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| Tuesday, January 03, 2012 | 09:00 |
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Company News
Restaurant Industry Outlook Improved in November as Restaurant Performance Index Rose to Five-Month High
Restaurant operators reported positive same-store sales for the sixth consecutive month;Operators’ outlook for sales growth and the economy hit a seven-month high
(Washington, D.C.) (drinks media wire) - Driven by positive same-store sales and an increasingly optimistic outlook among restaurant operators, the National Restaurant Association’s Restaurant Performance Index (RPI) rose to its highest level in five months. The RPI – a monthly composite index that tracks the health of and outlook for the U.S. restaurant industry – stood at 100.6 in November, up 0.6 percent from October. In addition, November represented the second time in the last three months that the RPI stood above 100, which signifies expansion in the index of key industry indicators.
“The November increase in the Restaurant Performance Index was fueled by broad-based gains in both the current situation and forward-looking indicators,” said Hudson Riehle, senior vice president of the Research and Knowledge Group for the Association. “Restaurant operators reported their strongest net positive same-store sales results in more than four years, while customer traffic levels also grew in November.”
“Among the forward-looking indicators, restaurant operators’ outlook for both sales growth and the overall economy rose to their highest levels in seven months,” Riehle added.
The RPI is constructed so that the health of the restaurant industry is measured in relation to a steady-state level of 100. Index values above 100 indicate that key industry indicators are in a period of expansion, and index values below 100 represent a period of contraction for key industry indicators. The RPI consists of two components, the Current Situation Index and the Expectations Index.
The Current Situation Index, which measures current trends in four industry indicators (same-store sales, traffic, labor and capital expenditures), stood at 100.2 in November – up 0.8 percent from October’s level of 99.5. November marked the second time in the last three months that the Current Situation Index stood above 100, which signifies expansion in the current situation indicators.
Restaurant operators reported positive same-store sales for the sixth consecutive month inNovember. Fifty percent of restaurant operators reported a same-store sales gain betweenNovember 2010 and November 2011, while just 28 percent reported a same-store sales decline. This marked the strongest net positive sales performance since August 2007, when 54 percent of operators reported a sales gain and 29 percent reported lower sales.
Restaurant operators also reported stronger customer traffic levels in November. Forty-onepercent of restaurant operators reported higher customer traffic levels between November 2010 and November 2011, while 32 percent of operators reported a traffic decline. In October, 37percent of operators reported higher customer traffic, while 39 percent reported a traffic decline.
Capital spending activity among restaurant operators trended upward in recent months. Forty-sixpercent of operators said they made a capital expenditure for equipment, expansion or remodeling during the last three months, the highest level in five months.
The Expectations Index, which measures restaurant operators’ six-month outlook for four industry indicators (same-store sales, employees, capital expenditures and business conditions),stood at 100.9 in November – up 0.4 percent from October and the third consecutive monthly gain. November also marked the third consecutive month that the Expectations Index stoodabove 100, which represents a positive outlook among restaurant operators for business conditions inRestaurant operators’ outlook for capital spending remains positive. Forty-seven percent ofrestaurant operators plan to make a capital expenditure for equipment, expansion or remodeling in the next six months, essentially unchanged from the levels reported in the previous two months.
The RPI is based on the responses to the National Restaurant Association’s Restaurant Industry Tracking Survey, which is fielded monthly among restaurant operators nationwide on a variety of indicators including sales, traffic, labor, and capital expenditures. The full report is available online.
The RPI is released on the last business day of each month, and more detailed data and analysis can be found on Restaurant TrendMapper (www.restaurant.org/trendmapper), the Association's subscription-based service that provides detailed analysis of restaurant industry trends.
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Contact : Annika Stensson (202) 973-3677 astensson@restaurant.org
Founded in 1919, the National Restaurant Association is the leading business association for the restaurant industry, which comprises 960,000 restaurant and foodservice outlets and a workforce of nearly 13 million employees. We represent the industry in Washington, D.C., and advocate on its behalf. We operate the industry's largest trade show (NRA Show May 5-8, 2012, in Chicago); leading food safety training and certification program (ServSafe); unique career-building high school program (the NRAEF's ProStart, including the National ProStart Invitational April 27-29, 2012, in Baltimore, Md.); as well as the Kids LiveWell program promoting healthful kids' menu options. FFor more information, visit www.restaurant.org and find us on Twitter, Facebook and YouTube.
Contact
| E-mail: media@dineout.org |
| Web: http://www.restaurant.org |
| Company: National Restaurant Association |
| Address: 1200 17th St., NW - 20036 Washington DC |
| Country: UNITED STATES |
| Phone: +1 (202)-973-3677 |
| Fax: +1 (202)-973-3961 |
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