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Sysco Sees Sales Drop in Fourth Quarter, Fiscal Year 2020 as COVID-19 Pandemic Impacts Foodservice

Sysco reported its fourth quarter and fiscal year 2020 financial results on Tuesday.

The company’s U.S. foodservice operations saw a 42.8% decrease in Q4 sales compared to the same period last year, totaling $6.1 billion.

Sysco also noted its gross profit decreased by 45.7% to $1.2 billion, and gross margin decreased 102 basis points to 19.1%, compared to the same period last year.

For its international foodservice business, Sysco noted a 53.4% drop in sales, totaling $1.4 billion for Q4 2020...

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Aug 11 9:57 AM, General News



Papa John’s Announces Second Quarter 2020 Results

Papa John’s International, Inc. announced financial results for the three and six months ended June 28, 2020. The company also provided an update on the business impact of the global coronavirus (COVID-19) pandemic.

“Faced with an unprecedented global challenge but guided by our values and purpose, Papa John’s achieved record sales in the second quarter,” said Rob Lynch, President & CEO. “Across the U.S. and those international markets where delivery-based businesses have remained open, we have safely and successfully met...

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Aug 7 3:38 PM, General News


Restaurant Brands International Reports Second Quarter 2020 Results

Restaurant Brands International reported financial results for the second quarter ended June 30, 2020.

Jose Cil, Chief Executive Officer of Restaurant Brands International Inc. ("RBI") commented, "The COVID-19 pandemic has introduced a host of unprecedented challenges, but our proactive and coordinated response across the globe has helped drive a significant recovery in performance since March. I am so proud of our restaurant owners, our restaurant team members, and...

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Aug 7 8:24 AM, General News


Wendy's Reports Second Quarter 2020 Results

The Wendy's Company reported unaudited results for the second quarter ended June 28, 2020 and provided an update on the impact of the COVID-19 pandemic on the Company's business.

"I continue to be extremely proud of, and humbled by, the tireless efforts and dedication from our employees, franchisees and supplier partners across the globe as we successfully manage through COVID-19," President and Chief Executive Officer Todd Penegor said. "Our business and restaurant economic model continue to show incredible resilience as we build momentum with U.S. same-restaurant sales accelerating to high-single digit growth in July, driven by...

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Aug 6 8:22 AM, General News


Beyond Meat Reports Second Quarter 2020 Financial Results

Beyond Meat, Inc. reported financial results for its second quarter ended June 27, 2020.

Beyond Meat President and CEO Ethan Brown commented, "I am proud of our record net revenues and growth during a very challenging period. As the toll of the COVID-19 pandemic took hold across the foodservice industry, we repurposed assets and repacked and rerouted products to meet increased consumer activity in the retail aisles. Throughout the quarter, our brand experienced an enviable combination of consumer trends – increasing household penetration; increasing buying levels per household; and strong repeat purchase rates of nearly...

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Aug 5 8:28 AM, General News


Weis Markets Reports Second Quarter Results

Weis Markets reported its sales increased 23.7 percent to $1.1 billion during the thirteen-week period ended June 27, 2020, compared to the same period in 2019, while second quarter comparable store sales increased 24.1 percent.

The Company's second quarter net income increased 102.5 percent to $41.5 million compared to $20.5 million in 2019, while earnings per share totaled $1.54 compared to $0.76 per share for the same period in 2019. Ecommerce sales increased 243 percent during the same period.

"The coronavirus pandemic has altered most aspects of daily life in our seven-state market area which was impacted by...

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Aug 5 8:24 AM, General News


Jack in the Box Announces Departure of CFO

Jack in the Box announced that Lance Tucker, Executive Vice President and Chief Financial Officer, has provided his intent to resign and will be leaving the company effective within the next six weeks. The company has initiated a search for a new Chief Financial Officer. While the company searches to identify a successor, the senior members of the company’s finance department will assume Tucker’s responsibilities on an interim basis.

Dawn Hooper, the company’s controller, has been appointed to principal financial officer effective on Tucker’s last day. Hooper has been with Jack in the Box Inc. for almost 20 years, with her tenure in leadership positions within finance. She, in conjunction with Sean Bogue, the company’s treasurer, will ensure...

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Aug 5 8:23 AM, General News


Ruth's Hospitality Group Provides Business Update and Financial Results for Q2 2020

Ruth’s Hospitality Group, Inc. provided a business update on the impact of the COVID-19 pandemic and reported unaudited financial results for its second quarter ended June 28, 2020.

COVID-19 Business Update:

During the second quarter of 2020, the COVID-19 pandemic continued to impact overall sales and traffic. As previously reported, Company-operated Ruth’s Chris dining rooms were closed in all domestic U.S. locations during April, and the Company transitioned its services to take-out and delivery operations in...

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Aug 5 8:22 AM, General News


Aramark Reports Third Quarter Earnings

Aramark reported third quarter fiscal 2020 results.

“I am encouraged by how well the Company continues to navigate the complexities and challenges of the current environment. Our balance sheet and new business pipeline remain strong, and we have taken strategic actions to fortify Aramark for the future," said John Zillmer, Aramark’s Chief Executive Officer. “I am also proud of how our team members have remained focused on serving our client partners and communities in the face of significant adversity.”

Third Quarter Results

Consolidated Revenue was $2.2 billion in the quarter, down 46.3% year-over-year from the impact of COVID-19 that more than offset modest underlying growth in the overall business. Revenue improved sequentially through each fiscal month with April reflecting...

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Aug 4 9:19 AM, General News


US Foods Reports Second Quarter Fiscal 2020 Earnings

US Foods Holding Corp. announced results for the second quarter of fiscal 2020. In this press release we refer to certain organic financial results. Organic financial results exclude contributions during the respective period from Smart Stores Holding Corp. (“Smart Foodservice”), which was acquired on April 24, 2020 and the Food Group of Companies (the "Food Group"), which was acquired on Sept. 13, 2019.

