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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
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
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:
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”):
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:
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”).
“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.
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
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
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...
Restaurant Loyalty Program Points and Rewards Redemption Increased by 26%
Lingering inflation and higher food prices in the first quarter of 2023 had many foodservice consumers looking for a deal. Customer visits to restaurants and retail foodservice outlets that took advantage of a deal rose by 8% in the quarter ending March compared to a year ago, reports Circana, formerly IRI and The NPD Group. The increase in deal visits helped to grow total commercial foodservice visits by 1% over a year ago, a traffic gain after four consecutive quarters of flat or declining growth.
Although 73% of all foodservice...
Dollar Tree, Inc. Reports Results for the First Quarter Fiscal 2023
Dollar Tree, Inc. today reported financial results for its first quarter ended April 29, 2023.
“Our initiatives to drive customer traffic and increase store productivity are having the desired impact. The Dollar Tree segment delivered a 3.4% comp, successfully cycling the 11.2% comp from the prior year’s quarter. Family Dollar continued its sales momentum with a 6.6% same-store sales increase. Importantly, both segments experienced a mid-single digit percent step-up in comp traffic. We are clearly gaining market share across the entire enterprise,” stated Rick Dreiling, Chairman...
Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal First Quarter Ended April 16, 2023
Red Robin Gourmet Burgers, Inc. a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the fiscal first quarter ended April 16, 2023.
Highlights for the First Quarter of Fiscal 2023, Compared to the First Quarter of Fiscal 2022:
BJ’s Wholesale Club Holdings, Inc. Announces First Quarter Fiscal 2023 Results
BJ’s Wholesale Club Holdings, Inc. today announced its financial results for the thirteen weeks ended April 29, 2023.
“We reported a record first quarter in net income and adjusted EBITDA, demonstrating the power of our business model and the warehouse club channel,” said Bob Eddy, President and Chief Executive Officer, BJ’s Wholesale Club. “We drove topline growth bolstered by robust traffic and share gains. We also made significant improvements on our merchandise margins largely due to waning supply chain pressures and...
Jack in the Box Inc. Reports Second Quarter 2023 Earnings
Jack in the Box Inc. financial results for the Jack in the Box and Del Taco segments in the second quarter, ended April 16, 2023.
"The momentum in our business continued throughout the second quarter, reflected in outstanding sales, positive net unit growth, improved margin performance and the signing of a development agreement for expansion into Mexico," said Darin Harris, Jack in the Box Chief Executive Officer. "Over the last year we have been focused on the execution of our strategy, and the results are beginning to show. We look...
New Insights from Gravy Analytics Reveal Consumers Are Choosing to Shop and Dine Closer to Home
Gravy Analytics, the leading provider of enterprise location intelligence, today released its Q1 Consumer Trends Report, which analyzed foot traffic data across a variety of locations from Q1 2022 to Q1 2023 to see how consumer behavior has changed across industries. The report found that foot traffic increased to businesses in categories like shopping and restaurants, but there was a significant decrease in accommodation traffic. The data indicates a modest return to discretionary spending, with consumers prioritizing shopping and dining out closer to home...
G. WIlli-Food International Reports First Quarter 2023 Results with a Record High Quarterly Sales
G. Willi-Food International Ltd., a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its unaudited financial results for the first quarter ended March 31, 2023.
First Quarter Fiscal Year 2023
Maple Leaf Foods Reports First Quarter 2023 Financial Results
Maple Leaf Foods Inc. today reported its financial results for the first quarter ended March 31, 2023.
"Although global pork markets continued in their dislocation during our first quarter as expected, we made excellent progress in important dimensions of this inflection point year," said Michael H. McCain, Executive Chair and CEO of Maple Leaf Foods. "Our supply chain has made exceptional progress back to full normalization, we have advanced our much-needed inflation pricing, we began taking advantage of our renewed access to the Chinese markets and continue to see...
US Foods Reports First Quarter Fiscal Year 2023 Earnings
US Foods Holding Corp one of the largest foodservice distributors in the United States, today announced results for the first quarter fiscal year 2023.
First Quarter Fiscal 2023 Highlights
“We are encouraged by our start to the year as US Foods delivered...
Performance Food Group Company Reports Third-Quarter and First-Nine Months Fiscal 2023 Results
Performance Food Group Company today announced its third-quarter and first-nine months fiscal 2023 business results.
“PFG’s three reportable segments continued to deliver solid results in the fiscal third quarter with accelerated organic case volume and favorable cost control producing strong profit growth,” said George Holm, PFG’s Chairman & Chief Executive Officer. “Organic independent restaurant case growth in our Foodservice segment increased by 8.3% in the quarter, reflecting market share gains. Vistar experienced excellent top and bottom-line results across its channels while our...
Maple Leaf Foods Releases First Integrated Report Consolidating 2022: Financial and Sustainability
Maple Leaf Foods Inc. today released its first annual integrated report, bringing together its 2022 financial and sustainability performance under one umbrella. This approach to reporting more clearly demonstrates the interconnectivity between the company's sustainability initiatives, business strategy and performance, and provides a more holistic view of how sustainability is woven into all aspects of the company's business and commitment to creating shared value over time through strategic action, leadership and transparency.
In his opening Letter to Stakeholders, Maple Leaf Foods' Executive Chair and CEO, Michael McCain, reflects...
The Wendy's Company Reports First Quarter 2023 Results
The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the first quarter ended April 2, 2023.
