In this FDD Talk post, you’ll learn the following:

• Section I – Background information on the Popeyes Louisiana Kitchen franchise opportunity, including relevant news updates

• Section II – Estimated initial investment for a Popeyes Louisiana Kitchen franchise, based on Item 7 of the company’s 2021 FDD

• Section III – Initial franchise fee, royalty fee, marketing fee, and other fees for a Popeyes Louisiana Kitchen franchise, based on Items 5 and 6 of the company’s 2021 FDD

• Section IV – Number of franchised and company-owned Popeyes Louisiana Kitchen outlets at the start of the year and the end of the year for 2018, 2019, and 2020, based on Item 20 of the company’s 2021 FDD

• Section V – Presentation and analysis of Popeyes Louisiana Kitchen’s financial performance representations, based on Item 19 of the company’s 2021 FDD, including information on the:

• 2020 average sales for free-standing, in-line, convenience store, and food court Popeyes Louisiana Kitchen Restaurants (company-owned and franchised) that were open throughout the company’s entire fiscal year ended December 31, 2020 and not closed at the end of the fiscal year

• 2020 average sales, food and paper costs, labor costs, controllable costs, marketing costs, non-controllable costs, and restaurant operating profits for the 1,683 franchised free-standing Popeyes Restaurants that were continuously operated during the period from December 31, 2019 through December 31, 2020 and submitted properly prepared income statements for the relevant period

Section I – Background Information

17 Things You Need to Know About the Popeyes Louisiana Kitchen Franchise

Appoints New President of Americas Division

1.  In early September 2020, Restaurant Brands International announced that Sami Siddiqui had been appointed president of Popeyes Louisiana Kitchen for the Americas. Siddiqui most recently served as president of Asia-Pacific for RBI, leading the growth of Popeyes, Burger King, and Tim Hortons throughout the region, including introducing the Popeyes brand in China and the Philippines.

2.  Jose Cil, chief executive officer of RBI, said, “I’m very proud to announce that Sami will be leading Popeyes through our exciting next phase of growth across the Americas. Popeyes is a brand with a well-known heritage and more recently has demonstrated unprecedented growth through exceptional menu innovation in our iconic Chicken Sandwich. Sami has an excellent track record working with our franchisees to drive our brand and restaurant expansion.”

Outlines Food Quality Goals for Next Five Years

3.  At the beginning of March 2021, Popeyes announced new food quality commitments for the next five years as part of the Restaurant Brands for Good sustainability plan, giving guests even more reasons to Love That Chicken from Popeyes. The commitments are part of the brand’s work to serve responsibly sourced, high quality, and great tasting food every day while continuously working to reduce its environmental footprint.

4.  Some of the changes include:

• Real Ingredients – Popeyes is working on removing colors, flavors, and preservatives from artificial sources from fried chicken menu items in the U.S. by the end of 2022, starting with its famous Popeyes Chicken Sandwich.

• Antibiotics – Popeyes is eliminating antibiotics important to human medicine from their chicken supply chain in the US and Canada by the end of 2021. This new sourcing policy supports the brand’s approach to animal welfare which includes supplier guidance on the responsible use of antibiotics in food animals. Popeyes will be working closely with suppliers to implement the new policy in their chicken supply chain throughout the year.

• Cage-Free Eggs – Popeyes has committed to using 100% cage-free eggs including whole eggs, liquid eggs, egg products, and egg ingredients. The brand is committed to using 100% cage-free eggs in all corporate-run and franchisee-operated restaurants in North America, Western Europe, and Latin America by the end of 2025. These markets represent the vast majority, nearly 99%, of Popeyes’ global egg requirements. In other regions that currently represent around 1% of its global egg volume, Popeyes is committed to using 100% cage-free eggs by the end of 2030 or earlier.

• Removal of EPS Foam – From a packaging perspective, this year Popeyes is removing all approved EPS foam cups globally and replacing them with paper cups. The brand is working towards implementing requirements for all approved fiber-based packaging to come from certified or recycled sources globally, by the end of 2021.

• Transition to Sustainable Palm Oil – Popeyes now sources palm oil (both directly sourced and for all branded food products with greater than 1% palm oil or palm kernel oil as an ingredient) that is RSPO Mass Balance certified or covered by RSPO certification or credits for its entire menu globally, per the brand’s Palm Oil Sourcing Policy. The commitment to contribute to the production of certified sustainable palm oil is part of Popeyes’ ambition to support deforestation-free supply chains.

