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November 7, 2024
Election Day yielded mixed results for the restaurant industry. Voters overwhelmingly defeated a ballot initiative in Massachusetts to phase out the state’s tip credit but buried an unusual proposal in Arizona to enshrine the payroll break as a constitutionally guaranteed right for employers.
Besides legislation, what will a second Trump term look like for business owners? Based on his last term and some campaign promises, Trump’s second term would look to make America a more business-friendly nation by lowering taxes for corporations from 21% to 15% and rolling back a lot of climate and financial-related regulations.
While its Burger King and Popeyes Louisiana Kitchen divisions encountered traffic and sales headwinds in the second quarter, Restaurant Brands International Inc.’s Tim Hortons brand enjoyed a boost from daypart-expanding products.
Dine Brands turned in a tough third quarter for its two flagship brands, with Applebee’s U.S. same-store sales down by -5.9% and IHOP decreasing by –2.1%. Both vastly underperformed their categorical peers, and CEO John Peyton said the brands need to do a better job cutting through all the promotional noise in the industry and providing more consistent and “all-encompassing value.”
Get all the headlines in today’s Restaurant Daily podcast.
