Cracker Barrel Reports First Quarter Fiscal 2024 Results

Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the first quarter of fiscal 2024 ended October 27, 2023.

First Quarter Fiscal 2024 Highlights

• The Company reported first quarter total revenue of $823.8 million. Compared to the prior year first quarter, total revenue decreased 1.9%.
• Comparable store restaurant sales decreased 0.5%, while comparable store retail sales decreased 8.1%.
• GAAP operating income for the first quarter was $11.4 million, or 1.4% of total revenue, and adjusted1 operating income was $19.0...

Ingles Markets, Incorporated Reports Results for Fourth Quarter and Fiscal Year 2023

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported results for the three and twelve months ended September 30, 2023.

Robert P. Ingle II, Chairman of the Board, stated, “We are happy to report results for the quarter and year-end. We continue to thank our associates for the dedication and hard work they provide to serve our customers.”

Fourth Quarter Results

Net sales totaled $1.58 billion for the quarter ended September 30, 2023, compared with $1.45 billion for the quarter ended September 24, 2022...

Census Says Retail Sales Grew Year Over Year in October But Growth Continued to Slow

Retail sales kept up a long streak of year-over-year gains in October even though the rate of growth continued to slow, National Retail Federation Chief Economist Jack Kleinhenz said in response to the U.S. Census Bureau’s release of monthly retail sales data today.

“Fourth-quarter consumer spending stepped off on a more moderate pace, as expected,” Kleinhenz said. “The staying power of the American consumer has been the story of 2023, but financial conditions have...

Brazil Food Processor BRF Widens Net Loss in Q3 on Grain Prices, Chicken Glut

BRF SA, the Brazilian pork and poultry processor, widened its third-quarter loss from the year-ago period as it continued to deal with a chicken oversupply while also trying to rein in grain prices, it said on Monday.

BRF reported a 262 million real ($53.37 million) net loss in the third quarter, larger than the 136.7 million loss a year ago but slightly better than an LSEG consensus forecast of a 279 million real loss.

Despite the hit, BRF said improvements in the company's...

US Foods Reports Third Quarter Fiscal Year 2023 Earnings

US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States, today announced results for the third quarter fiscal year 2023.

Third Quarter Fiscal 2023 Highlights

• Net sales increased 2.1% to $9.1 billion
• Total case volume increased 4.0%; independent restaurant case volume increased 5.8%
• Gross profit increased 5.6% to $1.5 billion
• Net income available to common shareholders was $95 million
• Adjusted EBITDA increased 14.5% to $402 million
• Diluted EPS decreased 11.6% to $0.38; Adjusted Diluted EPS increased 16.7% to $0.70...

Publix Reports Third Quarter 2023 Results and Stock Price

Publix’s sales for the three months ended Sept. 30, 2023 were $14 billion, a 7.2% increase from $13 billion in 2022. Comparable store sales for the three months ended Sept. 30, 2023 increased 4.3%.

Net earnings for the three months ended Sept. 30, 2023 were $833 million, compared to $394 million in 2022, an increase of 111.4%. Earnings per share for the three months ended Sept. 30, 2023 increased to $0.25 per share, up from $0.12 per share in 2022. Excluding the impact of... 

Albertsons Companies, Inc. Reports Second Quarter Fiscal 2023 Results

Albertsons Companies, Inc. (NYSE: ACI) (the "Company") today reported results for the second quarter of fiscal 2023, which ended September 9, 2023.

Second Quarter of Fiscal 2023 Highlights

• Identical sales increased 2.9%
• Digital sales increased 19%
• Loyalty members increased 17% to 37.4 million
• Net income of $267 million, or $0.46 per share
• Adjusted net income of $368 million, or $0.63 per share
• Adjusted EBITDA of $977 million

Vivek Sankaran, CEO commented, "During the second quarter, we continued to execute against our Customers for Life transformation...