Second Quarter Fiscal 2020 Highlights

  • Total case volume decreased 28.0%; total organic case volume decreased 40.2%
  • Net sales decreased 29.2% to $4.6 billion
  • Gross profit decreased 41.2% to $671 million
  • Net loss available to common shareholders was...
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Aug 4 9:11 AM, General News


Shake Shack Announces Second Quarter 2020 Financial Results

Shake Shack Inc. reported its financial results for the second quarter ended June 24, 2020, a period that included 13 weeks.

Randy Garutti, Chief Executive Officer of Shake Shack, stated, “Throughout this difficult time, I remain incredibly proud of our team. They've continued to show up, to support each other, our guests, our communities and our suppliers. They’ve had an unwavering commitment to excellence and hospitality in the face of an incredibly challenging operating environment. We owe them a debt of gratitude, and...

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Aug 4 8:24 AM, General News


Tyson Foods Reports Third Quarter 2020 Results

Tyson Foods, Inc. today reported the following results:

First Nine Months Highlights

  • GAAP EPS of $3.96, down 12% from prior year; Adjusted EPS of $3.83, down 10% from prior year
  • GAAP operating income of $2,102 million; Adjusted operating income of $2,155 million
  • Total Company GAAP operating margin of 6.6% and Adjusted operating margin of 6.8%
  • Generated $2.7 billion of...
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Aug 3 8:31 AM, General News


Kraft Heinz Reports Second Quarter 2020 Results

The Kraft Heinz Company reported financial results for the second quarter of 2020 that reflected solid net sales growth of 3.8 percent and Organic Net Sales growth of 7.4 percent versus the year-ago period due to strong retail performance across all business segments. Results also included non-cash impairment charges related to goodwill and intangible assets.

“Our response to the ongoing COVID-19 pandemic reflects the hard work and dedication of our remarkable employees around the world,” said Kraft Heinz CEO Miguel Patricio. "We are now starting to realize the benefits of agility and scale, while implementing changes across the Company to further drive agility, both internally and how we go to market. We believe this will be the key to...

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Aug 3 8:19 AM, General News


Dunkin' Brands Reports Second Quarter 2020 Results

Dunkin' Brands Group, Inc., the parent company of Dunkin' and Baskin-Robbins (BR), reported results for the second quarter ended June 27, 2020.

"For Dunkin' U.S., same store sales improved sequentially throughout the quarter, largely as a result of our ability to pivot quickly and introduce new menu items designed to appeal to customers who are now visiting us later in the day. Our digital platform -- a cornerstone of our Dunkin' Blueprint for Growth -- drove significant customer engagement and rapid recovery during the quarter, and last week we announced...

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Jul 31 8:21 AM, General News


Yum China Reports Second Quarter 2020 Results

Yum China Holdings, Inc. reported unaudited results for the second quarter ended June 30, 2020.

Impact of COVID-19 Outbreak and Mitigation Efforts

Second quarter operations improved since the COVID-19 outbreak. More than 99% of stores in China are now open, with sales and profits trending unevenly. Sales improved sequentially in April and May but softened in June. Sales were primarily impacted by significantly reduced traffic at transportation and tourist locations, delayed and shortened school holidays and resurging regional infections. These factors and the lingering effect of COVID-19 continue to...

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Jul 31 8:20 AM, General News


Pilgrim's Pride Reports Financial Results for Q2

Pilgrim’s Pride Corporation reports second quarter 2020 financial results.

Second Quarter Highlights

  • Net Sales of $2.82 billion.
  • Net GAAP loss of $(6.0) million.
  • Operating Income margins of 2.2% in U.S., -13.3% in Mexico and 3.1% in Europe operations, respectively.
  • Adjusted EBITDA of $112.2 million, or a 4.0% margin.
  • Faced with the global Covid-19 pandemic, we remain guided by our principles of an uncompromising commitment to the safety of our team members, our duty to provide quality food globally, and our responsibility to provide continued...
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Jul 30 8:44 AM, General News


Dine Brands Global Reports Second Quarter 2020 Results

Dine Brands Global, Inc., the parent company of Applebee's Neighborhood Grill + Bar and IHOP restaurants, announced financial results for the second quarter of 2020.

“As we continue to navigate through the challenges currently facing our industry, we have remained resolute in our focus to return to growth. Throughout the second quarter, weekly comparable sales and traffic at both Applebee’s and IHOP improved as state and local governments began to ease restrictions on dining room operations. This, coupled with the significant growth of our brands’ off-premise business, contributed to...

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Jul 30 8:31 AM, General News


Wingstop Reports Fiscal Second Quarter 2020 Financial Results

Wingstop announced financial results for the fiscal second quarter ended June 27, 2020.

"I am very proud of our team members and brand partners and the extraordinary results we achieved against a challenging backdrop. We benefited from a steadfast focus on expanding our digital business and leveraging delivery to make it seamless for fans to access the craveable flavors of our fresh, cook-to-order wings, fries and sides," commented Charlie Morrison, Chairman and Chief Executive Officer of Wingstop. "Despite the unprecedented circumstances, we opened 23 net new restaurants which highlights...

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Jul 30 8:30 AM, General News


Starbucks Reports Q3 Fiscal 2020 Results

Starbucks Corporation reported financial results for its 13-week fiscal third quarter ended June 28, 2020. GAAP results in fiscal 2020 and fiscal 2019 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.

“Since the beginning of the COVID-19 outbreak in January, we have taken a principled approach to navigate the crisis, true to our mission and values. Every step of the way, we have thoughtfully addressed the needs of Starbucks stakeholders and are particularly proud of the industry-leading investments we have made to support our partners while creating...

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Jul 29 8:43 AM, General News


Del Taco Reports Second Quarter Financial Results

Del Taco Restaurants reported fiscal second quarter 2020 financial results for the 12-week period ending June 16, 2020 and provided a business update related to the impact of COVID-19.

Management Commentary

John D. Cappasola, Jr., President and Chief Executive Officer of Del Taco, commented, “Our restaurant teams, franchise partners and support staff are doing exceptional work supporting our people, serving our guests and strengthening our brand as we successfully navigate the business recovery phase of our strategy while preparing for brand acceleration. Despite the pandemic-induced headwind affecting our industry, our system-wide comparable restaurant sales continue to improve sequentially and are...

