No more Hot & Spicy, page-21

Im curious about the markets reaction to the results today.

Reading thru them I thought that they were pretty good. When RFG's franchisees are complaining about going broke and here we are achieving a 1% increase in same store sales.

EPS is down slightly, but reading the commentary, thats a result of a partial period for the new stores.

Debt is up, but that was expected, they are rolling out new stores and greatly expanded the footprint in the last 12 months.

Europe is well positioned for growth, Taco Bell is sitting there about to start contributing (give it 3 to 5 years and we will be looking at 30 to 40 stores).

As food brands go, if there is a consolidation in fast food (which by the look of RFG, there maybe) then CKF looks well positioned to be sitting at the top of the tree and picking up the pieces of a smaller pool of competitors.

They made commentary on increasing the food delivery network, which I have been critical of here previously, so at least they are also aware of it.

Seems like a reasonably good result, would have thought the market would push this up closer to $6 not down to $5.25.

Thoughts? Am i missing something?