5.  Sami Siddiqui, president of Popeyes Americas, said, “We have been marinating our chicken for 12 hours in bold Louisiana seasonings since our inception in 1972, ensuring high-quality food is served to our guests with every order made. Popeyes has always prioritized quality over time, speed and efficiency. We don’t cut corners. Committed to furthering our dedication to quality, we are thrilled to serve our guests our famous, delicious chicken, but now with real, more responsibly-sourced ingredients, and in more environmentally friendly packaging.”

6.  To celebrate these milestones, Popeyes launched Inside the Kitchen, a new TV campaign which highlights real employees and gives consumers a behind the scenes look at the real preparation process that results in the delicious food everyone knows and loves.

Launches First Loyalty Program in Brand History

7.  In mid-June 2021, Popeyes unveiled its first loyalty program, Popeyes Rewards. As a brand rooted in Southern hospitality and culture, the Popeyes brand wants every guest to feel like family, and the new Popeyes Rewards program allows the beloved fried chicken brand to return the love with exclusive access to deals, celebrations, member experiences, swag, the chance to earn and redeem points for some of their favorite menu items, and more.

8.  To celebrate the Popeyes Rewards launch, the brand introduced a special “Welcome to the Popeyes Fam” Meal available exclusively for loyalty members on the Popeyes app or online only, featuring 8 pieces of Popeyes signature bone-in chicken, 1 large side, and 4 biscuits. Each Popeyes Rewards member who purchased the exclusive meal June 17 to July 1 received 500 bonus points to use towards future Popeyes orders.

9.  With the goal of spreading more joy among its guests, Popeyes Rewards is designed so that members can earn with each transaction. Those who join the program will unlock things like: 10 points for every dollar spent online or on the app, happy hour with $1 regular size sides, bonus points on combos and family meals, extra rewards with personalized challenges, and other exclusive benefits.

10.  Bruno Cardinali, Popeyes’ chief marketing officer, said, “We have been humbled to see our fans express their loyalty for our brand time and time again. Our goal has been to create a perfect loyalty program that matches and rewards their unparalleled enthusiasm.”

11.  Signing up is simple – all fans need to do is download the free Popeyes app or go online at popeyes.com, register using their name and email, and start racking up points. Members earn points for ordering fan-favorite New Orleans staples like fried chicken, red beans & rice, chocolate beignets, and more. Every guest who registers for Popeyes Rewards will also be treated to a sign-up offer for a free apple pie, regular side, or small drink.

Company History

12.  Popeyes was founded as “Chicken on the Run” in 1972 by Al Copeland in Arabi, Louisiana, a suburb of New Orleans. Copeland wanted to open a KFC competitor and initially sold traditional southern fried chicken. However, Copeland’s product was lackluster and the restaurant failed after a few months. Instead of giving up, Copeland regrouped and changed his chicken recipe to reflect the location’s Cajun-style cuisine. Copeland also changed the restaurant’s name to Popeyes Famous Fried Chicken.

13.  Reworking the concept was a success and the new chicken was a hit. Copeland began franchising the Popeyes concept in 1976 and by the mid-1980s, the chain had grown to 500 restaurants. Also around that time, Popeyes opened its first international stores in Canada.

14.  Despite nearly two decades of success, Copeland Enterprises, the parent company of Popeyes and Church’s Chicken, filed for bankruptcy protection in 1991. The following year, the court approved a plan by a group of Copeland’s creditors that resulted in the creation of America’s Favorite Chicken Company, Inc. (AFC) to serve as the new parent company for Popeyes and Church’s.

15.  Under the new leadership, Popeyes recovered and continued to grow around the world. By the early 2010s, Popeyes had grown to over 2,000 locations. A few years later, in 2014, Popeyes announced it had re-acquired full control of its seasonings, recipes, and other proprietary food preparation techniques from Diversified Foods & Seasonings, which remained under the control of Al Copeland and his estate after the creditor sale of Popeyes to AFC. For the previous decades, Popeyes had been licensing the seasonings, recipes, and techniques from DF&S for a yearly “spice royalty” before buying them outright for $43 million.

16.  Over the next few years, Popeyes continued to grow and in 2017, the company was acquired by Restaurant Brands International for $1.8 billion. RBI also owns Burger King and Tim Hortons. Today, there are Popeyes restaurants in more than 40 states and the District of Columbia, Puerto Rico, and 30 countries worldwide.

