Weekly Food Industry Report: The Week of November 11, 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:
Popeyes Louisiana Kitchen: Efforts to revive the brand continue to pay off as profit rose 30 percent in the third quarter. The company expects same store sales for the year to grow between 3.5 percent and 4 percent. Popeyes’ parent company AFC Enterprises Inc. says back-to-back promotions of its Chicken Waffle Tenders and its signature bone-in chicken helped its global same-store sales increase of 5.1 percent.
Starbucks: After an arbitrator ordered the company to pay $2.2 billion in damages and another $527 million in interest and attorneys fees to its former distribution partner Kraft Foods Global Inc., it experienced an operating loss of $1.2 million, or $1.64 per share.
Yum! Brands Inc.: The company narrowed its same-store sales decline by 5 percent in October. Same-store sales dropped 7 percent at KFC, offset by a 10-percent increase at Pizza Hut Casual Dining.
Potbelly Corp.: In the third quarter, the company reported a year-over-year rise in adjusted profit and quarterly revenue as it opened nine new locations and posted a 2.5-percent same-store sales increase.
McDonald's Corp. In October, the company reported on a rise in U.S. and European same-store sales and a fall elsewhere, causing a system-wide increase of 0.5 percent.
We’re always on the lookout for new financial news, so let us know!