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
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.