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Jul 29 8:20 AM, General News


Albertsons Reports First Quarter Results

Albertsons Companies, Inc. reported results for the first quarter of fiscal 2020, which ended June 20, 2020.

First Quarter of Fiscal 2020 Highlights

  • Identical sales growth of 26.5%
  • Digital sales growth of 276%
  • Diluted net income per share of $1.00; Adjusted net income per share of $1.35
  • Net income of $586 million
  • Adjusted EBITDA of $1.7 billion, an increase of 93% compared to the first quarter last year
  • COVID-19 related investments of approximately...
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Jul 28 9:24 AM, General News


McDonald's Reports Second Quarter 2020 Results

McDonald's Corporation today announced results for the second quarter ended June 30, 2020.

"Throughout our history, McDonald's has demonstrated the strategic foresight necessary to position our business for the future. Our strong drive-thru presence and the investments we've made in delivery and digital over the past few years have served us well through these uncertain times. We saw continued improvement in our results throughout the second quarter as markets reopened around the world," said McDonald's President and Chief Executive Officer Chris Kempczinski. "I'm especially proud of the way the McDonald's System continues to provide a safe environment for both customers and crew, building on...

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Jul 28 9:19 AM, General News


Chipotle Reports Second Quarter 2020 Results 

Chipotle Mexican Grill, Inc. reported financial results for its second quarter ended June 30, 2020.

Second quarter highlights, which incorporate the impact of COVID-19, year over year:

  • Revenue decreased 4.8% to $1.4 billion
  • Comparable restaurant sales declined 9.8%
  • Digital sales grew 216.3% and accounted for 60.7% of sales for the quarter
  • Restaurant level operating margin was 12.2%, a decrease of 8.7%
  • Diluted earnings per share was $0.29, net of a $0.11 after-tax impact from expenses related to restaurant asset impairment and closure costs, as well as...
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Jul 27 8:22 AM, General News


Cal-Maine Foods Reports Fourth Quarter and Fiscal 2020 Results

Cal-Maine Foods, Inc. reported results for the fourth quarter (13 weeks) and fiscal year ended May 30, 2020.

Net sales for the fourth quarter of fiscal 2020 were $453.3 million, a 61.6 percent increase compared to $280.6 million for the fourth quarter of fiscal 2019. The Company reported net income of $60.5 million, or $1.25 per basic share and $1.24 per diluted share, for the fourth quarter of fiscal 2020, compared to net loss of $19.8 million, or $(0.41) per basic and diluted share, for the fourth quarter of fiscal 2019.

For the fiscal year 2020, net sales were $1,351.6 million compared to $1,361.2 million for the prior year. The Company reported net income of $18.4 million, or $0.38 per basic and diluted share, for fiscal 2020, compared to...

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Jul 20 8:17 AM, General News


Domino's Pizza Announces Second Quarter 2020 Financial Results

Domino's Pizza announced results for the second quarter. Global retail sales increased 5.7% in the second quarter, or 8.1% excluding foreign currency impact. Global retail sales in the second quarter were positively impacted by U.S. same store sales, but were negatively impacted by temporary store closures in certain international markets. U.S. same store sales grew 16.1% during the quarter versus the year-ago period and were positively impacted by customer ordering behavior during the COVID-19 pandemic, continuing the positive sales momentum in the Company's U.S. stores business.

The international business also posted positive same store sales results, with growth of 1.3% during the quarter. The second quarter marked the 106th consecutive quarter of international same store sales growth and...

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Jul 17 8:20 AM, General News


Shake Shack Provides Business Update

Shake Shack Inc. provided a business update given the ongoing COVID-19 pandemic. With gradual sales recovery progressing and a strong balance sheet, the Company has restarted new Shack development both domestically and internationally as it looks forward to long-term growth.

“As always, and especially during this recovery period, our priority remains the safety of our team and our communities. Amidst our gradual sales recovery, we've started to open new Shacks again and are looking to the significant growth opportunity that we believe lies ahead for Shake Shack. I am so proud of the resilience of our teams in the Shacks, the innovation across our operating model and our relentless efforts to continue to...

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Jul 8 8:21 AM, General News


General Mills Reports Results for Fiscal 2020 and Outlines Fiscal 2021 Priorities

General Mills reported results for the fourth quarter and fiscal year ended May 31, 2020. Fiscal 2020 was a 53-week year, with the extra week falling in the fourth quarter.

“I’m proud of the way our organization has remained focused on serving the needs of our consumers and communities while protecting the health and safety of our employees throughout the COVID-19 pandemic,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “Amid significant challenge and change in the world around us, General Mills adapted and executed in fiscal 2020 to deliver outstanding financial results while fulfilling our purpose of making food the world loves. We’ve demonstrated extraordinary agility to meet the unprecedented increase in demand for food at home and to win across our categories.

“As we turn to fiscal 2021, we’ll maintain a sharp focus on the near-term opportunity to meet continued elevated demand while continuing to advance our long-term strategies by...

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Jul 2 8:21 AM, General News


Papa John’s Provides Business Update on Ongoing Impact of COVID-19 Pandemic

Papa John’s International, Inc. provided an additional update on the ongoing business impact of the global coronavirus (COVID-19) pandemic, including preliminary estimated comparable sales information for the June month and second quarter fiscal periods. In light of the uncertainty and volatility related to the pandemic, the company has continued to provide this information on a monthly basis.

Rob Lynch, President & CEO said, “In June Papa John’s delivered a third consecutive month of double-digit sales growth in North America and strong growth internationally. Continued strong results reflect both the hard work of our team members and local franchisees, as well as the trust that we have earned from millions of customers who have...

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Jul 1 8:25 AM, General News


Church's Chicken Rallies in Q2, Sets Sights on Continued Growth and Positive Momentum

Just six months ago, Church's Chicken turned in its best performance in ten years for comparable same-store sales, and made 2020 the launch date for the brand's five-year strategic plan. Then, like all restaurants and businesses, plans were set back due to COVID-19 and the brand enacted a refocused action plan in response. Overall, the COVID-19 sales challenges were only temporary for Church's, as it reports that domestic sales have returned to pre-pandemic positive trends the past two months.