Entrepreneur’s Franchise 500

17.  Popeyes ranked No. 4 on Entrepreneur’s 2021 Franchise 500 list.

Section II – Estimated Costs

• Please click here for detailed estimates of Popeyes Louisiana Kitchen franchise costs, based on Item 7 of the company’s 2021 FDD.

Section III – Initial Franchise Fee, Royalty Fee, Marketing Fee, and Other Fees

• Please click here for detailed information on Popeyes Louisiana Kitchen’s initial franchise fee, royalty fee, marketing fee, and other fees, based on Items 5 and 6 of the company’s 2021 FDD.

Section IV – Number of Franchised and Company-Owned Outlets

Franchised

2018

• Outlets at the Start of the Year:  2,167
• Outlets at the End of the Year:  2,327
• Net Change:  +160

2019

• Outlets at the Start of the Year:  2,327
• Outlets at the End of the Year:  2,458
• Net Change:  +131

2020

• Outlets at the Start of the Year:  2,458
• Outlets at the End of the Year:  2,593
• Net Change:  +135

Company-Owned

2018

• Outlets at the Start of the Year:  53
• Outlets at the End of the Year:  41
• Net Change:  -12

2019

• Outlets at the Start of the Year:  41
• Outlets at the End of the Year:  41
• Net Change:  0

2020

• Outlets at the Start of the Year:  41
• Outlets at the End of the Year:  41
• Net Change:  0

Section V – Financial Performance Representations (Item 19, 2021 FDD) and Analysis

• The following tables present information about the annual sales and certain operating expenses and profits of Popeyes Restaurants in the United States (excluding U.S. territories) that were open throughout the company’s entire fiscal year ended December 31, 2020.

• The tables do not include the performance of 23 Popeyes Restaurants that are located in Puerto Rico and Guam.

Part 1 – Average, High, and Low Annual Sales at Free-Standing Restaurants

• Free-standing Popeyes Restaurants include any type of restaurant other than in-line restaurants, convenience store restaurants, mall restaurants, food court restaurants, and mobile kitchen restaurants.

• 39 company-operated free-standing Popeyes Restaurants and 1,829 franchised free-standing Popeyes Restaurants were continuously operated during the period December 31, 2019 through December 31, 2020.

• As of December 31, 2020, there were 156 franchised free-standing Popeyes Restaurants that had not been in continuous operation during the trailing 12-month period, including 123 franchised free-standing Popeyes Restaurants that opened after December 31, 2019. Accordingly, Popeyes has not provided any information related to the performance of those free-standing Popeyes Restaurants. None of those Popeyes Restaurants permanently closed after being open for less than 12 months.

Consolidated Units

• Average:  $1,920,037
• Median:  $1,816,839
• High:  $6,081,289
• Low:  $500,633
• Number of Units:  1,868

• Upper Range Average ($2.0 M and up):  $2,579,613
• Upper Range Median ($2.0 M and up):  $2,446,094
• High:  $6,081,289
• Low:  $2,000,317
• Number of Units:  720

• Middle Range Average ($1.5 M to $1.999 M):  $1,747,156
• Middle Range Median ($1.5 M to $1.999 M):  $1,750,555
• High:  $1,999,975
• Low:  $1,501,444
• Number of Units:  610

• Low Range Average ($0 to $1.499 M):  $1,233,353
• Low Range Median ($0 to $1.499 M):  $1,278,701
• High:  $1,499,631
• Low:  $500,633
• Number of Units:  538

Company-Owned Units

• Average:  $1,789,691
• Median:  $1,743,439
• High:  $2,969,803
• Low:  $798,877
• Number of Units:  39

• Upper Range Average ($2.0 M and up):  $2,360,659
• Upper Range Median ($2.0 M and up):  $2,383,995
• High:  $2,969,803
• Low:  $2,019,024
• Number of Units:  13

• Middle Range Average ($1.5 M to $1.999 M):  $1,765,592
• Middle Range Median ($1.5 M to $1.999 M):  $1,738,465
• High:  $1,998,532
• Low:  $1,527,129
• Number of Units:  14

• Low Range Average ($0 to $1.499 M):  $1,199,258
• Low Range Median ($0 to $1.499 M):  $1,182,982
• High:  $1,499,631
• Low:  $798,877
• Number of Units:  12

Franchised Units

• Average:  $1,922,817
• Median:  $1,817,325
• High:  $6,081,289
• Low:  $500,633
• Number of Units:  1,829

