Oct 7 (Reuters) – Yum Brands Inc, operator of KFC
and other restaurant chains, on Tuesday lowered its 2014
earnings forecast after same-store sales fell 14 percent in
China in the third quarter due to a food safety scare.
Sales in China, Yum’s No. 1 market for revenue and profit,
are expected to fall again in the fourth quarter at established
restaurants on continued fallout from allegations that a former
supplier used expired meat.
LOS ANGELES, Sept 30 (Reuters) – While the U.S. restaurant
industry fights national and state efforts to increase the
minimum wage, a new survey released on Tuesday showed that 83
percent of restaurant patrons support raising it and adjusting
it annually for inflation.
The results come as two years of union-backed protests by
fast-food workers have put a spotlight on the plight of the
working poor and helped fuel a debate about the federal minimum
wage, which has been $7.25 since 2009.
(Reuters) – Advisory firms Glass, Lewis & Co and Institutional Shareholder Services (ISS) each have recommended that Darden Restaurants Inc investors back Starboard Value LP’s 12-director slate, which would oust the embattled company’s full board.
In an unusual move late on Thursday, smaller firm Egan-Jones Proxy Services temporarily withdrew its recommendation that shareholders vote for the eight director nominees put up by Darden, which is leaving spots open for Starboard candidates.
(Reuters) – Advisory firms Glass, Lewis & Co and Institutional Shareholder Services (ISS) each have recommended that Darden Restaurants Inc (DRI.N: Quote, Profile, Research, Stock Buzz) investors back Starboard Value LP’s 12-director slate, which would oust the embattled company’s full board.
Smaller firm Egan-Jones Proxy Services recommended voting for the eight director nominees put up by Darden, which is leaving spots open for Starboard candidates.
(Reuters) – Starbucks Corp (SBUX.O: Quote, Profile, Research, Stock Buzz) on Tuesday said it plans to buy the remaining 60.5 percent share of Starbucks Coffee Japan Ltd (2712.T: Quote, Profile, Research, Stock Buzz) that it does not already own in a two-step deal valued at about $913.5 million.
Starbucks Japan has operated as a joint venture between Starbucks and its partner Sazaby League since 1995.
LOS ANGELES, Sept 16 (Reuters) – Los Angeles chef Roy Choi
sparked a nationwide food movement with his Kogi BBQ food trucks
that peddle short rib tacos, kimchi quesadillas and other
Korean/Mexican mash-ups and turned Americans’ view of the “roach
coach” on its head.
Choi, 44, spent his youth wandering and eating his way
through L.A.’s ethnic neighborhoods. Classical training at the
Culinary Institute of America in New York ended a streak of
partying and gambling. Success came quickly, with stints in
kitchens from New York’s celebrated Le Bernardin to the Beverly
Hilton in Los Angeles.
By Lisa Baertlein and Ramkumar Iyer
(Reuters) – Olive Garden owner Darden Restaurants Inc (DRI.N: Quote, Profile, Research, Stock Buzz) on Friday reported a quarterly loss, but its results were overshadowed by activist investor Starboard Value LP’s release of its revised plan to boost Darden’s profit and stock price.
Starboard, one of Darden’s largest investors with an 8.8 percent stake, late on Thursday unveiled a 294-slide proposal that included plans to sell Darden’s real estate, franchise its restaurants, spin off The Capital Grille, Yard House and other chains and fix the flagship Olive Garden chain.
Sept 9 (Reuters) – McDonald’s Corp on Tuesday
reported declining sales at established restaurants across all
regions in August, the fifth monthly drop since CEO Don Thompson
took the helm in July 2012, and warned a China supplier scandal
would cut into profits.
The company, which has been battling internal missteps,
competition and shifting consumer tastes, said the supplier
issue that crushed sales in China and Japan would reduce
third-quarter profit by 15 to 20 cents per share.
LOS ANGELES (Reuters) – Mooo-ve over milk, Starbucks Corp is testing coconut milk in stores in Los Angeles, Cleveland and Oregon as alternatives to traditional dairy products grow more popular.
A Starbucks spokeswoman declined to say how many stores were offering coconut milk. She added that the coffee chain is not testing almond milk, a popular nondairy option, at this time due to the “critically important safety of our customers with nut allergies.”
Sept 8 (Reuters) – California is forecast to produce a
record walnut crop this year despite the state’s severe drought,
and one analyst says some alarming water use practices have
contributed to the robust yields.
Almost all of the walnuts grown in the United States come
from California, where the 2014 crop is expected to be 545,000
tons, 11 percent bigger than last year’s, according to the U.S.
Department of Agriculture’s National Agricultural Statistics
Service. It also appears to be high quality.