"Without question, our ability to weather this crisis is due to our entire franchise community, corporate and restaurant team members coming together to quickly and effectively adapt to a changing market and continue to...

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Jun 29 8:15 AM, General News


Darden Restaurants Reports Financial Results and Provides 2021 First Quarter Outlook

Darden Restaurants, Inc., reported its financial results for the fourth quarter and fiscal year ended May 31, 2020, which included a 53rd week of operations compared to 52 weeks last year.

Statement from Gene Lee, CEO:

"The strategy we put in place five years ago helped us successfully navigate one of the most challenging periods in our Company's history. When our dining rooms closed, our operators did an amazing job of reimagining the guest experience by staying true to our back-to-basics operating philosophy.

We benefited greatly from our competitive advantages that form the foundation of our strategy, especially our scale and our culture. Our scale allowed us to quickly react to...

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Jun 26 8:12 AM, General News


Kroger Reports First Quarter 2020 Results and Provides Update on COVID-19 Response

The Kroger Co. reported its first quarter 2020 results, provided a Restock Kroger progress update on the three-year transformation plan and an update to the COVID-19 response.

Comments from Chairman and CEO Rodney McMullen

"The COVID-19 pandemic and the most recent instances of racial injustice have changed our country in unmistakable ways, not the least of which is the devastating loss of life and livelihood that has affected so many Americans. Kroger remains guided by our purpose and our values. I am proud of our associates who stepped up when we were called to be there for our customers, communities and each other. Our company is proud to...

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Jun 18 9:13 AM, General News


McDonald's Reports April and May 2020 Comparable Sales and Provides COVID-19 Business Update

McDonald's is providing comparable sales results and an update on the COVID-19 impact to the Company's operations ahead of the second quarter earnings announcement.

Highlights:

  • 95% of McDonald's restaurants around the world are open to serve customers.
  • Comparable sales have improved sequentially from late March through May.
  • The Company is investing in the System to accelerate recovery.

"Our strong foundation and the unique advantages of the McDonald's System, including...

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Jun 16 9:48 AM, General News


United Natural Foods Reports Third Quarter Fiscal 2020 Results

United Natural Foods, Inc. reported financial results for the third quarter of fiscal 2020 (13 weeks) ended May 2, 2020.

Third Quarter Fiscal 2020 Highlights

  • Net Sales increased 12% to $6.67 billion compared to $5.96 billion in last year's fiscal third quarter
  • Net income increased 54% to $88 million; Adjusted EBITDA increased 32% to $222 million
  • Earnings per diluted share (EPS) of $1.60; Adjusted EPS increased 130% to $1.40
  • Net debt reduced by $302 million compared to the second quarter of fiscal 2020
  • Updates fiscal 2020 guidance, which includes the impact of Retail included...
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Jun 10 9:24 AM, General News


Campbell Reports Third Quarter Results

Campbell Soup Company reported its third-quarter results for fiscal 2020.

  • Net Sales Increased 15%; Organic Net Sales Increased 17% Reflecting Increased Demand for Our Products
  • Earnings Per Share (EPS) from Continuing Operations of $0.55 Increased 34%; Adjusted EPS of $0.83 Increased 57%
  • Campbell Raises Fiscal 2020 Guidance to Reflect Improved Outlook Based on Current Operating Environment

CEO Comments

Mark Clouse, Campbell’s President and CEO, stated, “Since the onset of the COVID-19 pandemic, we have simplified our mission to keep our people safe, while meeting the urgent need for...

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Jun 4 8:11 AM, General News


Cracker Barrel Reports Third Quarter Fiscal 2020 Results And Provides Business Update

Cracker Barrel Old Country Store, Inc. reported its financial results for the third quarter ended May 1, 2020 and provided an update regarding the impact of the coronavirus disease ("COVID-19") pandemic on the Company's business.

COVID-19 Business Update

Beginning in March, the unprecedented circumstances and rapidly changing market conditions caused by the COVID-19 pandemic resulted in significant disruptions to the restaurant industry and to the Company's business. As previously disclosed, the Company undertook numerous actions in response to the pandemic to...

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Jun 3 8:08 AM, General News


Costco Reports Financial Results for Third Quarter 

Costco Wholesale Corporation announced its operating results for the third quarter (12 weeks) and the first 36 weeks of fiscal 2020, ended May 10, 2020.

Net sales for the quarter increased 7.3 percent, to $36.45 billion from $33.96 billion last year. Net sales for the first 36 weeks increased 7.8 percent, to $110.94 billion from $102.90 billion last year.

Reported net income for the third quarter was $838 million, or $1.89 per share, which was negatively impacted by $283 million pretax, or 47 cents per diluted share, from incremental wage and...

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Jun 1 8:52 AM, General News


FAT Brands Reports First Quarter 2020 Financial Results

FAT(Fresh. Authentic. Tasty.) Brands Inc., reported fiscal first quarter 2020 financial results for the 13-week period ending March 29, 2020 and provided an update on the business as it relates to the COVID-19 pandemic.

Andy Wiederhorn, President and CEO of FAT Brands, commented, “The first five months of 2020 have been unprecedented, and our mission has been steadfast - to guide our franchisees and their employees through these challenging times as safely as possible so they may best serve their communities and guests. As we are now moving into the re-opening phase in many locations both domestically and internationally, our operations teams have...

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Jun 1 8:09 AM, General News


Sanderson Farms Reports Results for Second Quarter of Fiscal 2020

Sanderson Farms, Inc. today reported results for its second fiscal quarter and six months ended April 30, 2020.

Net sales for the second quarter of fiscal 2020 were $844.7 million compared with $845.2 million for the same period a year ago. For the quarter, the Company reported net income of $6.1 million, or $0.28 per share, compared with net income of $40.6 million, or $1.83 per share, for the second quarter of fiscal 2019.

Net sales for the first six months of fiscal 2020 were $1,667.8 million compared with $1,588.6 million for the same period of fiscal 2019. The net loss for the first half of the fiscal year totaled $32.5 million, or $1.48 per share, compared with net income of...