• Upper Range Average ($2.0 M and up):  $2,583,639
• Upper Range Median ($2.0 M and up):  $2,449,840
• High:  $6,081,289
• Low:  $2,000,317
• Number of Units:  707

• Middle Range Average ($1.5 M to $1.999 M):  $1,746,723
• Middle Range Median ($1.5 M to $1.999 M):  $1,817,325
• High:  $1,999,975
• Low:  $1,501,444
• Number of Units:  596

• Low Range Average ($0 to $1.499 M):  $1,234,130
• Low Range Median ($0 to $1.499 M):  $1,279,256
• High:  $1,497,865
• Low:  $500,633
• Number of Units:  526

Part 2 – Average, High, and Low Annual Sales at In-Line Restaurants

• In-line Popeyes Restaurants are located in traditional “strip style” retail shopping centers.

• One company-operated in-line Popeyes Restaurants and 275 franchised in-line Popeyes Restaurants were continuously operated during the period December 31, 2019 through December 31, 2020.

• As of December 31, 2020, there were 63 franchised in-line Popeyes Restaurants that had not been in continuous operation during the trailing 12-month period, including 19 in-line Popeyes Restaurants that opened after December 31, 2019. Accordingly, Popeyes has not provided any information related to the performance of those in-line Popeyes Restaurants. None of those Popeyes Restaurants permanently closed after being open for less than 12 months.

Consolidated Units

• Average:  $1,887,595
• Median:  $1,792,612
• High:  $4,788,856
• Low:  $596,844
• Number of Units: 276

• Upper Range Average ($2.0 M and up):  $2,581,948
• Upper Range Median ($2.0 M and up):  $2,468,672
• High:  $4,788,856
• Low:  $2,005,682
• Number of Units:  99

• Middle Range Average ($1.5 M to $1.999 M):  $1,758,096
• Middle Range Median ($1.5 M to $1.999 M):  $1,753,902
• High:  $1,999,173
• Low:  $1,504,680
• Number of Units:  91

• Low Range Average ($0 to $1.499 M):  $1,225,310
• Low Range Median ($0 to $1.499 M):  $1,251,159
• High:  $1,494,279
• Low:  $596,844
• Number of Units:  86

Company-Owned Units

• Average:  $1,255,778
• Median:  $1,255,778
• High:  $1,255,778
• Low:  $1,255,778
• Number of Units:  1

• Upper Range Average ($2.0 M and up):  $0
• Upper Range Median ($2.0 M and up):  $0
• High:  $0
• Low:  $0
• Number of Units: 0

• Middle Range Average ($1.5 M to $1.999 M):  $0
• Middle Range Median ($1.5 M to $1.999 M):  $0
• High:  $0
• Low:  $0
• Number of Units:  0

• Low Range Average ($0 to $1.499 M):  $1,255,778
• Low Range Median ($0 to $1.499 M):  $1,255,778
• High:  $1,255,778
• Low:  $1,255,778
• Number of Units:  1

Franchised Units

• Average:  $1,889,893
• Median:  $1,799,070
• High:  $4,788,856
• Low:  $596,844
• Number of Units:  275

• Upper Range Average ($2.0 M and up):  $2,581,948
• Upper Range Median ($2.0 M and up):  $2,468,672
• High:  $4,788,856
• Low:  $2,005,682
• Number of Units:  99

• Middle Range Average ($1.5 M to $1.999 M):  $1,758,096
• Middle Range Median ($1.5 M to $1.999 M):  $1,753,902
• High:  $1,999,173
• Low:  $1,504,680
• Number of Units:  91

• Low Range Average ($0 to $1.499 M):  $1,224,952
• Low Range Median ($0 to $1.499 M):  $1,246,539
• High:  $1,494,279
• Low:  $596,844
• Number of Units:  85

Part 3 – Average, High, and Low Annual Sales at Convenience Store Restaurants

• Convenience store Popeyes Restaurants are located within or attached to convenience stores.

• 121 franchised convenience store Popeyes Restaurants were continuously operated during the period December 31, 2019 through December 31, 2020.

• As of December 31, 2020, there were 4 franchised convenience store Popeyes Restaurants that had not been in continuous operation during the trailing 12-month period, including 1 franchised convenience store Popeyes Restaurant that opened after December 31, 2019. Accordingly, Popeyes has not provided any information related to the performance of those convenience store Popeyes Restaurants. None of those Popeyes Restaurants permanently closed after being open for less than 12 months.

