Double-Digit Revenue Growth And More Industry News
This week in industry news, Texas Roadhouse Inc. reported double-digit revenue growth, Panera Bread Co.'s CFO Roger C. Matthews Jr. resigned, and The Wendy's Co. announced it plans to sell all of its restaurants in Canada.
Read on for more of this week's biggest financial news in the world of food.
Earnings
Texas Roadhouse Inc.: The company reported double-digit revenue growth, due to major growth in operations and positive same-store sales.
The Wendy's Co.: For the second quarter, the company's profit rose 138 percent despite a 20-percent decline in revenue.
McDonald's Corp.: The fast-food chain's global sales fell 2.5 percent in July, mostly as the result of food quality issues with a supplier in China.
Photo Credit: Flickr/Mike Mozart
Ignite Restaurant Group Inc.: For the second quarter, the company — parent to Romano's Macaroni Grill, Joe's Crab Shack, and Brick House Tavern + Tap brands — reported that its system-wide same-store sales fell 3.1 percent, while same-store sales for its Brick House chain rose 8.5 percent.
Brinker International Inc.: The company's profit fell 37.8 percent in the fourth quarter including about $39.5 million in charges for litigation reserves.
Potbelly Corp.: While the company's revenue rose 7 percent in the second quarter to $83.6 million from $78.2 million last year, its profit fell to $2 million from $2.9 million last year.
Fiesta Restaurant Group Inc.: For the second quarter, the company's profit rose 87.4 percent due to an increase in same-store sales at its Pollo Tropical (5.6 percent) and Taco Cabana (0.2 percent) brands.
Jamba Juice: Expansion of the company's fresh-squeezed juice platform boosted same-store sales in the second quarter.
Burger King Worldwide Inc.: For the second quarter, the company's profit rose 19.4 percent, due to reduced expenses and international market expansion.
Leadership Change
Panera Bread Co.: The company's CFO Roger C. Matthews Jr. resigned and will be replaced by executive vice chairman William W. Moreton, who will assume the role of interim chief financial officer.
Pei Wei Asian Diner: Popeyes Louisiana Kitchen Inc.'s President Ralph Bower is leaving the company to become Pei Wei Asian Diner's new CEO.
Mergers/Acquisitions
Photo Credit: Flickr/Mike Mozart
The Wendy's Co.: The company announced it plans to sell all of its restaurants (approximately 135) in Canada, where there has been no growth for a decade.
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Haley Willard is The Daily Meal's assistant editor. Follow her on Twitter @haleywillrd.