Restaurant operators are getting a rude reminder that the American consumer may not be quite as “resilient” as some economic forecasts would have us believe.
Stocks across the industry tumbled Tuesday after August foot traffic data showed a 2.4% year-over-year decline for U.S. dining locations. The selling was broad, with names including Bloomin’ Brands (BLMN), Cracker Barrel (CBRL), Brinker International (EAT), Portillo’s (PTLO), and The Cheesecake Factory (CAKE) all under pressure.