"Our strong first quarter results build on the momentum we created in 2022," President and Chief Executive Officer Todd Penegor said. "We delivered our sixth consecutive quarter of double-digit global same-restaurant sales growth on a two-year basis driven in part by our compelling marketing programs, continued operational improvements, and the significant acceleration of our digital business. Our sales growth contributed to an over 250 basis point year-over-year expansion in...
Beyond Meat Reports First Quarter Results, Smaller Loss
Beyond Meat (NASDAQ: BYND) reported its financial results for its first quarter, showing net revenues were $92.2 million, down 15.7% from the year prior.
Founded in 2009 and based in El Segundo, California, Beyond Meat is a leading plant-based meat company that offers a variety of items designed to have the same taste and texture as animal-based meat.
Net revenues for U.S. retail and foodservice during the three months that ended April 1, 2023 were down 29.8% from 2022. Net international revenues, however, were up 30%, with a nearly ...
March Pork Exports Largest in Nearly Two Years; Beef Exports Show Signs of Rebound
March exports of U.S. pork were the largest since May 2021, according to data released by USDA and compiled by USMEF. While below last year’s high volume, March beef exports were the largest since October.
March pork exports totaled 260,195 metric tons (mt), up 17% year-over-year and the ninth largest volume on record. Export value was also ninth largest at $724 million, up 18% from a year ago. These results capped a strong first quarter for U.S. pork as exports reached 716,691 mt...
Americold Reports 4.1% Decrease in Total Revenue for First Quarter 2023
Americold Realty Trust, Inc. released its first quarter 2023 financial results Thursday evening, revealing total revenue for the first quarter of 2023 was $67.5 million, a 4.1% decrease.
This was driven by decreases in the company's Third-party managed and Transportation segments, which were largely offset by growth within its Global Warehouse segment.
Core Funds from Operations (FFO) was $60.8 million, or $0.22 per share, unchanged from the year prior.
Adjusted Funds From Operations (AFFO) for the first quarter of 2023 was $79.9 million...
Sysco Reports Record Q3 Operating Income, Higher Operating Expenses
Sysco released its third-quarter earnings on Tuesday, reporting its adjusted Earnings Per Share (EPS) at $0.90. This was below what analysts were anticipating, contributing to a roughly 2% decline in Sysco’s shares (SYY) during premarket trading. On the year so far, Sysco's shares have advanced by about 0.5%.
Sysco is a global leader in selling, marketing, and distributing food products to various outlets including healthcare and educational facilities. The company operates over 300 distribution facilities around the world.
While the company's Q3 earnings missed expectations, gross profit for its 13-week...
Pilgrim’s Pride Reports First Quarter 2023 Results
Pilgrim’s Pride Corporation, one of the world's largest poultry producers, reports its first quarter 2023 financial results.
First Quarter Highlights
Cal-Maine Foods Reports Results for Third Quarter Fiscal 2023
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 third quarter of fiscal 2023 (thirteen weeks) ended February 25, 2023.
Third Quarter Fiscal 2023 Highlights
- Quarterly net sales of $997.5 million, driven by strong conventional egg prices- Quarterly net income of $323.2 million, or $6.64 per basic and $6.62 per diluted common share- Cash dividend of $107.7 million, or $2.20 per share, pursuant...
Hooters Celebrates 40th Anniversary with Strong Same-Store-Sales Performance & Prime Growth Markets
Hooters®, the original American wing joint, celebrates 40 years of restaurant industry success. As an iconic brand with global appeal and 100 percent unaided brand awareness, Hooters enters its 40th year signaling the next era of growth and innovation. Entering its third year of same-store-sales growth, company leadership is honing in on U.S. development with prime territories available across the country. In celebration of the 40th anniversary, Hooters is giving away 40 weeks of free royalties for any new franchisee that signs on for...
Hormel Foods Reports First Quarter Fiscal 2023 Results
Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, today reported results for the first quarter of fiscal 2023. Effective Oct. 31, 2022, the Company transitioned to three operating segments – Retail, Foodservice and International. The Company provided recast financial information for fiscal years 2021 and 2022 via a Form 8-K filed with the U.S. Securities and Exchange Commission on Feb. 28, 2023. All comparisons are to the first quarter of fiscal 2022 unless otherwise noted.
EXECUTIVE SUMMARY - FIRST QUARTER...
Publix Reports Fourth Quarter and Annual Results for 2022
Publix’s sales for the three months ended Dec. 31, 2022, a 14‑week quarter, were $15.3 billion, a 22% increase from $12.6 billion in 2021, a 13‑week quarter. The additional week in the fourth quarter of 2022 increased sales by 8.1%. Comparable store sales for the three months ended Dec. 31, 2022 increased 12.4%.
Net earnings for the three months ended Dec. 31, 2022 were $1.3 billion, compared to $1.1 billion in 2021, an increase of 21.6%...
Dine Brands Global, Inc. Reports Fourth Quarter and Fiscal 2022 Results
Dine Brands Global, Inc. (NYSE: DIN), the parent company of Applebee’s Neighborhood Grill & Bar®, IHOP® and Fuzzy’s Taco Shop® restaurants, today announced financial results for the fourth quarter and fiscal 2022.
“The common denominator in the solid quarter and full-year results was the hard work of our entire team, from our franchisees to our creative and agile brand leaders,” said John Peyton, chief executive officer of Dine Brands Global, Inc. “Despite ongoing economic pressures and uncertainties, our...
Analysis: UK Beef Prices Hold Firm Amid Tight Cattle Market
Urner Barry's Fall 2023 Reporter Issue Released; Read It Online For Free Now
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ANALYSIS: Don’t Count Your Chickens Before They Hatch