The restaurant industry is broad and fragmented due to the diversity of offerings and level of service. While we seek to take a holistic view of the industry, the majority of our coverage is focused on companies in the casual dining segment, though we also follow the quick-service (QSR) segment, family dining segment and quick/fast casual. We believe that key industry trends to watch in the coming quarters and years will include operating cost containment amid unstable commodity prices, consumer sentiment and discretionary spend, a scarcity of strong concept growth, as well as broader macroeconomic indicators.



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