Armanino Foods Reports Record Breaking Sales and the Highest Quarterly and Year to Date Profits Ever

Armanino Foods of Distinction, Inc. Reports Record Breaking Sales and the Highest Quarterly and Year to Date Profits Ever for the Third Quarter and Nine Months Ended September 30, 2023

Net sales for the third quarter of 2023 were $16,080,356 compared to $15,400,353 for the same period last year, an increase of 4%. Income before taxes for Q3 2023 was $3,050,211 compared to $2,055,215 for the same quarter in 2022, an increase of 48%...

Despite ‘One Thing’ or ‘Another,’ NRF Economist Says U.S. Economy Still Shows Resilience

The U.S. economy is continuing to grow even as labor disputes across the country and uncertainty created by Congress add to the ongoing challenges of inflation and high interest rates, NRF Chief Economist Jack Kleinhenz said today.

”As Gilda Radner used to say on Saturday Night Live, ‘If it’s not one thing, it's another,’ ” Kleinhenz said. “This is certainly one of those times when that expression fits well with what is going on in the economy.”

“New turbulence from the expanding autoworkers strike and the threat of...

Cal-Maine Foods Reports Results for First Quarter Fiscal 2024

Cal-Maine Foods, Inc. (NASDAQ: CALM) (“Cal-Maine Foods” or the “Company”), the largest producer and distributor of fresh shell eggs in the United States, today reported results for the first quarter of fiscal 2024 (thirteen weeks) ended September 2, 2023.

First Quarter Fiscal Year 2024 Highlights

• Quarterly net sales of $459.3 million
• Quarterly net income of $926,000 or $0.02 per basic and diluted common share
• Net average selling price for specialty eggs increased 8.4 percent quarter-over-quarter....

Hormel Foods Reports Third Quarter Fiscal 2023 Results

Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, today reported results for the third quarter of fiscal 2023. All comparisons are to the third quarter of fiscal 2022 unless otherwise noted.

EXECUTIVE SUMMARY — THIRD QUARTER

• Net sales of $3.0 billion
• Operating income of $217 million, reflecting the impact of an adverse arbitration ruling totaling $70 million; adjusted operating income of $287 million
• Operating margin of 7.3%; adjusted operating margin1 of 9.7%
• Earnings before income taxes of $208 million; adjusted earnings before income...

Stock Futures Rebound Early Thursday Following Fed Minutes from July Meeting, Walmart Earnings 

On Wednesday, the Federal Reserve released minutes from its latest policy meeting that took place on July 25-26, contributing to a lower close in stock futures at midweek as traders weighed the potential for additional interest rate hikes. The next FOMC meeting is scheduled for September 19-20. 

"In their discussion of current economic conditions, participants noted that economic activity had been expanding at a moderate pace. Job gains had been robust in recent months, and the unemployment rate remained low. Inflation remained elevated," said the minutes...

Retail Sales Rose Sharply in July Amid Prime Day, Back-to-School Sales and Rising Wages

Retail sales reversed their downward trend in July as Prime Day and major promotions by other brands prompted increased shopping while wage increases gave consumers more money to spend, the National Retail Federation said today.

“July retail sales show consumers continue to drive the economy through this period of economic pressure with robust spending supported by steady job growth and wage gains,” NRF President and CEO Matthew Shay said. “Retailers remain focused on providing essential items at competitive prices for families and students as...

Kraft Heinz Names Carlos Abrams-Rivera as Next CEO

Carlos Abrams-Rivera, head of Kraft Heinz 's North American operations, becomes president immediately. PHOTO: Taylor Glascock for The Wall Street Journal

Kraft Heinz named Carlos Abrams-Rivera as its next chief executive, elevating the head of the food company's North American business.

The maker of sliced cheese and ketchup said Monday that Abrams-Rivera, who has served since December 2021 as the company's executive vice president and president of its biggest division by sales, would assume the CEO position on Jan. 1.

Kraft Heinz said Miguel Patricio, who has been...

