CHICAGO, Jul 23, 2003 (BUSINESS WIRE)-- Collectively, 89 publicly traded U.S. restaurant companies posted a solid performance in 2002. Leading foodservice information provider Technomic Information Services found that average revenues among public chain restaurant companies increased 7.7 percent over 2001 and net operating income was up 6.6 percent, despite the fact that 17 companies reported negative NOI. This impressive growth supports the view that foodservice, and particularly the restaurant industry, is relatively resistant to recession and remains a dynamic sector in the U.S. economy. U.S. systemwide sales for the chains owned by the 89 public companies were just shy of $100 billion in 2002, which accounts for 36 percent of total restaurant industry sales. Public company revenue reached $65.5 billion in 2002, up from about $60.8 billion in 2001. Notably, 39 publicly traded casual dining chains enjoyed an average 12 percent increase in revenues, edging out limited service restaurants (up 9 percent) and significantly outpacing midscale restaurants (up 3 percent). Average operating income for casual dining chains was up 23 percent. Buca Inc. posted 36.8 percent revenue growth in 2002 over 2001 P.F. Chang's China Bistro Inc. enjoyed 32.4 percent revenue growth, among the most impressive casual dining operators. In all, the 89 publicly traded U.S. restaurant companies operate 121,000 units, up 5.5% from 2001. Revenue per employee averaged $39,000 last year, up from $37,000 the prior year. While McDonald's Corp. is ranked No. 1 when it comes to revenues ($15.4 billion) and assets ($23.9 billion), YUM! Brands Inc. (KFC, Pizza Hut, Taco Bell, Long John Silver's and A&W) is No. 1 with respect to number of units (32,920). IHOP Corp. led the publicly traded U.S. restaurant companies with respect to operating margin in 2002 (24.2 percent). The Top 10 chains ranked by percent operating margin are as follows: Top Ten Chains by Operating Margin 2002 2001 Rank Chain Operating Operating 1- IHOP Corp. 24.2% 26.4% 2- Sonic Corp. 20.6 20.4 3- CEC Entertainment Inc. 19.1 19.1 4- Applebee's International Inc. 15.7 15.1 5- Wendy's International Inc. 14.2 13.8 6- McDonald's Corp. 13.7 18.1 7- YUM! Brands Inc. 13.3 12.8 8- Panera Bread Co. 12.5 10.8 9- Outback Steakhouse Inc. 12.3 11.1 10 Domino's Inc. 12.3 10.1 Company rankings, segment profiles, company profiles, highlights and much more are included in the 2003 Public Chain Company Restaurant Report. To learn more or to order a copy, please contact Chris Urban at 312-876-0004, ext. 229 or curban@technomic.com. Note: Editors may request additional exhibits through the contact above source:Technomic Inc.
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