a>]\n<p>Federal Reserve Economic Data (FRED) [<a href=\"https:\/\/www.fred.stlouisfed.org\" target=\"_blank\" rel=\"noopener\">fred.stlouisfed.org<\/a>]\n<p>National Restaurant Association [<a href=\"https:\/\/www.restaurant.org\" target=\"_blank\" rel=\"noopener\">restaurant.org<\/a>]\n<p>International Monetary Fund (IMF) [<a href=\"https:\/\/www.imf.org\" target=\"_blank\" rel=\"noopener\">imf.org<\/a>]\n\t\t\n<style>\n#text-932957279 {\n  color: rgb(0, 0, 0);\n}\n#text-932957279 > * {\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\t<div id=\"gap-2056013007\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2056013007 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1148064067\">\n\n\n\t<div id=\"col-1051327642\" class=\"col medium-12 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-2075842846\" class=\"text\">\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-2075842846 {\n  color: rgb(187, 176, 255);\n}\n#text-2075842846 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-4281503961\" class=\"text headingWithCopyText\">\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<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 employers 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 persons 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-4281503961 {\n  color: rgb(0, 0, 0);\n}\n#text-4281503961 > * {\n  color: rgb(0, 0, 0);\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-february-2024\/\" 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-february-2024\/\" 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%20February%202024&body=Check%20this%20out%3A%20https%3A%2F%2Fwww.paperchase.ac%2Fnewsletter%2Fthe-perfect-plate-february-2024%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-february-2024\/&amp;title=The%20Perfect%20Plate%20%E2%80%93%20February%202024\" 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\t<div id=\"gap-1660607240\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1660607240 {\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_2145312957 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n}\n<\/style>\n\t<\/section>\n\t\n\n","protected":false},"excerpt":{"rendered":"<p>Restaurant sales trended higher in inflation-adjusted terms during the last several months&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5015,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[22],"tags":[21],"class_list":["post-4591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter","tag-dimitre-krouchev"],"_links":{"self":[{"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts\/4591","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=4591"}],"version-history":[{"count":18,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts\/4591\/revisions"}],"predecessor-version":[{"id":18056,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts\/4591\/revisions\/18056"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/media\/5015"}],"wp:attachment":[{"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/media?parent=4591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/categories?post=4591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/tags?post=4591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}