*Looking for new L/S seat https://xitter.cf/t.co/JezqNpvUZm (NO paywall)
Joined September 2024
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$JMKE Short Pitch: Inflated Margins: Blackstone performed some PE wizardry and took a business with a history of declining Adj. EBITDA margins, which fell from 44% in FY’21 to 35% in FY’23 before rebounding to 40% in FY’24, right before they acquired it.
LSD comps were boosted by new customers buying the discounted LTOs (Chicken Salad), so I tried them to see if I was missing something. Verdict... it’s pretty good, and their other LTO (Mike’s Italian) is decent as well - especially for $8.95. Still discount LTO boosting comps...
