Fast Food Chains' Sales, Traffic Suffer In June
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Investors are not saying “I’m lovin’ it" to quick-service restaurants same-store sales and traffic, which both fell in June, according to a recent survey.
Actually, last month marked the worst performance for the industry since January 2014, and that’s saying something considering same-store sales growth has been below 1% every month this year save February, Nation’s Restaurant News reports. On top of that, traffic at quick service chains dropped 1.3%, marking the third straight month of decline.
“When sales and traffic are weakening, it’s hard to see the bright side,” says MillerPulse CEO Larry Miller. He expects future sales gains to be small, saying nothing above 1% to 2% of current levels is likely anytime soon. [NRN]