Strategy on track: Positive results evident in select pockets. Our non-consensus positive view is intact
SSSG continues to be flat impacted by decline in average ticket size (consumer down trading due to inflation) while order volume remains healthy. Revenue performance in both delivery and dine-in segment has been moderate. Consequently, overall revenue growth (at 8% YoY, 8% 4Y CAGR) underperformed retail expansion (16% YoY, 10% 4Y CAGR).