Last week, McDonalds reported Q1 earnings with overall stable conditions except for the increased costs for food and labor. U.S. same-store sales rose 3.5%, sequentially lower than the last several quarters, in part due to using 2021 as the base. The company reported traffic was minus 1% and while US guests were generally spending and visiting at the rates expected, there was some weakness in lower-income guest visits. Interestingly, while McDonald’s is uniformly featuring beef and chicken products, breakfast and dinner same-store sales trends strengthened. McDonalds noted wage rate inflation continued at 10% and reported it raised food and paper commodity inflation from 8.8% to a 12-14% range for the year. Elsewhere, we noted Caribou Coffee announced it has teamed up with Eat Just Inc. to introduce its first fully plant-based menu item. The new LTO flatbread, featuring the mung bean-based egg alternative, will be available at some 400 Caribou store for an unspecified timeframe.