Foodservice Monitor - March 19, 2012

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Monday, March 19, 2012

Welcome ,

Here's your March 19, 2012 edition of Technomic's Foodservice Monitor. We always welcome your feedback.

The 2012 Top 500

Get a sneak peak at U.S. chain restaurant performance when you preorder the Technomic Top 500 Report. Our advance preview (available now) includes rankings by systemwide sales, units, and alphabetically.

TECHNOMIC PRESS ROOM

The 500 largest U.S. restaurant chains registered a 3.4 percent annual sales increase in 2011, a sharp improvement over 1.8 percent the prior year. According to data released today by Technomic Inc. in its annual reporting on the top U.S. restaurant chains the foodservice consultancy found that U.S. systemwide sales for the Top 500 chains grew to an estimated $242 billion in 2011, up more than $8 billion over 2010.

Technomic, Inc. 03/19/12

CHAIN NEWS – Performance

Domino's Pizza Completes Recapitalization; Declares $3 Per Share Special Dividend
Domino's Pizza, Inc., the recognized world leader in pizza delivery, announced today that it has completed its recapitalization as planned, with the placement by certain of its subsidiaries of a $1.675 billion securitized debt facility and a declaration by its Board of Directors of a $3 per share special dividend. The new securitized debt facility replaces the April 2007 securitized debt facility.

PR Newswire 03/16/12

CHAIN NEWS – Marketing

Carl’s Jr. Presents the “Laker Girls Lunch Date” Tour
Starting today, Carl’s Jr. kicks off a three-week in-restaurant tour featuring the world-famous Los Angeles Laker Girls. Today through April 7, the “Laker Girls Lunch Date at Carl’s Jr.” tour will offer Southern California guests and Lakers fans the opportunity to meet and mingle with the Laker Girls at participating Carl’s Jr. restaurants in Los Angeles, Orange, Riverside and Ventura counties.

Business Wire 03/19/12

Jamba Juice to Host National Hiring Day on March 27, 2012
Jamba Juice Company, a leading healthy, active lifestyle company, announced today that on Tuesday, March 27, 2012, it will host a National Hiring Day from 2:00 p.m. to 6:00 p.m. in 80 stores across the nation with a goal to recruit and hire youth for summer employment. The National Hiring Day will help Jamba support its pledge to generate over 2,500 summer jobs as part of the Obama Administration’s 2012 Summer Jobs+ campaign.

Business Wire 03/19/12

CHAIN NEWS – Expansion

Seattle’s Best Coffee Picks Chicago for Launch of New Coffee Drive-Thru Concept
Seattle’s Best Coffee, part of Starbucks Corporation, today opens the doors -- and drive-thru window -- of its new coffee drive-thru concept in Northlake, Ill. Designed to meet the needs of the more than 36,000 commuters in the suburban Chicago neighborhood, the concept boasts never-before-seen coffee beverages, freshly-baked food items and other car-friendly sandwiches and snacks.

Business Wire 03/19/12

Starbucks is about to find out just how much it can squeeze out of its brand. On Monday, the world's biggest coffee chain will open its very first retail store — dubbed Evolution Fresh — that will not be centered on the coffee cup, but, instead, on the juice bottle. The grand opening comes four months after Starbucks purchased the little-known Evolution Fresh brand, and two days before the company's annual meeting, where CEO Howard Schultz will prophetically point to Evolution Fresh as an early glimpse of the company's future beyond the coffee bean. The first Evolution Fresh store, which Starbucks has kept under wraps, will be like an upscale health food store. All food and drink is natural — no artificial colors, preservatives or additives.

USA Today 03/18/12

CHAIN NEWS – Menu

Dickey's Barbecue Offers New Lip Smackin' Yet Healthy Menu Options
Dickey's Barbecue is getting ready for swimsuit weather and barbecue season. The restaurant chain known for its lip smackin', rib ticklin', foot stompin' barbecue has created great tasting menu options that are all under 600 calories. "When you think of barbecue, you normally don't consider it a healthy option, but at Dickey's you can still enjoy great taste without the high calories," said Roland Dickey, Jr. "We are committed to providing options that fit in to a healthy lifestyle."

