WASHINGTON Foodservice operators in February voiced increased optimism about the industry's future, propelling the National Restaurant Association's monthly Restaurant Performance Index to its highest level since November 2007.
The RPI rose to 99.0 in February, an increase of 0.7 from January, marking the highest level in 27 months.
However, restaurateurs' upbeat outlook stood in contrast to continued declines in same-store sales and customer traffic for the month, the index showed. The report, which can be downloaded here, found that 57 percent of operators reported same-sales declines in February, while 55 percent said traffic declined for the same period.
"The RPI's strong gain in February was the result of broad-based improvements among the forward-looking indicators," said Hudson Riehle, senior vice president of the NRA's Research and Knowledge Group. "Restaurant operators' optimism for sales growth stood at its strongest level in 29 months, with capital spending plans also rising to a two-year high."
Click here for a video of Riehle's summary of the February results.
The Expectations Index, which measures restaurant operators' six-month outlook for four indicators -- same-store sales, employees, capital expenditures, and business conditions -- was 101.4 in February, an increase of 1.2 percent over January's figures and its strongest level in 29 months.
February marks the second consecutive month the Expectations Index has crested above the 100 level, which signifies future expansion,
The RPI, which is based on responses to the NRA's Restaurant Industry Tracking Survey, gauges the health and outlook of the foodservice industry on a monthly basis through such indicators as traffic, labor and capital expenditures.
Contact Paul Frumkin at [email protected].
