Dining out monthly trends: April 2026

Research evidence excerpt

Dining out monthly trends: April 2026

19 May 2026

Mizuho Securities Equity Research Retail / Restaurants & Food services

Industry Overview

Sales 31% over pre-COVID levels: 31st straight month of double-digit growth

Senior Analyst: Summary

Hideya Asaeda Aggregate same-store sales for the 21 restaurant chains referenced in this

+81 3 6202 8598 report rose by 5.3% YoY in April, for the 53rd straight month of growth. The

hideya.asaeda@mizuho-sc.com figure was 31% higher than the pre-COVID April 2019 level, putting it above

pre-COVID levels by double digits for the 31st straight month (since OctoberSenior Analyst:

2023). Same-store sales were a firm 77% higher at Ootoya, 73% higher atToshio Takahashi

Saizeriya, and 59% higher at McDonald’s. We believe sales are likely to remain+81 3 6202 8325

toshio.takahashi@mizuho-sc.com relatively firm for these affordable chains. We still feel that fine-tuned pricing

is important as utility costs are expected to rise.

Key trends by company

At major western-style fast food restaurants, same-store sales in April were up

5.0% (customer traffic up 1.3%, average spending per customer up 3.7%) at

McDonald’s (McDonald’s Holdings Company Japan) and up 2.6% (up 2.7%,

down 0.1%) at Mos Burger (Mos Food Services). Same-store sales remained

well above pre-COVID levels at both McDonald’s (59% above) and Mos Burger

(44% above). McDonald’s saw sales rise for the 16th straight month on sales

for its popular Chicken Tatsuta series.

For Japanese-style fast food chains, same-store sales were up 17.8%

(customer traffic up 20.4%, average spending per customer down 2.1%)

at Sukiya (Zensho Holdings), up 10.4% (up 3.5%, up 6.7%) at Yoshinoya

(Yoshinoya Holdings), and up 8.0% (up 1.0%, up 6.9%) at Matsuya (Matsuya

Foods Holdings).