Blue Apron Cuts 20% Corporate Workforce After FreshRealm Sale, Eyeing Sales Growth in ‘24

Blue Apron said it reduced its corporate workforce by 20% after it sold its assets to FreshRealm earlier this year, the company announced in its second quarter fiscal results.

The company still expects to see benefits from the sale starting in 2024, with Linda Findley, Blue Apron’s President and CEO, citing a “lower fixed cost base, a stronger balance sheet and new revenue opportunities, including the introduction of a new product line expected in the first half of next year...

Grocery Outlet Says Its Seeing Strength Across All Income Levels

• Net sales increased 12.5% and achieved first quarterly $1 billion net sales performance in Company's history
• Comparable store sales increased 9.2%
• GAAP net income increased 21.8% with diluted EPS of $0.24
• Adjusted EBITDA(1) increased 22.7% to $70.5 million
• Company raises key guidance for fiscal 2023

Grocery Outlet Holding Corp., today announced financial results for the second quarter of fiscal 2023 ended July 1, 2023.

Highlights for Second Quarter Fiscal 2023 as compared to Second Quarter Fiscal 2022:

• Net sales increased by 12.5% to $1.01 billion...

The Wendy's Company Reports Second Quarter 2023 Resuts

"I am proud of the entire Wendy's® system for delivering another quarter of meaningful sales and profit growth alongside sustained progress against our strategic growth pillars," President and Chief Executive Officer Todd Penegor said. "We continued to drive significant profit expansion, supported by strong same-restaurant sales momentum, resulting in an over 200 basis point year-over-year increase in U.S. Company-operated restaurant margin. During the quarter, our breakfast and late-night dayparts delivered outsized growth and we sustained our digital strength. We also continued to...

Weis Markets Reports Second Quarter 2023 Results

Weis Markets, Inc. today reported its financial results for the 13-week second quarter and 26-week year-to-date period ended July 1, 2023.

"In the second quarter, we generated solid results due to the hard work and commitment of our associates at every level of our company," said Weis Markets, Inc.'s Chairman and Chief Executive Officer Jonathan H. Weis. "We continue to make strategic investments for long-term profitable growth which benefits our associates, customers, communities, and shareholders. We are keenly aware that our customers are looking for value and...

Restaurant Brands International Inc. Reports Second Quarter 2023 Results

Restaurant Brands International Inc. today reported financial results for the second quarter ended June 30, 2023. Josh Kobza, Chief Executive Officer of RBI commented, "I am very proud of the continued performance of our teams and our franchisees who helped drive 14% growth in system-wide sales and another quarter of improved franchisee profitability. We are generating positive momentum and results behind each of our iconic brands by focusing on new menu innovations, supported by exceptional marketing and operations. I know the team is very motivated by the significant growth...

Nathan's Famous, Inc. Reports First Quarter Results

Nathan's Famous, Inc. today reported results for its first fiscal quarter ended June 25, 2023.

For the thirteen-week period ended June 25, 2023 (“first quarter fiscal 2024”):

• Revenues were $41,985,000 as compared to $39,720,000 during the thirteen weeks ended June 26, 2022;
• Income from operations was $11,463,000 as compared to $11,780,000 during the thirteen weeks ended June 26, 2022;
• Adjusted EBITDA1, a non-GAAP financial measure, was $12,036,000 as compared to $12,065,000 during the thirteen weeks ended June 26, 2022;
• Income before provision for income...

Dine Brands Global, Inc. Reports Second Quarter 2023 Results

“Dine Brands is well-positioned to invest in our brands, drive growth and maximize returns. Despite some market volatility, our business model’s resiliency is evident through consistent financial results, enabling us to pursue long-term growth opportunities, debt reduction and returning capital to shareholders,” said John Peyton, chief executive officer, Dine Brands Global. “Looking ahead, we will continue to maintain our disciplined approach to creating value for stakeholders and demand from our guests.”

Vance Chang, chief financial officer, added, “Our focus, in collaboration with our franchisees, is to drive consistent sales...

Wingstop Inc. Reports Fiscal Second Quarter 2023 Financial Results

Wingstop Inc. today announced financial results for the fiscal second quarter ended July 1, 2023.

