Chick-fil-A continues its upward trajectory to become just a more successful restaurant.
Once again, the fast food giant has set a new record in sales, according to the final 2023 numbers, outpacing 2022 sales by literal billions.
Chick-fil-A generated $21.58 billion in sales in 2023, a 14.7% increase over 2022's $18.81 billion and over 43% over 2021's $15 billion. According to new data from Technomic Ignite, the chain has essentially doubled its total sales volume since 2018.
Chick-fil-A is becoming a juggernaut. They have DOUBLED their sales in 5 years. And they were already huge in 2018!
Not only that, but they are kicking butt in the uber-competitive fast food chicken world.
That 14.7% sales growth compares to its closest competitor, Popeyes, which grew sales in 2023 by just over 10%, to $5.51 billion. KFC finished 2023 with $5.17 billion, or 1.7% versus 2022. Notably, Chick-fil-A's average check is slightly higher than its two biggest competitors, at $13.95, versus $12.65 at KFC, and $12.30 at Popeyes.
The average score in the fast food chicken QSR world is just over $2 billion. CFA is at 10x that number.
And Chick-Fil-A, while smaller than competitors outside of the chicken world, like McDonald's and Taco Bell, is creating more bang for their buck for franchise owners. By a lot.
Kalinowski Equity Research noted all the way back in 2018 that Chick-fil-A's biggest competitor is McDonald's and it's no wonder why the Golden Arches and seemingly every other QSR concept (and beyond) have since ignited a chicken sandwich war replicating the Atlanta-based chain's signature product.
Fast forward to now and this competitive set remains just as broad. Chick-fil-A released its latest Franchisee Disclosure Document this week, showing that the chain's average unit volumes for non-mall locations in 2023 reached a record $9.3 million - an 8.1% increase over the previous record, $8.67 million, reached in 2022.
That average chain profit for McD's is about $4 million, and it's $2 million for Taco Bell.
That's some big bucks!
It seems like everyone is loving Chick-fil-A, including President Trump!
It's the Lord's chicken, that's right. And good chicken too.
😂
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