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May 28 8:18 AM, General News


Domino's Pizza Announces Business Update

Domino's Pizza, Inc., announced preliminary information from the first eight weeks of the second quarter in advance of its second quarter earnings release on Thursday, July 16, 2020 in light of the dynamic situation related to the COVID-19 pandemic.

Statement from Ritch Allison, Domino's Chief Executive Officer:

"Today we are providing a business update which includes preliminary sales results from the first eight weeks of the second quarter. We are doing so in the spirit of transparency, and due to the material increase in U.S. same store sales that we have experienced subsequent to...

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May 28 8:14 AM, General News


BJ’s Wholesale Club Announces Record First Quarter Fiscal 2020 Results

BJ’s Wholesale Club Holdings, Inc. announced its financial results for the thirteen weeks ended May 2, 2020.

“Our top priority remains the health and safety of our members and team members during this challenging time and I am deeply thankful for the contributions of our dedicated team members this past quarter,” said Lee Delaney, President and Chief Executive Officer, BJ’s Wholesale Club. "While the coronavirus pandemic increased demand for our services, our team's hard work and the capabilities we have built over the last four years have enabled us to...

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May 22 8:14 AM, General News


Hormel Foods Reports Second Quarter Results

Hormel Foods Corporation today reported results for the second quarter of fiscal 2020. All comparisons are to the second quarter of fiscal 2019 unless otherwise noted.

The impact of the Sadler’s Smokehouse acquisition (March 2020) and the CytoSport divestiture (April 2019) are excluded in the presentation of the non-GAAP measures of organic volume and organic net sales. The impact of the one-time gain associated with the CytoSport divestiture last year is excluded from prior year adjusted pretax earnings and adjusted diluted earnings per share. Operating free cash flow is also presented as a non-GAAP metric.

Executive Summary

  • Volume of 1.2 billion lbs., up 4%; organic volume1 up 7%
  • Record net sales of $2.4 billion, up...
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May 21 8:20 AM, General News


Walmart Releases Q1 FY21 Earnings

Walmart's net sales and operating results were significantly affected by the outbreak of COVID-19.

Unprecedented demand for products across multiple categories led to strong top-line results. Certain incremental costs negatively affected operating income, including costs associated with enhanced wages and benefits as well as safety and sanitation.

Total revenue was $134.6 billion, an increase of $10.7 billion, or 8.6%. Excluding currency, total revenue would have increased 9.7% to reach $135.9 billion.

Walmart U.S. comp sales increased 10.0%, led by strength in food, consumables, health & wellness and...

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May 19 9:27 AM, General News


United Natural Foods Provides COVID-19 Business Update

United Natural Foods, Inc. provided the following business update related to the COVID-19 pandemic, including announcing preliminary third quarter fiscal 2020 results and actions it is taking to protect and support its associates who are continuing to provide North America with essential services during this time of emergency.

"I am incredibly proud of the entire UNFI team, especially our front line distribution center, transportation and retail associates, who have been working diligently to fulfill UNFI's role as a critical link in the North American food supply chain during this unprecedented time. The safety of our team has always been and will continue to...

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May 14 8:15 AM, General News


Ruth's Hospitality Group Reports First Quarter 2020 Financial Results

Ruth’s Hospitality Group, Inc., provided a business update on the impact of the COVID-19 pandemic, and reported unaudited financial results for its first quarter ended March 29, 2020.

COVID-19 Business Update:

During the first quarter of 2020, the Company began to experience the impact of the COVID-19 pandemic on its business. While first limited to franchise locations in Asia, by the middle of March, the effect of the pandemic was felt throughout the Company’s entire operations. These effects have continued in the second quarter, resulting in...

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May 11 8:13 AM, General News


Papa John’s Announces First Quarter 2020 Results

Papa John’s International, Inc. announced financial results for the first quarter ended March 29, 2020. The company also provided an update on the business impact of the global coronavirus (COVID-19) pandemic.

Rob Lynch, President & CEO said, “Thanks to the tremendous effort of our team members and franchisees, I’m proud to say that Papa John’s has kept its doors open and continued feeding our customers and neighbors in North America and most markets during the COVID-19 pandemic. Guided by the needs of our team members and the communities we serve, we have implemented rigorous additional health and safety measures, including...

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May 7 8:15 AM, General News


Beyond Meat Reports First Quarter 2020 Financial Results 

Beyond Meat, Inc., a leader in plant-based meat, today reported financial results for its first quarter ended March 28, 2020.

“I am proud of our first quarter financial results which exceeded our expectations despite an increasingly challenging operating environment due to the COVID-19 health crisis," said Ethan Brown, Beyond Meat's President and Chief Executive Officer. "The health and safety of our employees and their families is our top priority and we have implemented a series of measures to minimize risks while supporting business continuity. Among other things, these include...

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May 7 8:15 AM, General News


The Wendy's Company Reports First Quarter 2020 Results

The Wendy's Company today reported unaudited results for the first quarter ended March 29, 2020 and provided an update on the impact of the COVID-19 pandemic on the Company's business.

Note from President and CEO, Todd Penegor

At Wendy's, the health, safety and well-being of our teams and customers has always been, and will continue to be, our top priority. We are focused on actions where we can make a positive difference to advance public health goals, safeguard our team members and customers from the spread of COVID-19, maintain essential access to high quality, affordable food, and support our franchisees and employees around the world.

I am very proud of the significant momentum our business generated in 2019 and carried into March of 2020 prior to the negative impact of COVID-19. Our U.S. breakfast launch in early March...

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May 6 9:42 AM, General News


Del Taco Restaurants Reports Fiscal First Quarter 2020 Financial Results

Del Taco Restaurants, the second largest Mexican-American quick service restaurant chain by units in the United States, reported fiscal first quarter 2020 financial results for the 12-week period ending March 24, 2020 and provided a business update related to the impact of COVID-19.

