Weekly Food Industry Report: November 1, 2013
Starbucks Corp.: The company reported 2013 as the best year in its 42-year history. As a result of efforts to improve its food offerings, the company’s profit rose by 34 percent in the fourth quarter with traffic increasing in all regions of the world, and its same-store sales rose by 8 percent, which includes a 5-percent increase in transactions.
Ruth’s Hospitality Group Inc.: In the third quarter, profit rose 260 percent due to a $1.3 million after-tax benefit from two insurance settlements and higher sales at its steakhouses.
CEC Entertainment Inc.: For the third quarter, CEC Entertainment Inc., owner of the Chuck E. Cheese’s chain, reported a 4.6-percent fall in profit. While same-store sales were positive throughout the first four weeks of the fourth quarter, according to the company’s president and chief executive, it expects them to be “relatively flat” for the remainder of the fiscal year.
Einstein Noah Restaurant Group Inc.: The company, which owns the Einstein Bros. Bagels, Noah’s New York Bagels, and Manhattan Bagels brands, reported a nearly 18-percent rise in profit for the third quarter.
Kona Grill Inc.: In the third quarter, profits fell 32.9 percent. The company recently opened a location ¾ its first new restaurant since 2010 ¾ in Boise, Idaho.
Chuy’s Holdings Inc.: For the third quarter, the company reported a 256.5-percent rise in profit, resulting in a $1.6 million one-time, write-off of deferred loan costs linked to a pay down of debt from the company’s initial public offering proceeds in 2012.
IHOP: As a result of a menu redesign, the company reported its largest same-store sales during the third quarter in more than five years. With the new menu, guests purchase more appetizers and higher-priced dishes. In the same quarter, same-store sales rose 3.6 percent, which is the largest increase since the company’s 3.7-percent increase during the first quarter of 2008.
Buffalo Wild Wings Inc.: In the third quarter, the company’s profit rose by 66.9 percent. The company says that the cost per pound of traditional chicken wings in the quarter was lower than last year’s, marking the lowest cost-of-sales percentage since the fourth quarter of 2011, at 30 percent.
DineEquity Inc.: In the third quarter, profit dropped 70 percent as the company finished shifting to a nearly fully-franchised structure for Applebee’s Neighborhood Grill & Bar.
Denny’s Corp.: In the third quarter, profit rose 31 percent. The company says efforts focusing on value and menu innovations are paying off. The company also reported its ninth consecutive quarter of positive system-wide same-store sales.
Texas Roadhouse Inc.: During the third quarter, High commodity cost inflation and increased restaurant pre-opening costs challenged Texas Roadhouse Inc. The company’s profit fell nearly 5 percent, while revenue and same-store sales rose. Officials expect much lower commodity cost inflation in 2014.
Burger King Worldwide Inc.: For the third quarter, profit increased more than 10 times from last year due to a 64.2-percent decrease in total operating costs, driven by the refranchising of 519 company-owned restaurants over the past 12 months, according to