Citizens Bank Found Restaurants Maintained Slight Sales Growth During Q4 2023
April 17, 2024
Delaney Sexton
Contributing Editor
Citizens Bank Found Restaurants Maintained Slight Sales Growth During Q4 2023
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Citizens Bank found that the restaurant industry was doing well in the fourth quarter of 2023. Of all the restaurant brands they tracked, 68% saw an increase in same-store sales. There was an average increase of 2.2%. Here is how different segments are doing:
Quick Service Restaurant
Overall, quick-service restaurants grew 2.9% in the last quarter of 2023. Out of all the concepts tracked, 82% reported positive results.
Chicken Concepts
Chicken concepts improved by 2.9%.
Pizza Concepts
Pizza concepts improved by 1.9%.
Burger Concepts
Burger concepts improved by 1.9%.
Coffee/Snack Concepts
Seeing the greatest increase, this segment grew by 6.1%.
Mexican
The same-store sales for restaurants under this concept grew by 2.6%.
Fast Casual
During the last quarter of 2023, fast casual dining improved 4.4%. Of the 12 concepts tracked, 10 produced positive same-store sales.
Family Dining
Family Dining concepts increased by 1.2%. Citizens Bank tracked 5 concepts, and four of them produced positive same-store sales.
Casual Dining
There was a slight improvement (+1.3%) in casual dining, though there were mixed results with some restaurants’ sales declining and others increasing.
Fine Dining
After eight quarters of fine dining’s same-store sales growing, there have been three consecutive negative quarters. During the last quarter of 2023, fine dining went down 2.1%. Additionally, all tracked concepts’ same-store sales decreased.