Fiscal First Quarter 2020 Highlights

  • System-wide comparable restaurant sales decreased 3.1%;
  • Company-operated comparable restaurant sales decreased 2.5%. Company-operated comparable restaurant sales were comprised of average check growth of 3.7% offset by a transaction decline of 6.2%;
  • Franchised comparable restaurant sales decreased 3.7%;
  • For the first 10 weeks of the fiscal first quarter through March 10, 2020, system-wide comparable restaurant sales...
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May 6 8:19 AM, General News


Weis Markets Reports First Quarter Results

Weis Markets, Inc. reported its sales increased 12.4 percent to $985.8 million during the thirteen-week period ended March 28, 2020, compared to the same period in 2019, while first quarter comparable store sales increased 12.8 percent.

The Company's first quarter net income increased 86.6 percent to $26.7 million compared to $14.3 million in 2019, while earnings per share totaled $0.99 compared to $0.53 per share for the same period in 2019.

The Company's results were impacted by the onset of the novel coronavirus pandemic (COVID-19) and the subsequent business and school closures and...

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May 6 8:18 AM, General News


Shake Shack Announces First Quarter 2020 Financial Results

Shake Shack Inc. reported its financial results for the first quarter ended March 25, 2020, a period that included 13 weeks.

Randy Garutti, Chief Executive Officer of Shake Shack, stated, “I've had the privilege of leading this company through many challenging and incredible moments, but I think we'd all agree that this has been an unprecedented test for our world, and for our teams. Our message across the company has been consistent—to lead with hope, while acting on reality, and to make the necessary...

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May 6 8:18 AM, General News


Aramark Reports Second Quarter Earnings

Aramark today reported second quarter fiscal 2020 results.

“Our hearts go out to everyone who has been impacted by COVID-19, most especially our employees, client partners and customers who have experienced personal and financial hardship," said John Zillmer, Aramark’s Chief Executive Officer. “I am proud of the heroic efforts of our dedicated team members who are providing safe and hygienic food, uniforms and facility services during this challenging time."

"Our financial performance demonstrates the resiliency of Aramark’s flexible business model, as well as our ability to adapt quickly to changing market conditions,” Zillmer added. “The proactive steps we have taken to navigate this difficult economic environment should...

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May 5 9:32 AM, General News


US Foods Reports First Quarter Fiscal 2020 Earnings

US Foods Holding Corp., one of the largest foodservice distributors in the United States, today announced results for the first quarter of fiscal 2020. In this press release we refer to certain organic financial results. Organic financial results exclude contributions during the respective period from the Food Group of Companies (the "Food Group"), which was acquired on Sept. 13, 2019.

First Quarter Fiscal 2020 Highlights

  • Total case volume increased 3.4%; independent restaurant case volume increased 0.5%
  • Total organic case volume decreased 7.3%; independent restaurant organic case volume decreased 7.4%
  • Net sales increased 5.1% to $6.3 billion
  • Gross profit increased 1.3% to $1.1 billion
  • Loss before income taxes was...
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May 5 9:22 AM, General News


Sysco Reports Third Quarter Fiscal 2020 Results

Sysco Corporation announced financial results for its 13-week third fiscal quarter ended March 28, 2020.

Third Quarter Fiscal 2020 Highlights

  • Sales decreased 6.5% to $13.7 billion
  • Gross profit decreased 6.9% to $2.6 billion; gross margin decreased 7 basis points
  • Operating income decreased 88.6% to $60.3 million; adjusted¹ operating income decreased 39.2% to $377.0 million
  • EPS decreased $0.86 to $(0.01); adjusted...
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May 5 9:17 AM, General News


Performance Food Group Company Reports Third Quarter Results

Performance Food Group Company today announced its third-quarter and first-nine months fiscal 2020 business results.

“The COVID-19 pandemic has brought unique challenges to our industry and Company,” said George Holm, PFG’s Chairman, President & Chief Executive Officer, “and I am very proud of how our associates have responded. PFG is committed to keeping our associates safe and taking actions to support the customers and communities we serve while positioning our business to weather today’s environment and emerge on a strong financial and business footing. We have raised additional capital in both the equity and debt markets to...

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May 4 9:43 AM, General News


Tyson Foods Reports Second Quarter 2020 Results

Tyson Foods, Inc., one of the world’s largest food companies and a recognized leader in protein with leading brands including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp and State Fair, today reported the following results:

First Six Months Highlights

  • GAAP EPS of $2.52, down 6% from prior year; Adjusted EPS of $2.43, down 13% from prior year
  • GAAP operating income of $1,327 million; Adjusted operating income of $1,395 million
  • Total Company GAAP operating margin of 6.1% and Adjusted operating margin of 6.4%
  • Record Beef GAAP operating margin of 6.6% and record Adjusted operating margin of 6.9%
  • Record total Company sales of...
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May 4 9:29 AM, General News


Dunkin' Brands Reports First Quarter 2020 Results

Dunkin' Brands Group, Inc., the parent company of Dunkin' and Baskin-Robbins (BR), today reported results for the first quarter ended March 28, 2020.

"Prior to the crisis, we experienced strong first quarter performance across the system, including Dunkin' U.S. which was on track to have its highest quarterly comps in more than six years and positive traffic," said Dave Hoffmann, Dunkin' Brands Chief Executive Officer. "With the number one priority being the safety of crew members and our guests, early in the crisis we implemented strong safety measures at our restaurants with...

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May 1 10:23 AM, General News


Restaurant Brands International Reports First Quarter 2020 Results

Restaurant Brands International Inc. reported financial results for the first quarter ended March 31, 2020.

Jose Cil, Chief Executive Officer of Restaurant Brands International Inc. ("RBI") commented, "I am very proud of the entire RBI family through these early days of the COVID-19 crisis. Our teams have taken thoughtful and immediate actions to protect and serve our guests and our restaurant owners have shown great resilience in overcoming the challenges we all face. In particular, we have worked very closely with our restaurant owners to help them and their team members weather this global crisis."

"We are fortunate to have drive-thru, take-out, mobile order and payment, curbside and delivery options in many of our restaurants that have allowed us to be a safe, trusted and...

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May 1 9:39 AM, General News


McDonald's Reports First Quarter 2020 Results

McDonald's Corporation today announced results for the first quarter ended March 31, 2020.

