WASHINGTON D.C. — The National Restaurant Association's Restaurant Performance Index registered a moderate decline in July. According to a news release, the NRA blamed high gas prices as the culprit for the sales decline.
The RPI, which is based on a nationwide survey of restaurant operators conducted in August, stood at 100.9, down 0.9 percent from a level of 101.8 in June. Despite the decline, the Index remained above 100, a level which represents expansion in the Association's composite index of eight key industry indicators.
"Although the Restaurant Performance Index registered a decline in July, the underlying indicators remained in a positive position in historical terms," said Hudson Riehle, senior vice president of research and information services for the NRA. "Operators overall reported positive same-store sales levels in July, and they anticipate sustained growth in the months ahead."
The industry is not without challenges, Riehle added. "Fully three out of 10 restaurant operators identified recruiting and retaining employees as the number-one challenge facing their business, while 18 percent of operators said high gas and energy prices are the top challenge facing their business."
For a more detailed look at the July RPI, click here.