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A Goldman Sachs analyst warned restaurants may see lower profits in 2009 due pressure on consumers from continued high gas and food prices and more rising commodity costs.
Analyst Steven T. Kron wrote Sunday in a note to investors that although sales trends may turn positive in the near-term due to the influx of economic stimulus checks in mailboxes and bank accounts, “we believe sustainability will be questioned given unabating, and importantly, incremental consumer pressures” such as far higher gas and food prices. “We believe this will keep a cloud over the industry and valuations broadly,” he said.
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