Weekly Food Industry Report: The Week of November 4, 2013
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- Former Food Network Chef Sued for Playing Marvin Gaye Too Loudly in His Restaurant
- Capital One Is Opening a Café Concept with Mobile Tellers in New York City’s Union Square
Every week, we take a look into some of the biggest financial news to emerge from the world of food. Here is this week’s:
Red Robin Gourmet Burgers Inc.: For the third quarter, the company’s profit rose 34.4 percent due to positive guest traffic driving revenue and same-store sales. Recent menu and marketing changes brought a 1.1 percent increase in guest counts and a 4.6 percent gain in average check, according to company officials.
Noodles & Company: While the company’s profit rose 45 percent for the third quarter, its stock price dropped more than 10 percent from $51.97 to $42.34 after its revenue didn’t meet analyst expectations.
Einstein Noah Restaurant Group Inc.: For the third quarter, the company, which is parent to Einstein Bros. Bagels, Noah’s New York Bagels, and Manhattan Bagels brands, reported a nearly 18 percent rise in profit. However, economic headwinds and a shift in pricing caused a fall in same-store sales.
Wendy’s: For the third quarter, the company narrowed its losses, attributing its success to brand transformation efforts and menu innovations such as the Pretzel Bacon Cheeseburger.
Tim Hortons Inc.: The company’s new lunch items and single-serve coffee concept increased profit (10.7 percent), revenue (2.9 percent), and same-store sales (1.7 percent in Canada and 3 percent in the United States) for the third quarter.
Luby’s Inc.: For the fourth quarter, the company’s profit fell 85.4 percent, which it credits to a $1.8 million after-tax loss from its 23-unit Cheeseburger in Paradise chain. Company officials say results were affected by higher operating costs, including marketing, traffic, and food inflation.
Papa John’s International Inc.: For the third quarter, the company’s profit rose 9.6 percent, attributed to both international and North American sales gains, according to company officials.
Fiesta Restaurant Group Inc.: For the third quarter, the company’s profit rose 38.2 percent, and its same-store sales rose by 6.5 percent at Pollo Tropical and by 1.8 percent at Taco Cabana. Its traffic rose 3.2 percent.
Ignite Restaurant Group Inc.: For the third quarter, the company reported a $1.9 million loss. However, revenue rose 76.3 percent due to the April 9 acquisition of the Macaroni Grill chain, which contributed $87.4 million in revenue.
Carrols Restaurant Group Inc.: For the third quarter, the company narrowed its net losses to $2.8 million compared with a $6.3 million a year ago due to lower food costs, general and administrative expenses, and after-tax charges.
Jamba Inc.: For the third quarter, the company’s profit fell 34.3 percent as the company had expected. It blames weak consumer spending and bad weather in key markets for the decline.
Ruth’s Hospitality Group Inc.: For the third quarter, the company’s profit rose 260 percent with a $1.3 million after-tax benefit from two insurance settlements and higher sales at its steakhouses.
We’re always on the lookout for new financial news, so let us know!
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