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McDonald's reportedly plans to launch a limited-time $5 meal. AdvertisementMcDonald's is looking to launch a $5 meal in the US in a move to bring back price-sensitive customers. CEO Chris Kempczinski said McDonald's has local value meals around the US, but no standard national offering like competitors do. A meal consisting of the same four items — a McChicken, fries, a drink, and four-piece chicken nuggets — costs $18.26 in downtown New York City. AdvertisementThe new bundle would be priced lower than a Happy Meal, which starts at $6.39 in downtown Manhattan.
Persons: McDonald's, , Ian Borden, they're, Chris Kempczinski, Gunther Plosch Organizations: Service, Bloomberg, Restaurant Business, Customers, downtown, Burger King, Restaurant Brands Locations: New York City, downtown San Francisco, Manhattan
High-income consumers helped Chipotle Mexican Grill , Wingstop and Sweetgreen report strong sales this quarter, bucking the broader consumer slowdown that's been hurting other eateries. The sector saw higher traffic growth than any other dining sector from November to February, according to GuestXM data. High-income consumers haven't felt the same pinch as those in lower-income brackets. Wingstop saw its same-store sales soar 21% in the quarter. On Thursday, the salad chain reported first-quarter same-store sales growth of 5% and raised its full-year outlook for same-store sales growth.
Persons: Chris Kempczinski, John Peyton, haven't, Wingstop, Michael Skipworth, Jonathan Neman Organizations: Starbucks, KFC, Yum Brands, CNBC, Dine Brands
The CEO of Applebee's owner, Dine Brands, told CNBC that the chain offers a better value proposition than its fast-food rivals. Applebee's diners are buying cheaper items and visiting less often. But even if it is winning over some fast-food customers, Applebee's sales are still falling. Applebee's diners are cutting back, tooBut casual dining chains have been raising their prices, too, because of wage and food inflation. Have you switched from fast food to casual dining chains like Applebee's, Chili's, and Olive Garden?
Persons: they're, , John Peyton, Bacon Burger, Applebee's, Burger, Peyton, It's, That's Organizations: Dine Brands, CNBC, Service, Dine Locations: Applebee's, Olive
Applebee's and IHOP owner Dine Brands thinks its deals can lure away fast-food customers who have grown frustrated with menu prices. The company reported first-quarter earnings that fell short of Wall Street's estimates, and both Applebee's and IHOP's same-store sales shrank more than expected. As Applebee's leans into value with a slate of promotions that includes the return of Dollaritas, Dine Brands CEO John Peyton is confident that the chain can beat out the fast-food chains vying for its customers. Applebee's isn't the only casual-dining chain taking aim at McDonald's and the rest of the fast-food category. "It's top of mind for so many people, and it's because they've grown up with Applebee's," Peyton said.
Persons: Dine, Applebee's, John Peyton, Burger, Peyton, Chris Kempczinski, Peyton Manning, Tom Brady, Beyonce Organizations: Dine Brands, CNBC, Peyton, Brinker International
Some stocks set to report quarterly results next week could be poised for a noteworthy move going by their history. Specifically, we looked for stocks that have surpassed earnings per share forecasts, on average, at least 75% of the time. Then we further culled the list by looking for stocks that also posted at least a 2% move, on average, following that beat. Datadog has an unblemished record of surpassing analyst estimates for quarterly results, and has seen its stock move up nearly 4% following earnings. Other names on the list reporting results next week include Fabrinet and Trex .
Persons: RingCentral, Wells, Andrew Nowinksi Organizations: Apple, CNBC, Investment, FactSet, Dine Brands, Dine Locations: Wells Fargo
As fast-food prices increase, customers are finding more value in chain restaurants. Chains like Chili's are rolling out deals and portion sizes that could best fast-food chains. Chili's new Big Smasher burger is the latest offensive move in the value wars. The Big Smasher burger, Chili's newest menu item, was served in the company's test kitchen before its official launch on April 29. And if the sheer size and taste of the Chili's burger are anything to go by, it has a shot at beating fast-food chains in the value wars.
Persons: , margarita, It's, Applebee's, John Peyton, Cate Gillon, Ian Borden, Scott Rodrick, Chris Kempczinski, Borden, McDonald's, Erin McDowell, We've, we've, Brian Paquette, Paquette, Big, Chili's, Richard Levine, Corbis, Felix Organizations: Service, Dallas, Mac, Business, Dine, Restaurant, UBS Global Consumer, Retail Conference, CNN, CBS News, Getty, Bloomberg Locations: New York, New York City, California, , New York
This story is available exclusively to Business Insider subscribers. As the main income earner for her household, Tobias works to support her 19-year-old son, her fiancé, and her fiancé's mother. Advertisement"I make too much to get help," she told Business Insider. AdvertisementAnd, guaranteed basic-income programs — which are being tried in cities across the US — typically only apply to families living below the poverty line. Tobias works full-time but struggles to afford utilities and healthcareElectricity and mortgage bills are Tobias' top expenses.
Persons: , Cherie Tobias, hasn't, Tobias, ALICE, Applebee's doesn't Organizations: Service, Business, Survey, United Way's Locations: Hastings , Michigan, Michigan
Fast food is getting more expensive, and Americans are annoyed about it. Diners told BI they're cutting back on how often they get fast food because of rising prices. AdvertisementBut cheaper fast food may be some way off. Experts say it could have a ripple effect on wages across the fast food industry nationwide, meaning that your favorite spots could become even pricier. The main reason Rodriguez gets fast food is the taste, he said.
