Panera 2.0 Efforts Give Us Confidence in Brand's Ability to Drive Traffic; Raising Moat to Narrow
On the surface, there appears to be challenging times ahead for restaurant operators, with year-over-over traffic declines across much of the industry and rising labor costs on the horizon. However, we believe it would be shortsighted for investors to overlook this category, as there are several operators redefining the way consumer discretionary companies adapt to constantly evolving consumer expectations of value, convenience, health, and technology.To this end, we've been impressed by Panera...
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