Technomic Updates Industry Forecast Due to Declining First-Quarter Restaurant Sales
CHICAGO, June 23, 2014 /PRNewswire/ -- Following lackluster first quarter results, largely weather-related, Technomic estimates 3 percent industry growth for 2014, a downward shift from its initial annual forecast of 3.5 percent. Updated estimates show a 2 percent decline in overall industry sales in the first quarter.
In the aggregate, public companies weathered the storm much better than their private counterparts. Sales grew 2.8 percent in public restaurants, while private restaurants declined 3.1 percent.
These and other key performance metrics are housed in Technomic's Financial Dashboard, an online tool that tracks and reports on public chains' performance within their segment and the industry at large.
According to Technomic's Financial Dashboard, public limited-service restaurants increased sales 2.9 percent in the first quarter of 2014 and had a 1.9 percent increase in units. During the same quarter, public full-service restaurants saw sales increase 2.7 percent and had a 1.9 percent increase in units.
With the Financial Dashboard, industry participants can stay up-to-date on public chains' quarterly segment performance. Looking forward, it provides forecasts and outlooks, expert insights and updated analysis on how and where Technomic sees change in the industry. It can also be used to compile historical performance metrics.
"Our Financial Dashboard platform is an excellent tool for assessing the financial landscape for private and public restaurants," said Darren Tristano, Executive Vice President of Technomic. "It provides companies with relevant data on the industry, commodities and company financials, all in one place, along with our perspectives on an ever-changing industry."
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Technomic provides clients with the facts, insights and consulting support they need to enhance their business strategies, decisions and results. Its services include numerous publications and digital products, as well as proprietary studies and ongoing research on all aspects of the food industry.