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:
Pizza Hut: The company opened two units, in Pawtucket, R.I., and York, Neb., this week built around a “pizza-by-the-slice” concept that aims to target lunch sales as well as to compete with other fast-casual pizza brands. The new units feature digital menu boards, open seating plans, and a pizza-by-the-slice “bar.”
Yum Brands Inc.: The company reported a 2-percent increase in same-store sales in December. It’s KFC chain experienced a 5-percent rise in same-store sales while Pizza Hut Casual Dining experienced a 3-percent decline.
Hakkasan Ltd.: The company acquired Enlightened Hospitality Group, the operator of celebrity chef Brian Malarkey’s restaurants in Southern California.
Smashburger: The company is considering a possible sale or initial public offering. It will also soon launch its first television commercial, which will be a 30-second spot focused on the chain’s ingredient quality and burger-smashing cooking technique. In other news, the company’s chief executive Dave Prokupek recently stepped down and was replaced by its president Scott Crane.
Starbucks: For the first quarter, the company reported a 25-percent increase in profit, due to strong holiday sales.
CEC Entertainment Inc.: Apollo Global Management LLC will buy Chuck E. Cheese’s parent company, CEC Entertainment Inc. in a deal worth about $1.3 billion, including debt assumption.
Brinker International Inc.: For the second quarter, the company reported a 6.9-percent rise in profit from $37.2 million, 50 cents per share, to $39.7 million, 58 cents per share. Its revenue increased 2.1 percent from $689.8 million last year to $704.4 million.
McDonald’s Corp.: For the fourth quarter, the company’s profit rose 2.4 percent to $5.59 billion. Global same-store sales, however, fell .1 percent, including a 1.4-percent decline in the United States.
We’re always on the lookout for new financial news, so let us know!