What caused the minimal variance in FWRG's Q3 earnings?

The minimal variance in FWRG's Q3 earnings can be attributed to several key factors: 1. **System-wide Restaurants**: The company's system-wide restaurants, including both franchise-owned and company-owned locations, remained stable at 538, which was in line with the analyst average estimate of 540. This indicates that the expansion of the restaurant network did not significantly impact the earnings variance. 2. **Same-Restaurant Sales Growth**: The same-restaurant sales growth was reported at -0.3%, which was below the analyst-estimated 0.4%. This suggests that the decline in sales at existing restaurants contributed to the minimal variance in earnings. 3. **Franchise Revenues**: Franchise revenues decreased by 16.4% year-over-year, with reported revenues of $3.10 million compared to the analyst-estimated $2.97 million. This decline in franchise revenues likely contributed to the minimal variance in earnings. 4. **Restaurant Sales**: Restaurant sales increased by 20.2% year-over-year, with reported revenues of $255.46 million compared to the analyst-estimated $253.69 million. This increase in restaurant sales may have partially offset some of the negative impacts from the decline in franchise revenues and same-restaurant sales growth. In summary, the minimal variance in FWRG's Q3 earnings can be attributed to a combination of factors, including stable restaurant network growth, a decline in same-restaurant sales, a decrease in franchise revenues, and an increase in restaurant sales. These factors, both positively and negatively, have contributed to the relatively small variance in earnings compared to other estimates and expectations.