Highlights for the fiscal second quarter 2023 compared to the fiscal second quarter 2022:

• System-wide sales increased 27.8% to $809.8 million
• 50 net new openings in the fiscal second quarter 2023
• Domestic same store sales increased 16.8%
• Domestic restaurant AUVs exceeded $1.7 million
• Digital sales increased to 65.2%
• Total revenue increased 27.9% to $107.2 million
• Net income increased 21.6% to $16.2 million, or $0.54 per diluted...

Publix Reports Second Quarter 2023 Results

Publix’s sales for the three months ended July 1, 2023 were $14.1 billion, an 8.9% increase from $12.9 billion in 2022. Comparable store sales for the three months ended July 1, 2023 increased 6.2%.
Net earnings for the three months ended July 1, 2023 were $1.1 billion, compared to $628 million in 2022, an increase of 74.7%. Earnings per share for the three months ended July 1, 2023 increased to $0.33 per share, up from $0.18 per share in 2022. Excluding the impact of net...

 Yum! Brands Reports Second-Quarter Results

Yum! Brands, Inc. (NYSE: YUM) today reported results for the second-quarter ended June 30, 2023. Worldwide system sales excluding foreign currency translation grew 13%, with 9% same-store sales growth and 6% unit growth. Second-quarter GAAP operating profit grew 4%. Second-quarter core operating profit grew 12%. Second-quarter GAAP EPS was $1.46 and second-quarter EPS excluding Special Items was $1.41. Second-quarter EPS includes a favorable $0.09 mark-to-market impact from unrealized investment gains and a negative $0.05 impact from foreign currency translation...

Bloomin’ Brands Announces Q2 2023 Financial Results

Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the second quarter 2023 (“Q2 2023”) compared to the second quarter 2022 (“Q2 2022”).

CEO Comments

“We delivered another strong quarter of results that continues to highlight the benefits of our portfolio,” said David Deno, CEO. “Earnings for the quarter were above expectations and revenues were in line. Our results reflect the investments we are making to elevate the customer experience as well as the ongoing execution of our growth strategy. We remain well positioned to deliver on our long-term goals of growing...

Yum China Reports Second Quarter 2023 Results

Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the second quarter ended June 30, 2023.

Second Quarter Highlights

- Total revenues increased 25% year over year to $2.65 billion from $2.13 billion (a 32% increase excluding foreign currency translation ("F/X")).

- Total system sales increased 32% year over year, with increases of 32% at KFC and 30% at Pizza Hut, excluding F/X. Growth was mainly attributable to same-store sales, new unit contribution and lapping of...

Pilgrim’s Pride Reports Second Quarter 2023 Results with $4.3 Billion in Net Sales

Pilgrim’s Pride Corporation, one of the world's largest poultry producers, reports its second quarter 2023 financial results.

Second Quarter Highlights

• Net Sales of $4.3 billion.
• GAAP Net Income of $60.9 million and GAAP EPS of $0.25. Adjusted Net Income of $105.3 million and Adjusted EPS of $0.44.
• Consolidated GAAP operating income margin of 2.3%.
• Adjusted EBITDA of $248.7 million, or a 5.8% margin, with adjusted EBITDA margins of 4.6% in the U.S., 5.2% in the U.K. & Europe, and 12.2% in...

Cal-Maine Foods Reports Results for Fourth Quarter and Fiscal Year 2023

Cal-Maine Foods, Inc., the largest producer and distributor of fresh shell eggs in the United States, today reported results for the fourth quarter of fiscal 2023 (fourteen weeks) and fiscal year 2023 (fifty-three weeks) ended June 3, 2023. The fourth quarter of fiscal 2022 was a thirteen-week period and fiscal year 2022 was a fifty-two week period.

Fourth Quarter and Fiscal Year 2023 Highlights

• Quarterly net sales of $688.7 million, driven by increased sales volumes
• Quarterly net income of $110.9 million...