Consolidated Units

• Average:  $1,377,253
• Median:  $1,321,385
• High:  $3,644,618
• Low:  $518,830
• Number of Units:  121

• Upper Range Average ($1.5 M and up):  $1,909,770
• Upper Range Median ($1.5 M and up):  $1,776,845
• High:  $3,644,618
• Low:  $1,501,958
• Number of Units:  37

• Middle Range Average ($1.1 M to $1.499 M):  $1,306,659
• Middle Range Median ($1.1 M to $1.499 M):  $1,319,207
• High:  $1,496,135
• Low:  $1,102,459
• Number of Units:  48

• Low Range Average ($0 to $1.099 M):  $924,070
• Low Range Median ($0 to $1.099 M):  $980,055
• High:  $1,096,732
• Low:  $518,830
• Number of Units:  36

Company-Owned Units

• Average:  $0
• Median:  $0
• High:  $0
• Low:  $0
• Number of Units:  0

• Upper Range Average ($1.5 M and up):  $0
• Upper Range Median ($1.5 M and up):  $0
• High:  $0
• Low:  $0
• Number of Units:  0

• Middle Range Average ($1.1 M to $1.499 M):  $0
• Middle Range Median ($1.1 M to $1.499 M):  $0
• High:  $0
• Low:  $0
• Number of Units:  0

• Low Range Average ($0 to $1.099 M):  $0
• Low Range Median ($0 to $1.099 M):  $0
• High:  $0
• Low:  $0
• Number of Units:  0

Franchised Units

• Average:  $1,377,253
• Median:  $1,321,385
• High:  $3,644,618
• Low:  $518,830
• Number of Units:  121

• Upper Range Average ($1.5 M and up):  $1,909,770
• Upper Range Median ($1.5 M and up):  $1,776,845
• High:  $3,644,618
• Low:  $1,501,958
• Number of Units:  37

• Middle Range Average ($1.1 M to $1.499 M):  $1,306,659
• Middle Range Median ($1.1 M to $1.499 M):  $1,319,207
• High:  $1,496,135
• Low:  $1,102,459
• Number of Units:  48

• Low Range Average ($0 to $1.099 M):  $924,070
• Low Range Median ($0 to $1.099 M):  $980,055
• High:  $1,096,732
• Low:  $518,830
• Number of Units:  36

Part 4 – Average, High, and Low Annual Sales at Food Court Restaurants

• Food court Popeyes Restaurants are located within the confines of food court locations, such as free-standing food court buildings, malls, airports, travel plazas, amusement parks, military bases, and other retail areas where common seating with other food concepts is generally used. In many of the food court Popeyes Restaurants, the Restaurant has no control over the days or hours the host location is open.

• 52 franchised food court Popeyes Restaurants were continuously operated during the period December 31, 2019 through December 31, 2020.

• As of December 31, 2020, there were 68 franchised food court Popeyes Restaurants that had not been in continuous operation during the trailing 12-month period, including 4 franchised food court Popeyes Restaurants that opened after December 31, 2019. Accordingly, Popeyes has not provided any information related to the performance of those food court Popeyes Restaurants. None of those Popeyes Restaurants permanently closed after being open for less than 12 months.

Consolidated Units

• Average:  $922,513
• Median:  $840,687
• High:  $2,017,999
• Low:  $212,361
• Number of Units:  52

• Upper Range Average ($1.1 M and up):  $1,482,186
• Upper Range Median ($1.1 M and up):  $1,496,503
• High:  $2,017,999
• Low:  $1,107,433
• Number of Units:  19

• Middle Range Average ($0.75 M to $1.099 M):  $880,937
• Middle Range Median ($0.75 M to $1.099 M):  $860,212
• High:  $1,064,675
• Low:  $769,646
• Number of Units:  10

• Low Range Average ($0 to $0.749 M):  $478,250
• Low Range Median ($0 to $0.749 M):  $481,407
• High:  $685,709
• Low:  $212,361
• Number of Units:  23

Company-Owned Units

• Average:  $0
• Median:  $0
• High:  $0
• Low:  $0
• Number of Units:  0

• Upper Range Average ($1.1 M and up):  $0
• Upper Range Median ($1.1 M and up):  $0
• High:  $0
• Low:  $0
• Number of Units:  0

• Middle Range Average ($0.75 M to $1.099 M):  $0
• Middle Range Median ($0.75 M to $1.099 M):  $0
• High:  $0
• Low:  $0
• Number of Units:  0

