November 8, 2004

Chain Update: McDonald's, Burger King And Others

A number of major restaurant chains have announced significant financial or operational news in recent days.

* McDonald’s has released its same-store sales results for the month of October. In the United States, same-store sales increased by 7.5% compared to the year-ago period, while same-store sales grew globally by 6.1%. System-wide sales in the United States grew by 8% vs. the same period last year. In constant currencies global system-wide sales increased by 7%.

* Burger King has announced its same-store sales for October. Domestic franchised units grew same-store sales by 6.4% compared to the year-ago period, while company-owned restaurants reported same-store sales growth of 12.3%. The chain’s system-wide same-store sales in the United States were up by 6.9% for the month vs. the same period last year.

* CKE Restaurants has reported its same-store sales results for the four weeks that ended Nov. 1. The company’s Carl’s Jr. concept increased its same-store sales by 5.6% compared to the same period a year earlier, while Hardee’s same-store sales grew by 3.5%.

* Rubio’s Restaurants has announced that Sheri Miksa has been promoted to the post of chief executive officer. Miksa has been with the company as chief operating officer since September of 2002. She takes over the CEO role from Ralph Rubio, who will remain the company’s chairman.

* Quality Dining Inc. has announced that it has entered into a definitive merger agreement with QDI Merger Corp., a firm led by a five company shareholders, including Quality Dining CEO Daniel Fitzpatrick. Under the agreement QDI Merger Corp., which currently owns 44.7% of Quality Dining’s outstanding stock, will purchase all outstanding shares of the company’s common stock for approximately $20.5 million.

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