Subway Achieves 10 Consecutive Quarters of Positive Sales

Subway, one of the world's largest restaurant brands, announced its 10th consecutive quarter of positive sales, as it continues to execute against its multi-year transformation journey.

During the second quarter, Subway broke brand records as it achieved its highest average unit volume (AUV) in North America for three consecutive months and, within that time, its highest weekly AUV in the company's recorded history. For the first half of 2023, Subway saw positive traffic across North America and significant growth in global restaurant same-store sales. Positive sales momentum continues to...

Albertsons Companies, Inc. Reports First Quarter Fiscal 2023 Results

Albertsons Companies, Inc. today reported results for the first quarter of fiscal 2023, which ended June 17, 2023.

First Quarter of Fiscal 2023 Highlights

• Identical sales increased 4.9%
• Digital sales increased 22%
• Loyalty members increased 16% to 35.9 million
• Net income of $417 million, or $0.72 per share
• Adjusted net income of $546 million, or $0.93 per share
• Adjusted EBITDA of $1,319 million

Vivek Sankaran, CEO commented, "Our first quarter results demonstrate the resilience of our business, and the effectiveness of our Customers for Life transformation...

Unphased by Inflation Grocery Shoppers Did Not Cut Spending for Graduation and 4th of July 

Incisiv, a next-generation industry insights firm that helps retailers and brands navigate digital disruption, and Wynshop, the leading provider of digital commerce and fulfillment solutions for local store-based retailers, today revealed the findings from their State of Digital Grocery Performance Scorecard for H1 2023. The Performance Scorecard reflects the latest analysis of shopper orders, plus a summer outlook around consumers' grocery shopping behaviors.

This month's scorecard reveals new findings from June 2023 in context of Q2 and H2. Key findings include...

Kroger Beats Profit Estimates on Easing Costs, Steady Grocery Demand

Supermarket chain Kroger topped Wall Street estimates for first-quarter profit and same-store sales on Thursday, helped by steady demand for groceries and household essentials even as food prices remain high and easing supply chain costs.

Big-box retailers such as Kroger and Walmart have used their extensive nationwide operations to negotiate better deals with suppliers, which allowed them to keep prices substantially lower than competition and lure more people.

Kroger also profited from shoppers - including higher-income consumers looking for more economical options amid persistent inflation...

Dollar General Prunes Annual Outlook as Shoppers Curb Spending; Shares Slide

Dollar General Corp cut its sales and profit forecasts for the year on Thursday as Americans, pinched by higher prices, shopped more for essentials and pared back purchases in categories including home goods and clothes, leading its shares down as much as 20%.

The discount store chain saw traffic to its stores decline during the quarter as its low- to middle-income customer base shifted away from discretionary goods like clothing and houseware - a challenging trend seen across retailers...

Technomic Reports how Historically High Inflation Impacted Top 200 Canadian Chains in 2022

Technomic released one of its most highly anticipated reports, the 2023 Top 200 Canadian Chain Restaurant Report, which includes expert findings and insights into the sales performance of Canadian chain restaurants in 2022. The report—built using decades of historical data—provides a detailed analysis of the foodservice industry and overarching trends, annual sales and unit counts by chain and segment.

"Total sales for Canada's Top 200 chain restaurants hit $40 billion in 2022, improving by 15% compared to the prior year," said Kevin Schimpf, director...

EGGDROP Incheon Airport Store Surpasses 100,000 Customers in the First Four Months Since Opening

EGGDROP, the renowned premium sandwich brand of Golden Hind (CEO Noh Young-woo), has achieved an impressive milestone by surpassing 100,000 customers in four months since EGGDROP Incheon Airport opened.

To commemorate this achievement, EGGDROP has released a captivating short-form video showcasing a “delightful and wholesome dining experience at the Incheon Airport branch,” highlighting a delicious and healthy meal before departure.

EGGDROP Incheon Airport is located on the 4th floor of the duty-free area on the west side of Terminal 1 at Incheon International...