Restaurants Industry: Monthly restaurant spend data review through 5/31/26

Research evidence excerpt

Restaurants Industry: Monthly restaurant spend data review through 5/31/26

Accessible version

Restaurants Industry

Monthly restaurant spend data review

through 5/31/26

Industry Overview

We note these Bloomberg Second Measure sales growth rates are correlated with most 09 June 2026

companies’ reported SSSG. The correlation strength varies based on factors such as

Equitychannel mix, unit growth rates, and geographical and customer skew.

United States

Observed sales growth improves m/m and on 2-yr Restaurants

Bloomberg Second Measure credit and debit card data show y/y growth in restaurant Sara Senatore

median observed sales improved to -3.6% in May from -4.3% in April. The stacked two- Research Analyst

year trend also improved to -3.3% from -5.0%. BofAS+1 646 743 2110

sara.senatore@bofa.com

QSR: Mixed m/m trends across categories Isiah Austin

Among QSR pizza restaurants, observed sales growth improved for PH (-23.1% vs - ResearchBofAS Analyst

24.6% in April), was roughly stable for PZZA (-17.2% vs -17.1%), and decelerated for +1 646 855 0472

isiah.austin@bofa.com

DPZ (-4.8% vs -4.2% in April). Among Fast Food Hamburger Restaurants, MCD improved

(-2.6% vs -5.3%), trends decelerated modestly at WEN (-11.3% from -10.5%), and BK

improved (+6.2% vs +5.6%). JACK’s sales declines improved modestly (-26.6% vs -

28.1%). Sales growth was mixed across the QSR specialists, with TB flat m/m (+0.6% vs

+0.6%), and improvement at KFC (-7.6% vs -8.6%), and PLK (-6.5% vs -9.3%). BROS: Dutch Bros

BLMN: Bloomin Brands

Coffee: SBUX, TH, and BROS all improve m/m CAKE: Cheesecake Factory

SBUX y/y observed sales growth accelerated in May (+2.3% vs +1.1% in April) as did CAVA: Cava

BROS (+14.1% vs +12.2%), while TH (QSR) improved but remained negative (-4.8% vs - CBRL: Cracker Barrel