Fast-Food & Quick-Service Restaurants Industry Overview

Companies that own, operate, and/or franchise eating places that provide a casual dining experience in a compressed time frame.

Summary

Despite the warnings of Morgan Spurlock, hungry consumers can't seem to stay away from this super-sized industry. The fast-food and quick-service restaurant segment accounts for more than a third of the total dining industry, with sales of more than $180 billion in 2007.

Full Fast-Food & Quick-Service Restaurants Industry Description

Steady Sales Growth

Increases in consumer spending on food away from home have driven steady sales growth for the fast food industry. Between 1992 and 2005, fast food sales grew at an average annual rate of about 5 percent. While sales have been strong, expansion has been limited. Sales grew almost 25 percent between 1997 and 2002, while the number of restaurants grew just 7 percent. Chains are focusing on improving or closing struggling locations versus opening new restaurants, and some large companies actually have fewer outlets.

Full Fast-Food & Quick-Service Restaurants Industry Trends

• Arby's Restaurant Group, Inc.
• Atlanta Bread Company International, Inc.
• Bellacino's Corp.

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Hoover's has developed its own industry classifications to better serve its customers. These classifications are mapped to the North American Industry Classification System (NAICS) and the older U.S. Standard Industrial Classification (SIC) system. The Fast-Food & Quick-Service Restaurants maps to a number of NAICS codes including:

Full Fast-Food & Quick-Service Restaurants Industry Codes

• American Culinary Federation
  
• International Association of Culinary Professionals
  
• International Food Service Executives Association
  

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