-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：棒约翰第一季度业绩不及预期，营收为4.79亿美元（同比下降7.7%），低于市场普遍预期的4.85亿美元；调整后EBITDA为4780万美元（同比下降3.8%），低于预期的5100万美元。北美同店销售额降幅从去年同期的2.7%扩大至6.4%，其中加盟店同店销售额下降6.7%。尽管业绩疲软，管理层仍重申了全年业绩指引，这引发了人们的疑问：维持预期是否反映了对未来业绩的真实预期，还是第一季度业绩疲软已包含在计划之中？北美市场占系统销售额的72%，且目前尚未出现企稳迹象，因此管理层仍需证明转型战略的有效性。国际市场同店销售额增长3.6%，连续第六个季度实现正增长，但仅占系统销售额的28%。自由现金流由一年前的1910万美元转为负620万美元，而公司维持了每股0.46美元的季度股息。我们认为，北美同业收入加速下滑以及自由现金流为负表明，公司扭亏为盈的局面仍处于早期阶段，容错空间有限。
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