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Here are highlights from Wednesday's Analyst Blog:
The Consumer & Casual Dining
We think the restaurant growth stock sector has limited upside and that achieving the high-teens 2010 EPS growth implied by consensus estimates will be challenging. Kitchen and labor scheduling efficiencies, coupled with decelerating commodity prices, should more than offset the margin-squeezing effects of fixed occupancy costs on declining sales.
However, same-store sales are set to continue wilting, while unit growth has been nearly halted at most chains - BJ's Restaurant and Brewery (Nasdaq: BJRI | Quote | Chart | News | PowerRating) and Buffalo Wild Wings (Nasdaq: BWLD | Quote | Chart | News | PowerRating) remain two exceptions that are rapidly expanding.
Although at some point this year, falling customer traffic will likely level off, there is no reason to expect a resurgence in dining out. Struggles appear set to continue for casual dining restaurants, such as Red Robin Gourmet Burgers, Inc (Nasdaq: RRGB), BJ's Restaurant and Brewery, Inc., Famous Dave's of America, Inc. and California Pizza Kitchen, Inc. (Nasdaq: CPKI), and for upscale operators, including McCormick & Schmick's Seafood Restaurants Inc. (Nasdaq: MSSR).
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