PR Newswire 03/18/12

With an already extensive menu of more than 200 delicious dishes and 30 decadent cheesecakes, The Cheesecake Factory scans the globe for culinary inspiration, and this spring is adding more than a dozen innovative new menu items. Now available at all 156 restaurant locations, the new menu items include fresh and creative additions to The Cheesecake Factory’s award-winning, low-calorie SkinnyLicious™ menu as well as Small Plates and Snacks, Entrees, Sandwiches, Side Dishes, Sunday Brunch and Creamy Milkshakes. And, just as The Cheesecake Factory has done for more than 30 years, every menu item is made in-house, to order, using only the freshest of ingredients.

Business Wire 03/19/12

CHAIN NEWS – Personnel

Tropical Smoothie Cafe Names VP, Marketing
Tropical Smoothie Cafe has hired Cyndi Richardson as VP, marketing. Richardson will develop and manage all national marketing campaigns for the 300-location chain.

Media Post 03/19/12

CHAIN NEWS – Technology

MICROS and Pinkberry Initiate Rollout of Google Wallet
Micros Systems, Inc., a leading provider of information technology solutions for the hospitality and retail industries, is pleased to announce that it has partnered with global yogurt retailer, Pinkberry, to implement Google Wallet. When used with Micros POS, Google Wallet allows Pinkberry customers to tap their device on an NFC (Near Field Communications) reader to quickly make their purchase and simultaneously redeem coupons and receive discounts. Google Wallet is now live in 69 Pinkberry locations in the U.S.

QSR Magazine 03/19/12

ANALYST CORNER

Chipotle
We are increasing our price target based on our increased conviction in Chipotle's global unit growth potential following our recent visit to the London market. We have updated our valuation analysis as it relates to the future growth pipeline, which we now value at $117 per share implying a 30x multiple on FY13 earnings. We believe CMG shares deserve a premium multiple given consistent superior returns (sales/sq ft. have increased ~2.5x over past decade). We believe upside from annual unit openings, store productivity, and uses of cash remains.

Piper Jaffray 3/16/12

Peet's Coffee & Tea
The conclusion from our five-year earnings power analysis is the pace of earnings growth may slow but we remain encouraged with the growth in the premium coffee category and Peet's positioning as such. That said, the model does suggest that door growth, SKU growth and/or pricing power or platform innovation is necessary to achieve our estimates. We are maintaining our Neutral rating and $61 price target on PEET shares.

Piper Jaffray 3/16/12

Starbucks
The conclusion from our five-year earnings power analysis is that all roads lead to (much) higher earnings. Earnings growth should also accelerate and remain sustainable in the 20%+ range. As it relates to the single-serve arena, the company is unique vs. peers in that it now owns both the content and distribution and we believe SBUX shares will benefit as the company transitions from the "stealth" way to clear and obvious way for investors to play the premium single-serve opportunity.

Piper Jaffray 3/16/12

INDEPENDENT OPERATORS

Ryan Stone Ware Appointed Executive Chef of 7 On Fulton at the Wyndham Riverfront Hotel
The New Orleans Hotel Collection announced today the appointment of Chef Ryan Stone Ware as Executive Chef for 7 on Fulton. The restaurant, 7 on Fulton, is located in the Arts District of New Orleans within the 202-room Wyndham Riverfront New Orleans Hotel. Ware will be responsible for menu creativity and leading the culinary team at 7 on Fulton. “We are delighted to welcome Chef Ryan to the hotel,” said Hotel Manager Ivy Lim. “With many years of culinary arts training, fine dining and independent catering experience, Chef Ryan is a creative, innovative and diligent individual. He will be a great asset to 7 on Fulton restaurant and private dining at Wyndham Riverfront Hotel.

Business Wire 03/19/12

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