Weekly Food Industry Report: August 9, 2013
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:
MacKnight Food Group: Miami-based MacKnight Food Group announced that Walmart will begin selling their Atlantic Salmon Burgers starting August 17, according to a press release. These burgers will provide Walmart shoppers with a heart-healthy choice for the best quality seafood on the market in 2,085 Walmart super centers. By the end of the calendar year, MacKnight says all 4,000 super centers will have them in stock.
McDonald’s: McDonald’s beat their predictions of flat same-store sales with better-than-expected performance in the United States. In their 14,000 locations in the United States, same-store sales increased 1.6%, helping McDonald’s global same-store sales increase by 0.7%.
Tim Hortons: Tim Hortons announced their financial results for the second quarter of the fiscal year of 2013. Overall, their net income increased 14.5%, at 81 cents per share. Additionally, their total revenue increased by 1.9%, and same-store sales increased by 1.4% in the United Staets and 1.5% in Canada.
McAlister’s: McAlister’s Deli reported same-store sales increase of 6.4% during the second fiscal quarter of 2013. CEO Frank Paci attributed this sales boost to upgraded menu items, like the Pecanberry salad. On average, McAlister’s two-year same-store increase was between 12 and 13%.
Ignite Restaurant Group: Ignite Restaurant Group reported a total net loss of $2.5 million by the end of the second fiscal quarter of 2013. Their overall revenue increased by 90.3%, from $119.9 million to $228.1 million, and their same-store sales increased by 0.7% at Joe’s Crab Shack and 6.4% at Brick House Tavern + Tap, but Macaroni Grill’s same-store sales decreased by 7.4%.
Chuy’s: Their second fiscal quarter has been released. Overall, Chuy’s saw success, with their net income increasing by 82.6% to $3.2 million and 19 cents per share. Additionally, their total revenue increased by 22.7%, and same-store sales increased by 1.4%.
Papa John’s: Papa John’s second quarter fiscal results were very positive. They experienced an increased net income of 20% to $17.2 million with 77 cent per share. Their total revenue increased from $318.6 million to $349.2 million, by 9.6%, and their same-store sales rose by 3.4% in North American units, and 6.8% at international ones.
Jack in the Box: Jack in the Box reported their third quarter financial results for the fiscal year of 2013. Total financial losses were $1.5 million, at roughly $0.02 per share. Their restaurant origin margin sales increased by 16.9%, and this improvement was attributed to same-store sales increases and the benefit of refranchising.
Joshua Green: Joshua Green Corporation acquires Harris Soup Company, owner of Harry’s Fresh Foods, based in Portland, Oregon. Joshua Green Corporation has already acquired Cuizina Food Company, and through acquiring Harry’s Fresh Foods, they believe this will broaden their holdings within the food industry.
Dollar General: Dollar General Corporation is set to reveal their second quarter fiscal results for 2013 on September 4. Hosting this call will be chief financial officer David Tehle and Rick Dreiling, company chairman and chief executive officer.
Forever Green: ForeverGreen, a leading provider in nutritional foods and health products, announced that sales are continuing to grow. July 2013 sales increased to $1.44 million and by 38.1%. In June 2013, they saw sales rise by 12.3%, and CEO Ron Williams says the company is satisfied with their revenue results and is looking forward to accelerating growth even more.
Hot Mama’s Foods: Hot Mama’s Foods announced the completion of their reverse merger transaction with Andover Medical. Hot Mama’s reported net revenues of $28.9 million at December 31, 2012, and from then until March 2013, their revenues were at $7.3 million.
We’re always on the lookout for new financial news, so let us know!