Goldman Sachs China Restaurants: Monthly Tracker, August Update — SSSG Stabilizes but Weather Drives Volatility; Toughest FMD Base Period Has Passed
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
Goldman Sachs' monthly China restaurant tracker for August shows same-store sales growth (SSSG) stabilizing on a year-over-year basis, though month-over-month comparisons remain choppy due to weather effects. For Haidilao, SSSG stabilized year over year and implied recovery levels held steady sequentially, while made-on-site beverage brands generally posted lower SSSG month over month against high bases. Store expansion tracking shows KFC's network exceeding 1,900 outlets. Weather diverged across regions in August, with northern China warmer than usual, a factor the report flags as a source of monthly sales volatility. Domestic flight capacity was up 2% year over year in the latest reading, supporting the mobility backdrop. The tracker also monitors foot-and-mouth disease (FMD) developments alongside quick-service restaurant (QSR) promotions, with the report noting that the most difficult year-over-year base period for FMD impact has now passed. Additional exhibits cover new product launches across covered chains and the restaurant sector's forward 12-month P/E, with target-price methodology and risks appended.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
Exhibit 6
Exhibit 7
Exhibit 8
