Weekly Food Industry Report: The Week of February 24, 2014
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:
Wendy’s Co.: Net income for the fast food chain rose 25 percent and its full-year profit increased more than six times the net income from fiscal 2012.
Carrols Restaurant Group Inc.: In the fourth quarter, the company, which is the largest franchisee of Burger King, narrowed its net loss to $2.1 million.
Popeyes Louisiana Kitchen Inc.: Fourth quarter profits fell 18.6 percent; however, overall profits for the 2013 fiscal year rose 12.2 percent, to $34.1 million.
Bloomin’ Brands Inc. The company announced it will close about 22 underperforming Outback Steakhouse units by the end of the first quarter of 2014, aiming to make room for new growth. Still, in the fourth quarter, the company’s profit more than tripled.
Papa John’s International Inc.: Same-store sales rose 9 percent in North America and 7 percent internationally in the fourth quarter, leading to an 8.3 percent increase in profit for the quarter.
Bravo Brio Restaurant Group Inc.: In the fourth quarter, the company’s profit dropped due to heavy asset impairment charges.
Domino’s Pizza Inc.: Same-store sales rose in the 2013 fiscal year by 3.7 percent in the U.S. and by 7 percent internationally, while its full-year profit increased by 27.2 percent.
Cracker Barrel Old Country Store Inc.: In the second quarter, the company’s same-store restaurant sales fell .6 percent and its same-store retail sales dropped 3 percent.
Texas Roadhouse Inc.: For the 2013 fiscal year, the company’s profit rose 23 percent, marking its fourth consecutive year of positive same-store sales.
Applebee’s: President Michael Archer has stepped down from his position to pursue other opportunities and is replaced by Steven Layt, previously the senior vice president of operations for Applebee’s.
Blaze Fast-Fire’d Pizza: The company appointed its first CFO, Allen Arroyo, who previously served as CFO for Z’Tejas from May 2011 through December 2013 and as CFO for the Mastro’s Restaurants steakhouse chain from April 2007 through April 2011 before that.
World of Beer: Ken Cruley has been named CFO and Terry Haley vice president of marketing.
Starbucks: The company announced that its CEO Andy Mack is retiring.
We’re always on the lookout for new financial news, so let us know!