"Following our strong performance in 2019, McDonald's began 2020 with exceptional global momentum, and our January and February sales were reflective of that trend. Since then, the global crisis caused by the COVID-19 pandemic has significantly disrupted our business, and we continue to operate in a very challenging and unpredictable environment," said McDonald's President and Chief Executive Officer Chris Kempczinski. "McDonald's has seen...

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May 1 9:32 AM, General News


Kraft Heinz Reports First Quarter 2020 Results

The Kraft Heinz Company reported first quarter 2020 financial results that reflected higher net sales and Organic Net Sales growth due to strong demand for its leading brands, as well as the impact of divestitures, unfavorable currency, and higher costs versus the prior year.

“Our first quarter results reflect how strongly our employees have responded to the global COVID-19 challenge and the exceptional level of service our teams have demonstrated during this critical time; and for that, it is an incredible privilege to be part of the Kraft Heinz Company,” said Kraft Heinz CEO Miguel Patricio. "The transformation work we kicked off...

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May 1 8:24 AM, General News


Pilgrim’s Pride Reports Q1 2020 Results 

Pilgrim’s Pride Corporation reports first quarter 2020 financial results.

First Quarter Highlights

  • Net Sales of $3.07 billion.
  • Net GAAP Income of $67.3 million, including one-time $0.09 per share gain on case settlement.
  • Operating Income margins of 4.4% in U.S., -7.3% in Mexico and 2.8% in Europe operations, respectively.
  • Adjusted EBITDA of $165.5 million, or a 5.4% margin.
  • Strong focus in execution and dedication by our team members, combined with portfolio strategy of differentiated products, strong Key Customer relationships, and diversified global footprint reducing volatility of specific market conditions, especially under unprecedented Covid-19 impact at end of first quarter...
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May 1 8:21 AM, General News


Dine Brands Global Reports First Quarter 2020 Results 

Dine Brands Global, Inc., the parent company of Applebee's Neighborhood Grill + Bar and IHOP restaurants, announced financial results for the first quarter of 2020.

“As we continue to face new challenges posed by the COVID-19 pandemic, I’d like to extend a heartfelt thank you to our family of team members and franchisees for their tireless dedication and resilience. Despite the tremendous adversity we’ve seen, and will continue to see, I could not be prouder of how our teams, franchisees and brands have come together to support one another and their communities. As we work to navigate this situation together...

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May 1 8:21 AM, General News


Maple Leaf Foods Reports First Quarter 2020 Financial Results

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Apr 30 9:27 AM, General News


Starbucks Reports Q2 Fiscal 2020 Results

Starbucks Corporation reported financial results for its 13-week fiscal second quarter ended March 29, 2020. GAAP results in fiscal 2020 and fiscal 2019 include items which are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.

“People around the world are united around a common cause as we navigate the COVID-19 situation globally. We are very grateful for the heroic efforts of medical personnel, first responders, government officials and volunteers who are working tirelessly in the service of others. I am exceptionally proud of...

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Apr 29 10:16 AM, General News


Yum China Reports First Quarter 2020 Results

Yum China Holdings, Inc. reported unaudited results for the first quarter ended March 31, 2020.

Impact of COVID-19 Outbreak and Mitigation Efforts

As the COVID-19 outbreak progressed, Yum China further heightened its focus on safeguarding the health and safety of its employees and customers. The Company implemented stringent health measures at its restaurants and workplaces, and provided extended healthcare and other support to employees.

First quarter operations were significantly affected by the outbreak. Working closely with local health authorities to safeguard the public, the Company began...

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Apr 29 9:46 AM, General News


FAT Brands Provides Business Update and Reports Financial Results

FAT(Fresh. Authentic. Tasty.) Brands Inc. provided an update on the business as it relates to the COVID-19 pandemic and reported fiscal fourth quarter and fiscal year 2019 financial results for the 13-week and 52-week periods ending December 29, 2019.

Andy Wiederhorn, President and CEO of FAT Brands, commented, “We are committed to supporting our franchise partners in these challenging times; their health and safety, along with that of their guests, remains our top priority. Our franchisees are complying with all state and local regulations, temporarily closing dining rooms and shifting to a take-out and delivery model only, where it makes sense. We are helping franchisees to acquire...

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Apr 29 8:20 AM, General News


Chipotle Announces First Quarter 2020 Results 

Chipotle Mexican Grill, Inc. reported financial results for its first quarter ended March 31, 2020.

First quarter highlights, year over year:

  • Revenue increased 7.8% to $1.4 billion
  • Comparable restaurant sales increased 3.3% with a 1.4% decrease in transactions including a 1.3% leap day benefit
  • Through the end of February, comparable restaurant sales increased 14.4% with 10.7% transactions growth including a 2.1% leap day benefit and a restaurant level operating margin of 21.8%
  • Comparable restaurant sales during the month of March were negatively impacted by the impact of COVID-19, resulting in a decline of...
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Apr 24 8:18 AM, General News


Grubhub Provides Business Update During COVID-19 Pandemic 

Grubhub Inc., a leading online and mobile food-ordering and delivery marketplace, announced it will release first quarter 2020 earnings results after the market close on Wednesday, May 6, 2020.

The company also today provided a brief business update due to the extraordinary circumstances stemming from the COVID-19 pandemic.

Founder and CEO Matt Maloney and Adam DeWitt, President and CFO, released the following business update...

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Apr 14 8:16 AM, General News


Kraft Heinz Provides Business Update Relating to COVID-19 Outbreak

As communities around the world struggle to cope with the real-life implications of the Coronavirus (COVID-19) outbreak, The Kraft Heinz Company is providing an update on its response to the pandemic, the rescheduling of its upcoming Investor Day and business impacts to date, ahead of its first quarter 2020 earnings call later this month.

Response to the Outbreak

“Right now, our mission as a company has never been clearer: we have a huge responsibility to keep feeding the world,” said CEO Miguel Patricio. “Each leader on our team is focused on making the Company and our global business as flexible and agile as possible to meet demand forecasts that are...

