November Restaurant Industry Snapshot Released
Black Box Intelligence (BBI), a leading provider of financial and market data for the restaurant industry released their November Restaurant Industry Snapshot today containing sales performance and trends.
Additional snapshot metrics include job growth and turnover numbers, provided by sister company People Report, and the Restaurant Industry Willingness to Spend Index, provided by Connecticut based partner, Consumer Edge Research (CER).
Bill Schaffler, Chief Operating Officer for BBI states, “Although sales continue to be in positive territory, one of the biggest issues for the industry is negative traffic counts. We are encouraged however by Consumer Edge’s research indicating restaurant customer willingness to spend may have already bottomed out a few months ago. This may be a good sign heading into the holidays.”
Highlights for November include positive comparable store sales of .83%, in spite of negative guest traffic of (-2.20%). Sales were positive in both, food, and alcoholic beverages, a trend observed all year.
Results were most positive in Florida posting positive 1.87% for the month, while the Southwest fared the worst, with negative sales and traffic of (-.9%).
BBI currently reports on 97 DMA’s. Job growth of 2.1% was positive and may be a reaction to the national unemployment rate going from 9.2% to 8.6%.
Management turnover for the month was up while the hourly turnover rate went down for the month; although both management and hourly turnover is up for the year.
The CER Restaurant Willingness to Spend Index, calculated monthly from household surveys of over 2500 consumers, was up for the second straight month after bottoming out in September.