2025-06-16-Jefferies-餐厅数据要点_5月多数情况稳定_但快餐服务（QSR）数据表现较弱_13页_247kb

Restaurant DataBites Summary: May 2025

Core Content Overview

In May 2025, Restaurant Alternative Data Indices showed a modest improvement across most categories, with the exception of Quick Service Restaurants (QSR), which experienced a sequential decline. Fast Casual & Small-box and Location-based Entertainment (LBE) outperformed, with positive trends in foot traffic and digital engagement. The report provides a detailed analysis of performance across different restaurant segments, highlighting key changes in foot traffic, app downloads, monthly active users (MAU), and social media engagement.

Main Trends

Casual Dining

• Overall: Jef Score remained flat compared to April.
• Foot Traffic: Mixed performance, with some chains showing positive m/m changes (e.g., Outback +590bps, Texas Roadhouse +590bps), while others saw declines (e.g., Applebee's -140bps).
• Web Traffic: Declined in YoY terms, with some chains showing slight improvements.
• App Downloads: Mixed, with some chains maintaining consistent growth.
• MAU Growth: Generally stable, with some chains showing slight declines.

Fast Casual & Small-box

• Overall: Jef Score improved from April.
• Foot Traffic: Positive m/m changes across most chains, with Portillo's and Shake Shack leading the way (+810bps and +810bps respectively).
• Web Traffic: Mixed, with some chains showing YoY growth and others decline.
• App Downloads: Strong performance, with Portillo's and Shake Shack showing significant YoY increases (325% and 17%).
• MAU Growth: Most chains showed positive YoY growth, with Portillo's leading at 154%.
• Social Engagement: Mixed, with Shake Shack showing strong growth (91%) and others showing declines.

Quick Service

• Overall: Jef Score declined from April.
• Foot Traffic: Most chains saw declines, with Wendy's showing the largest drop (-400bps).
• Web Traffic: Mixed, with some chains showing YoY growth and others decline.
• App Downloads: Mixed, with Taco Bell and Papa John's showing slight growth.
• MAU Growth: Mostly stable, with some chains showing declines.
• Social Engagement: Mixed, with McDonald's showing strong growth (135%) and others experiencing significant declines.

Location-Based Entertainment

• Overall: Jef Score improved from April.
• Foot Traffic: Strong growth, with Bowlero leading at +1,040bps.
• Web Traffic: Mixed, with some chains showing YoY growth.
• App Downloads: Mixed, with Main Event showing slight YoY growth (3%).
• MAU Growth: Mostly stable, with some chains showing declines.

Key Information

• MCD (McDonald's): Foot traffic declined by -330bps m/m, but digital trends improved, especially in MAU growth (+17%).
• BROS (Dutch Bros): Foot traffic improved by +270bps m/m, with app rankings showing strength.
• SBUX (Starbucks): Foot traffic declined by -130bps m/m, and digital trends were weaker, with app downloads down -22%.
• SHAK (Shake Shack): Foot traffic surged by +810bps m/m, with strong digital trends, including app downloads and MAU growth.

Summary Changes in Alt Data Indicators

Analysts and Contact Information

• Andy Barish – Equity Analyst
  Phone: (415) 229-1524
  Email: abarish@jefferies.com

• Alexander Slagle, CFA – Equity Analyst
  Phone: (415) 229-1508
  Email: aslagle@jefferies.com

• Marshall Pittman – Equity Associate
  Phone: +1 (415) 229-1467
  Email: mpittman@jefferies.com

• Ivan Yu – Equity Associate
  Phone: +1 (415) 229-1441
  Email: iyu@jefferies.com

Important Disclosure

For detailed disclosure information on the companies mentioned, please visit [https://javatar.bluematrix.com/sellside/ Disclosures.action](https://javatar.bluematrix.com/sellside/ Disclosures.action) or call 212.284.2300.