• Low Range Average ($0 to $0.749 M):  $0
• Low Range Median ($0 to $0.749 M):  $0
• High:  $0
• Low:  $0
• Number of Units:  0

Franchised Units

• Average:  $922,513
• Median:  $840,687
• High:  $2,017,999
• Low:  $212,361
• Number of Units:  52

• Upper Range Average ($1.1 M and up):  $1,482,186
• Upper Range Median ($1.1 M and up):  $1,496,503
• High:  $2,017,999
• Low:  $1,107,433
• Number of Units:  19

• Middle Range Average ($0.75 M to $1.099 M):  $880,937
• Middle Range Median ($0.75 M to $1.099 M):  $860,212
• High:  $1,064,675
• Low:  $769,646
• Number of Units:  10

• Low Range Average ($0 to $0.749 M):  $478,250
• Low Range Median ($0 to $0.749 M):  $481,407
• High:  $685,709
• Low:  $212,361
• Number of Units:  23

Part 5 – Operating Expenses and Restaurant Operating Profits at Free-Standing Franchised Restaurants

• Part 5 sets forth the Food and Paper Costs, Labor Costs, Controllable Costs, Marketing Costs, Non-Controllable Costs, and Restaurant Operating Profits at 1,683 franchised free-standing Popeyes Restaurants that were continuously operated during the period December 31, 2019 through December 31, 2020.

• Of the 1,829 continuously operating franchised Popeyes Restaurants, 146 franchised free-standing Popeyes Restaurants did not submit properly prepared income statements for the relevant period and so the franchisor excluded Food and Paper Costs, Labor Costs, Controllable Costs, Marketing Costs, Non-Controllable Costs, and Restaurant Operating Profits related to the performance of those 146 Popeyes Restaurants.

• Food and Paper Costs consist of the total costs of food and beverage items as well as the cost of paper and packaging supplies in each sales range described.

• Labor Costs include the cost for restaurant-level hourly and management labor including salaries, workers’ compensation insurance, workers’ medical claims, bonuses, FICA, payroll taxes, unemployment insurance, medical benefits, vacation pay, holiday pay, other pay, sick pay, contract labor, fringe benefits, and training.

• Costs related to district managers, area managers, life insurance, maintenance labor, and auto expenses are not included in the results. However, if a franchisee did not separately report these costs on their income statements, then these costs could be included in the franchised Popeyes Restaurant results.

• Restaurant Operating Profits are calculated by subtracting Operating Expenses from Sales. Operating Expenses consist of the following major items: Food and Paper Costs; Labor Costs; Controllable Expenses; Marketing Expenses; and Non-Controllable Expenses, excluding any lease expenses for land, building, and equipment.

• Operating Expenses do not include any non-cash expenses such as depreciation, gains and losses on the sale of assets, impairment or disposal of assets and amortization of business value, franchise fees, or loan fees.

• Marketing Expenses consist of all marketing-related costs including contributions to the Ad Fund, local marketing expenses, and kid’s prizes or toys.

• Non-controllable Expenses include all royalties paid to the franchisor, general liability insurance, and other licenses or taxes. Non-controllable expenses exclude any lease expenses for land, building, and equipment. The franchisor has allocated royalties in the amount of 5% of Gross Sales, which is the typical royalty rate charged to its franchisees.

Franchised Restaurants

Average

Sales Range Average:  $1,943,789

• Number of Restaurants in Range:  1,683
• Number of Restaurants Above Average:  713
• % of Restaurants Above Average:  42.4%

Food and Paper Costs Average:  $605,522

• % of Sales:  31.2%
• Number of Restaurants Above Average:  718
• % of Restaurants Above Average:  42.7%

Labor Costs Average:  $486,145

• % of Sales:  25.0%
• Number of Restaurants Above Average:  676
• % of Restaurants Above Average:  40.2%

Controllable Costs Average:  $130,324

• % of Sales:  6.7%
• Number of Restaurants Above Average:  738
• % of Restaurants Above Average:  43.9%

Marketing Costs Average:  $90,374

• % of Sales:  4.6%
• Number of Restaurants Above Average:  731
• % of Restaurants Above Average:  43.4%

Non-Controllables Average:  $171,007

• % of Sales:  8.8%
• Number of Restaurants Above Average:  651
• % of Restaurants Above Average:  38.7%

Restaurant Operating Profits Average:  $460,418

• % of Sales:  23.7%
• Number of Restaurants Above Average:  745
• % of Restaurants Above Average:  44.3%

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