Weekly Food Industry Report: October 18, 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:
Taco Bell: Taco Bell announced that it’s sold over $1 billion worth of Doritos Los Tacos, which was launched in March of 2012 and since has been an extremely successful product for Yum! Brands, the company that owns Taco Bell. To handle the growth from the snack’s popularity, the Taco Bell hired 15,000 new employees last year.
Chipotle Mexican Grill Inc: The company saw profit (15.3 percent), revenue (18 percent), and same-store sales (6.2 percent) increases in the third quarter and reported that same-store sales were driven by increased traffic.
Domino’s Pizza Inc: Due to higher restaurant-level sales, net global unit growth and supply chain revenues, and a lower effective tax rate, Domino’s Pizza Inc’s profit rose 17.2 percent in the third quarter. At the chain’s Ann Arbor, Mich. location, same-store sales rose 5.4 percent in its 4,939-unit system — with 4.6 percent at company-owned restaurants and 5.5 percent at franchised units — as well as rose 5 percent in its franchised international system of 5,627 units.
Jack in the Box: Since May, Jack in the Box has re-franchised 45 company-owned restaurants and has plans to sell another 29 by the end of the year. That would increase the company’s chain from about 25 percent franchised in 2005 to nearly 80 percent franchised by the end of 2013.
Captain D’s Seafood Restaurant: Sun Capital Partners Inc. announced a deal to sell the Captain D’s Seafood Restaurant chain, consisting of 527 restaurants in 25 states and on military bases around the world, to Centre Partners, another private-equity firm. The transaction included the 60-unit all-franchised secondary brand Grandy’s Country Cookin’, acquired by Captain D’s in 2011.
We’re always on the lookout for new financial news, so let us know!