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every income cohort, we saw sales grow
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2023 Q4
7 Feb 24
Labor costs for the quarter were 25.6%, a decrease of about 80 basis points from last year. The benefit of sales leverage was somewhat offset by wage inflation in addition to higher-than-expected sick pay and medical claims.
For Q1, we expect our labor cost to improve slightly, but remain in the mid-25% range, due to seasonally higher employee taxes as employee taxes start the year at an elevated level due to resetting of wage caps.
With wage inflation being such a huge concern, especially in services, it's just astonishing to read that labor cost as a percentage of revenue has actually declined (and is expected to continue to decline) for a fast-food chain.
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2022 Q4
8 Feb 23
overall for the year, it will be somewhere in that kind of mid-single-digit
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2022 Q4
8 Feb 23
We’re running right now in that kind of 9% to 10% range. And as I mentioned, it rolls off early in Q3. And then in – I’m sorry, early in Q2 and mid-Q3.
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2022 Q4
8 Feb 23
As you move throughout 2023 and you lap some of these large menu price increases as the year progresses, would you think about replacing them with some type of increases, albeit probably a lot more normalized, more lower price increases?
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2022 Q4
8 Feb 23
very little resistance to the pricing so far.
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2022 Q1
23 Sep 22
pricing increases we've taken so far will give us that margin potential that we know is possible.
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2022 Q1
23 Sep 22
The low income consumer definitely has pulled back their purchase frequency.
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2022 Q2
27 Jul 22
The majority of our customers are a higher household income consumer. And we've actually seen their frequency increase and potentially not experience, I'm guessing, some trade-down from other areas where they were choosing to get their leading occasion.
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2022 Q2
27 Jul 22
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