Hurricane Harvey made landfall on the final weekend of Darden’s first quarter. In that short time, the catastrophic storm left a pronounced impact on the casual dining company’s bottom line. Rick Cardenas, Darden’s senior vice president and CFO, said during a conference call that the day before Harvey hit Texas, where Darden has 99 total units across its brands (including 47 Cheddar’s Scratch Kitchen locations), same-restaurant sales for the quarter were up 2 percent.
The news has been hard to miss lately. Four major hurricanes hurtled toward American shores, knocking out power, flooding buildings, and ruining lives and businesses in one fell swoop.And many experts agree these catastrophic events are only going to get worse and more frequent.
Rumors of a possible Ruby Tuesday sale have swirled for months. To some investors, the move has felt inevitable, especially as the casual dining chain continues a strategic evaluation process that has stretched more than six months.
The rising cost of chicken wings has put so much pressure on Buffalo Wings & Rings that executives formed an in-house chicken task force to find ways to tackle the problem. “We meet every week to just go through and find out what we can do to alleviate some of the pressure,” says Tom Jenkins, director of franchise operations.
Bob Evans Farms’ shares soared Tuesday after Post Holding Inc., the company that makes Honey Bunches of Oats and Grape-Nuts cereals, announced it was buying the company for about $1.5 billion.Bob Evans’ stock rose more than 6 percent to $77.
A group of restaurant industry leaders have united to create the Catering Council for Multi-Unit Restaurant Operators, an advocacy group focused on addressing regulations, policies, technological changes and best practices in the ‘off-premise’ segment, including takeout, delivery and catering.
Recent results have shown that changes are afoot at Buffalo Wild Wings. The company’s investor presentation Monday offered a glimpse into the brand’s progression through what’s been an eventful year, to say the least, and what’s to come.
Viewed against the challenging backdrop of casual dining, Cracker Barrel’s restaurant sales aren’t all that concerning. In the fourth quarter, the iconic brand saw a 0.8 percent drop in comps, punctuated by a rough May where sales fell 2.
Victor Fernandez, executive director of insights and knowledge at TDn2K, called August a “tale of two different periods” for the restaurant industry. Coming off a troubling July, where traffic plummeted 4.
Sales and growth remained in positive territory for Dave & Buster’s in the second quarter. That wasn’t enough to quell Wall Street disappointment, however, as shares of the entertainment-dining brand initially plunged 7 percent late Tuesday and continued to drop through midday Wednesday.
Back in July, Visa announced a challenge incentivizing independent restaurants to go cashless. For business owners, the announcement is one of many recent developments adding to why the cashless trend shouldn’t be ignored.
Tilman Fertitta, Houston billionaire and owner of Landry’s Inc., is still wheeling. In July, Fertitta won Ignite Restaurant Group chains Joe’s Crab Shack and Brick House Tavern + Tap in a bankruptcy court action.
Dinova, Inc., the only innovative proprietary marketplace exclusively focused on connecting business diners to restaurants nationwide, announced its second quarter marketplace results. Business dining spend through Dinova’s marketplace has increased 21 percent in the second quarter of 2017, with a 16 percent growth in the number of business dining transactions and a 6 percent increase in the average business dining transaction size, over Q2 2016.
Ruby Tuesday has taken its share of bruises in the highly competitive and challenging arena of casual dining. On Monday afternoon, the 605-unit chain released its fourth quarter and fiscal 2017 results, as well as something that’s been missing from recent announcements: A path back to profitability its calling the “Plan to Win.