Restaurant shares hit by spending slowdown, costs

According to the Dow Jones U.S. Restaurants and Bars Index, stocks dipped about 1.1 percent during the quarter ended Sept. 30. The index, which is made 15 restaurant companies, has dropped nearly 11 percent in the past 52 weeks.

The stocks that saw gains during the past three months were those that were still able to grow sales despite the dismal economic environment. Others were able to handle the rising cost of food, fuel and labor well by cutting other costs or raising menu prices without scaring away customers.

Most restaurants, though, saw sales slump as consumers decided to eat in due to high gas prices and a lack of confidence in the economy.

The stocks that recorded the largest declines included DineEquity Inc., which owns Applebee's and IHOP, Chipotle Mexican Grill Inc. DineEquity dropped nearly 56 percent while Chipotle fell about 37 percent.

Stocks that performed well during the period including Buffalo Wild Wings Inc., whose shares jumped 57 percent, and shares of California Pizza Kitchen Inc., which rose 26 percent.