Restaurants Prudently Reaccelerate Growth Amid Flattish Consumer Spending: A Wall Street Transcript Interview with Sharon Zackfia, Partner and Group Head-Consumer at William Blair & Company, L.L.C.

67 WALL STREET, New York - March 11, 2013 - The Wall Street Transcript has just published its Restaurants, Food and Drinks Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Shift Toward Healthier Food Options - Emerging Market Expansion - Focus on Brand Equity - Store Sales Growth Trends - Cautious Consumer Spending

Companies include: Chipotle Mexican Grill, Inc. (CMG), McDonald's Corp. (MCD), Starbucks Corp. (SBUX), Sonic Corp. (SONC) and many more.

In the following excerpt from the Restaurants, Food and Drinks Report, an expert analyst discusses the outlook for the sector for investors:

TWST: Are there any other trends worth noting, such as shifts in consumer preference, successful concepts or otherwise?

Ms. Zackfia: I think there is an ongoing trend toward knowing more about the supply chain and ingredient integrity. Chipotle (CMG) has obviously been at the vanguard of that trend, but there generally seems to be more focus on where the food is sourced from.

TWST: I've noticed this most recently with McDonald's marketing.

Ms. Zackfia: It seems to be across the bandwidth. It's happening at McDonald's (MCD), it's also happening at independent restaurants, and within that context it is more of a locavore movement, although that is much more difficult to do in the chained world. But consumers are increasingly asking: where is this food coming from, and how do I feel about eating it?

TWST: From a stock picking point of view, what are your favorite names in the space today? Tell us a little bit about them.

Ms. Zackfia: I think Starbucks (SBUX) stands out as a name that will likely be another strong performer in 2013. Starbucks has had some of the strongest same-store sales performance in the industry, which is notable because it has 18,000 restaurants and it is posting all-time-high average unit volumes in the U.S. It's a strong testament to the brand and labor and throughput initiatives that Starbucks can be at all-time-high average unit volumes and still lead the industry in same-store sales growth.

In 2012, when there were some periods of choppiness in the middle of the year, Starbucks really saw two months of...

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