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Apr 7 8:58 AM, General News


Cal-Maine Foods Reports Third Quarter Fiscal 2020 Results

Cal-Maine Foods, Inc. reported results for the third quarter ended February 29, 2020.

Net sales for the third quarter of fiscal 2020 were $345.6 million, a 10.0 percent decrease, compared to $384.0 million for the third quarter of fiscal 2019. The Company reported net income of $13.7 million, or $0.28 per basic and diluted share, for the third quarter of fiscal 2020, compared to net income of $39.8 million, or $0.82 per basic and diluted share, for the third quarter of fiscal 2019.

For the thirty-nine weeks ended February 29, 2020, net sales were $898.3 million compared to $1,080.6 million for the prior-year period. The Company reported net loss of $42.1 million, or...

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Mar 30 8:46 AM, General News


Wendy's Provides Coronavirus Update and Actions Taken

The Wendy's Company announced an update on the impact of the COVID-19 pandemic on the Company's business.

"This is an unprecedented time, and we are focused on the actions where we can make a positive difference. To that end, we have taken several precautionary steps to advance public health goals, maintain essential access to high quality food, support our franchisees, and safeguard our team members and customers from the spread of COVID-19," said President and CEO Todd Penegor. "As we navigate any challenges we face, we'll do it...

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Mar 27 8:21 AM, General News


Darden Restaurants Reports Fiscal 2020 Third Quarter Results

Darden Restaurants, Inc., reported its financial results for the third quarter ended February 23, 2020.

Third Quarter 2020 Financial Highlights, Comparisons Versus Same Fiscal Quarter Last Year

Total sales increased 4.5% to $2.35 billion driven by the addition of 40 net new restaurants and a blended same-restaurant sales increase of 2.3%

Same-restaurant sales by brand:

  • +2.1% for Olive Garden
  • -1.6% for Cheddar's Scratch Kitchen
  • +3.9% for LongHorn Steakhouse...
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Mar 20 8:21 AM, General News


United Natural Foods Reports Second Quarter Fiscal 2020 Results

United Natural Foods, Inc. reported financial results for the second quarter of fiscal 2020 (13 weeks) ended February 1, 2020.

Second Quarter Fiscal 2020 Highlights

  • Net Sales of $6.14 billion compared to $6.15 billion in last year's fiscal second quarter
  • Total outstanding net debt reduced by $149 million compared to the first quarter of fiscal 2020
  • Gross margin rate increased compared to last year's fiscal second quarter
  • Second quarter GAAP and adjusted results include charges of $0.44 per diluted share associated with three customer bankruptcies
  • Update to...
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Mar 12 8:30 AM, General News


Weis Markets Reports Results for 2019 and Fourth Quarter

Weis Markets reported total sales of over $3.5 billion for the 52-week period ended December 28, 2019, up 1.0 percent compared to the same period a year ago, while annual comparable store sales increased 1.5 percent. Income from operations increased $2.0 million, or 2.4 percent to $84.6 million over the same period in 2018.

The Company's net income for fiscal year 2019 increased 8.4 percent to $68.0 million compared to $62.7 million in 2018 while earnings per share for the same period increased $0.20 to $2.53 per share.

The Company's 2019 sales and comparable-store sales continued to benefit from investments in its Low, Low Price (LLP) program which offers price reductions on 7,000 private-brand items. The Company's sales also benefited from...

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Mar 12 8:23 AM, General News


Kroger Delivers on Key 2019 Commitments

The Kroger Co. reported its fourth quarter and Fiscal Year 2019 results and will update investors on how the Restock Kroger framework is repositioning the company to create value for shareholders, customers and associates.

Comments from Chairman and CEO Rodney McMullen

"We are pleased with our 2019 results and improving trends in our supermarket business. We delivered on our commitments for ID sales without fuel, adjusted FIFO operating profit, and cost savings in addition to generating over $100 million of incremental operating profit through alternative profit streams in 2019. We also delivered strong adjusted free cash flow during...

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Mar 5 10:09 AM, General News


Beyond Meat Reports Fourth Quarter and Full Year 2019 Financial Results

Beyond Meat, Inc. reported financial results for its fourth quarter and full year ended December 31, 2019.

Fourth Quarter 2019 Financial Highlights Compared to Prior Year Period

  • Net revenues were $98.5 million, an increase of 212%, compared to net revenues of $31.5 million in the year-ago period;
  • Gross profit was $33.5 million, or 34.0% of net revenues, compared to gross profit of $7.9 million, or 25.0% of net revenues, in the year-ago period;
  • Net loss was $0.5 million, or $0.01 per common share, compared to net loss of $7.5 million, or $1.10 per common share in the year-ago period; and...
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Feb 28 8:23 AM, General News


Sanderson Farms Reports Results for First Quarter of Fiscal 2020

Sanderson Farms, Inc. reported results for the first quarter of fiscal 2020.

Net sales for the first quarter of fiscal 2020 were $823.1 million compared with $743.4 million for the same period a year ago. The Company reported a net loss of $38.6 million, or $1.76 per share, for the quarter compared with a net loss of $17.8 million, or $0.82 per share, for the first quarter of fiscal 2019.

“Our results for the first quarter reflect continued challenging market conditions with market prices for boneless breast meat produced at our plants that process larger birds for food service customers reaching record low levels in January,” said Joe F. Sanderson, Jr., chairman and chief executive officer of Sanderson Farms, Inc. “However, average prices for tray pack products sold to...

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Feb 27 9:55 AM, General News


Papa John’s Announces Fourth Quarter 2019 Results

Papa John’s International, Inc. today announced financial results for the three months and full year ended December 29, 2019.

Highlights

  • Fourth quarter 2019 loss per diluted share of ($0.18) and adjusted earnings per diluted share, excluding the impact of Special items, of $0.37 versus fourth quarter 2018 loss per diluted share of ($0.41) and adjusted earnings per diluted share of $0.18
  • Full Year 2019 loss per diluted share of ($0.24) and adjusted earnings per diluted share, excluding the impact of Special items, of $1.17 versus full year 2018 earnings per diluted share of $0.08 and...
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Feb 26 12:07 PM, General News




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