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Weekly Food Industry Report: July 26, 2013

Weekly Food Industry Report: July 26, 2013


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Every week, we take a look into some of the biggest financial news to emerge from the world of food. Here is this week’s:

Dunkin Donuts: Dunkin brands reported a 120.6% increase in net income at the end of the second quarter. This growth was partially driven by the increase in cool drink sales and specialty coffee sales, as well as strong sales for breakfast sandwiches. Revenue increased 5.9%, but same-store sales decreased 1.7%.

Domino’s Pizza: Domino’s has become the leading pizza chain in same-store sales growth so far this year due to steady messaging around value and their Handmade Pan Pizza, which launched last year. The company increased 6.7% in domestic same-store sales.

Panera Bread: Although Panera Bread reported gains in same-store sales, their net income and net revenue during the second quarter of the fiscal 2013 year were modestly disappointing, citing inconsistencies in breakfast sales. Overall, Panera had strong financial performance, said executives, but the company failed to meet its projected 2013 outlook.

Wendy’s: Net income for Wendy’s grew positively to $12 million at the end of the second quarter, compared to the company’s $5.5 million net loss a year ago. The 6,500 unit chain is planning to refranchise 425 of their restaurants to improve profit margins, but the restaurant-level margins at company-operated locations rose 2.6%.

McDonald’s: During the second fiscal quarter of 2013, net income, net revenue and same-store sales all rose slightly for McDonald’s. However, the company hinted that July same-store sales would be relatively flat and that the results for the rest of the 2013 fiscal year would remain “challenged.”

Bare Snacks: Bare Snacks announced the closing of $9.25 million in equity financing. The money will be used to accelerate company growth in four ways: capacity expansion, additions to management, brand building and funding their working capital.

Ruby Tuesday: Ruby Tuesday reported their financial results for the fiscal fourth quarter of 2013. For the quarter, same-restaurant sales decreased by 3.1% at company-owned Ruby Tuesdays and decreased 5.1% at domestic Ruby Tuesday franchises. For the fiscal year, total revenue decreased 4.6% and same-restaurant sales decreased 2.1%. Their total capital expenditures were $37.1 million.

The Cheesecake Factory: The Cheesecake Factory reported their financial results for the second quarter of the 2013 fiscal year. Total revenues were at $470.1 million, as compared to the previous year’s second quarter of $454.7 million. Net income was $28.6 million. Comparable restaurant sales increased 0.9%.

Nash-Finch Company: This Minneapolis-based food distributor announced that their board of directors has declared a regularly quarter cash divided of 18 centers per share of their common stock. It’s the company’s 348th consecutive quarterly cash dividend, and it is payable to shareholders by September 6.

SUPERVALU: SUPERVALU announced that the company would grant Mr. Bruce Besanko stock options to acquire 225,000 shares of their common stock. The company would vest in three equal installments on each anniversary of the grant date through Mr. Besanko’s continued employment at the company.

Dickey’s Barbecue Restaurants: Dickey’s Barbecue was just named the top food chain by Nation’s Restaurant News Magazine. The ranking was based on country wide sales growth, revealing Dickey’s as the leader with a 57% increase. Along with skyrocketing sales, Dickey’s has expanded to over 300 locations in 40 states with 200 stores in development.

Hormel Foods: Hormel Foods will hold a conference call announcing and discussing their third quarter financial results for the fiscal year of 2013 on August 22 at 8:00 am. The hosts of the call will be Jeffrey M. Ettinger, chairman of the board, president and CEO, and Jody H. Feragen, executive vice president and CFO.

ForeverGreen: ForeverGreen, one of the top providers of nutritional foods and other health products, announced that their sales are continuing to grow positively. Overall sales for the month of July were recorded to be 30% higher than those of July 2012. This continues to put the company on target to hit their sales and earnings predictions for the overall fiscal 2013 year. Sales should be roughly 30-35% higher in quarter three and the rest of the year than they were in 2012.

Sanderson Farms: Sanderson Farms announced that its board of directors has declared a regular quarterly cash dividend of $0.17 per share. It will be payable to stockholders by August 20.

WhiteWave Foods: The WhiteWave Foods Company announced the closing of their public offering of 34.4 million shares of its Class A common stock, which is owned by Dean Foods Company. Following the close of the offering, Dean Foods will no longer own any shares of WhiteWave common stock. There are approximately 105.1 million shares of WhiteWave Class A common stock and approximately 67.9 million shares of WhiteWave Class B common stock.

Dole Food Company: Dole Foods reported their financial and operating results for the second fiscal quarter. Dole repurchased 240,000 shares of their common stock at an average price per share of $11.26. Dole also reported second quarter 2013 EBITDA of $56 million, as compared to 2012 when it was $81 million. GAAP income from continuing operations was $2 million during the second quarter of 2013.

We’re always on the lookout for tips about the week’s financial news, so if you think there’s any that we have missed, let us know!


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USDA Food and Nutrition Service

Our 15 nutrition assistance programs touch the lives of one in four Americans each year, from infants to the elderly. Taken together, these programs comprise America's nutrition safety net, ensuring that no eligible American goes hungry.

Assistance for Seniors
Assistance for Seniors

FNS has programs that cater to our nation's seniors, age 60 and over.

Assistance for Babies, Young Children & Women
Assistance for Babies, Young Children & Women

Our nutrition programs supplement the diets of babies, young children and women with healthy foods, while offering guidance with other needs, including nutrition education and health care referrals.

Assistance for Children from Kindergarten to 12th grade
Assistance for Children from Kindergarten to 12th grade

FNS partners with state agencies to help fight hunger and obesity among school-age children by administering several year-round programs that provide healthy meals.

Assistance for Native Americans
Assistance for Native Americans

FNS makes accessibility of nutritious foods for Native American families and those living on Indian Reservations a priority.

Nutrition Education
Nutrition Education

In the classroom and at home, FNS programs aim to reduce food insecurities and promote healthy food habits for everyone.

Supplemental Nutrition Assistance Program provides nutrition benefits to supplement the food budget of needy families so they can purchase healthy food and move towards self-sufficiency.

Special Supplemental Nutrition Program for Women, Infants, and Children provides federal grants to states for supplemental foods, health care referrals, and nutrition education for low-income pregnant, breastfeeding, and non-breastfeeding postpartum women, and to infants and children up to age five who are found to be at nutritional risk.

TEFAP, CSFP, FDPIR, & USDA Foods
TEFAP, CSFP, FDPIR, & USDA Foods

USDA's food distribution programs support consumers and American agricultural producers through purchases of 100% American-grown and -produced foods for use by schools and institutions.

Child Nutrition
Child Nutrition

Our child nutrition programs help to ensure that children have access to nutritious meals and snacks in schools, summer programs, childcare centers and homes, and afterschool programs.

Nutrition Policy and Promotion
Nutrition Policy and Promotion

The Center for Nutrition Policy and Promotion works to improve the health and well-being of Americans by developing and promoting dietary guidance that links scientific research to the nutrition needs of consumers.