得来速与快餐：5月快餐行业客流量透露了什么

Equity ResearchJune 12, 2025 USA | Restaurants Drive-Thru & Quick Bites: What May QSR FootTraffic Tells Us Placer Traffic by Category (QoQ & MoM)*Please note this data should serve as a directional indicator, interpreted as relativeperformance among brands/categories, anddoes not indicate absolute performance QSR Industry foot traffic in May declined -60bps vs April, with Burger -90bpswhile Chicken +50bps and Pizza +20bps; this data contrasts Black Box +60bpsm/m in May, but incl variance in calendar/period-end. However, for calendar2Qtd through May vs 1Q, Industry SSS is still +240bps with Burger +310bps,Pizza +210bps, and Chicken +130bps. MCD and Popeyes lower in May but stillleading peers 2Qtd, while Pizza Hut and KFC remain relative underperformers. We flag brand level highlights including YUM's KFC and Pizza Hut underperforming and MCDstill appearing solid:For calendar 2Q-to-date foot traffic vs 1Q, MCD continues to lead the group+640bps despite May -330bps m/m following the Minecraft Meal strength in April, as we think theMcCrispy Strips launch and other drivers have since helped sustain encouraging positive trends.Popeyes (QSR) and DPZ still in 2nd and 3rd place with +620bps and +540bps improvements 2Q-to-date, respectively, vs 1Q, despite Popeyes moderating a bit m/m in May. We'd also flag continuingmomentum at PZZA, which saw traffic improvements in March sustain into April and then again inMay. Conversely, Pizza Hut (YUM) -100bps m/m and KFC (YUM) -90bps m/m in May, while TacoBell (YUM) was flat m/m following a strong April; we expect brand-specific drivers to allow Taco Belltraffic to outperform the industry near-term, as it generally has the past few years. However, eachYUM brand is also in the bottom half of the group 2Q-to-date with Pizza Hut and KFC the bottomtwo performers.See table to the right. Andy Barish * | Equity Analyst(415) 229-1524 | abarish@jefferies.com Alexander Slagle, CFA * | Equity Analyst(415) 229-1508 | aslagle@jefferies.com Marshall Pittman * | Equity Associate+1 (415) 229-1467 | mpittman@jefferies.com Ivan Yu * | Equity Associate+1 (415) 229-1441 | iyu@jefferies.com Quick Service Monthly & Quarterly Same-Store Traffic by Category *Please note this data should serve as a directional indicator, interpreted as relative performance among brands/categories, and does not indicate absolute performance. Due to limitations, we are unableto publish an extended monthly history of brand-level performance in the tables below, but are able to do so in the charts on the following pages. Quick Service Monthly Traffic by Company & Brand *Please note this data should serve as a directional indicator, interpreted as relative performance among brands/categories, and doesnot indicate absolute performance Quick Service Quarterly Traffic by Company & Brand *Please note this data should serve as a directional indicator, interpreted as relative performance among brands/categories, and does not indicate absolute performance. Due to limitations, we are unableto publish an extended quarterly history of brand-level performance in the tables below. .Source: Placer.ai, Company data, Jefferies Appendix: Brands by Category QSR Industry:Good Times Burgers & Frozen Custard, In-N-Out Burger, Whataburger, Arby's, Burger King, Carl's Jr., Checkers, Culver's, Hardee's, Jack in the Box, McDonald's, Rally's, SONIC Drive In,Wendy's, White Castle, Steak 'n Shake, Bojangles' Famous Chicken 'n Biscuits, Chick-fil-A, Church's Chicken, Dave's Hot Chicken, KFC, Popeyes Louisiana Kitchen, Raising Cane's Chicken Fingers, Zaxby'sChicken Fingers & Buffalo Wings, Papa Gino's, Papa John's Pizza, Pizza Hut, Domino's Pizza, Taco Bell Burger:Good Times Burgers & Frozen Custard, In-N-Out Burger, Whataburger, Arby's, Burger King, Carl's Jr., Checkers, Culver's, Hardee's, Jack in the Box, McDonald's, Rally's, SONIC Drive In, Wendy's,White Castle, Steak 'n Shake Chicken:Bojangles' Famous Chicken 'n Biscuits, Chick-fil-A, Church's Chicken, Dave's Hot Chicken, KFC, Popeyes Louisiana Kitchen, Raising Cane's Chicken Fingers, Zaxby's Chicken Fingers & BuffaloWings Pizza:Papa Gino's, Papa John's Pizza, Pizza Hut, Domino's Pizza Company Valuation/Risks For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300. Analyst Certification: I, Andy Barish, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Alexander Slagle, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my