Persons: , Sara Senatore, Dunkin, Warren Colehour, Chad Frye, Artur Widak, Frye, Martin Jennings, it's, Chipotle, James R, Martin, Ben Heyworth, Burger King, He's, Del, Richard McConnell, Ricardo Rodriguez, Rodriguez Organizations: Service, Bank of America, McDonald's USA, Getty, Subway, Consumers, McDonald's Locations: Ukraine, McDonald's, Kentucky, California, Florida, Olive, Burger, Oregon
Read previewA California franchisee has warned that some of his customers think fast food is becoming a "luxury" as restaurants increase prices to cover the state's new $20 minimum wage for fast-food workers. AdvertisementThe new wage in California comes amid rising prices of fast food across the US more generally. A combination of wage and food inflation pushed prices up during the pandemic, and some diners say they're cutting down on how much fast food they eat because it's no longer affordable. "The appetite that my customers have for price increases is not unlimited," Scott Rodrick, a McDonald's franchisee with 18 restaurants in northern California, previously told BI. Is fast food no longer affordable?
Persons: , Brian Hom, I've, Scott Rodrick, Tony Nix Organizations: Service, Business Locations: smoothie, San Jose, California
Fast-food franchisees in California fear diners will flock to Chili's and Applebee's to avoid price hikes. As a result, the price gap between fast-food and casual dining restaurants could narrow. This could potentially cause the price difference between fast-food and casual dining restaurants to shrink. Fast-food restaurants in California have been hiking prices to offset the wage, which is 25% above the state's general minimum wage. "We're gonna start to compete with them," Ghai said, speaking about the casual dining restaurants.
Persons: , Shane Paul, Paul, Scott Olson, Taco Bell, Ghai, he's, wouldn't, Scott Rodrick, Rodrick, Hajime Uba, Brian Vaccaro, Raymond James, Sal Vitalie, Vaccaro, Sharon Zackfia, William Blair Organizations: Service, Burger Locations: California, San Diego, South San Francisco
The 100th location of Buffalo Wild Wings Go opened Wednesday on the Upper East Side in Manhattan. Buffalo Wild Wings opened its 100th Go location on Wednesday in New York City, four years after unveiling the quick-service offshoot of its sports bar chain. Since 2018, Buffalo Wild Wings has been a part of Inspire Brands, which is backed by private equity firm Roark Capital. Buffalo Wild Wings' revenue fell 1% in 2023 to $2.32 billion, according to franchise disclosure documents. Opening a traditional Buffalo Wild Wings location requires anywhere from $2.44 million to $4.83 million in initial investment, depending on the restaurant's location and other factors, according to franchise disclosure documents.
Persons: Jimmy John's, Dunkin, Robbins, Red Robin, Jack Litman Organizations: Buffalo Wild Wings, Manhattan . Buffalo Wild Wings, Inspire Brands, Roark Capital, Baskin, Inspire, Barclays, Munson Group Locations: Side, Manhattan, New York City, BWW
AdvertisementAs millions of Americans get ready to watch the total solar eclipse on Monday — an event NASA has described as rare and "spectacular" — the phenomenon stands to lift local economies. According to NASA, this year's eclipse is set to last three to four minutes, longer than the last solar eclipse, in 2017. Former President Donald Trump looked up at the solar eclipse without glasses during the last eclipse. The glasses sold for $1.50 to $2 apiece. "We've shipped already about 70 million glasses, and I suspect I'm going to approach right at 75 million by the time next week comes," Jerit said.
Persons: , Donald Trump, John Jerit, We've, Jerit, Jason Berger Organizations: Service, NASA, Perryman Group, New York Times, Marriott, The Washington, Getty, Optics, NPR, Fox News Locations: Texas, New York, Texas , Ohio, Grayville , Illinois, Dallas
AdvertisementIn 2008, Hip Hop trio Das Racist caught the attention of the internet with their song "Combination Pizza Hut and Taco Bell." Its most recent dual-branded restaurant opening was in Leon, Mexico, and the company is contemplating opening more in the US, CEO John Peyton said. The 2002 annual report for Yum Brands, the parent company of Pizza Hut, Taco Bell, and KFC, among other restaurant chains, lays out why the much-memed combination Taco Bell-Pizza Hut existed in the first place. In the past, some restaurant brands have put together brands that don't complement each other, said Rob Seely, associate vice president of operations, strategy, and design at WD Partners, which advises restaurant brands. Do you work at a major restaurant like McDonald's, Pizza Hut, or Taco Bell and have a story idea to share?
Persons: , Bell, It's, John Peyton, Dine, Payton, Peyton, Das, Taco Bell, David Novak, Novak, Yum, Frankenrestaurants, hasn't, Long John Silver, John Silver, Long John Silver's, Rob Seely, Seely, Taco Organizations: Service, Dine Brands, Yum Brands, KFC, Bell, Brands, Darden, Business, WD Partners, Taco Bell Locations: Leon , Mexico, Applebee's, IHOP, Pizza, Taco, Kentucky
AdvertisementIn 2008, Hip Hop trio Das Racist caught the attention of the internet with their song "Combination Pizza Hut and Taco Bell." Its most recent dual-branded restaurant opening was in Leon, Mexico, and the company is contemplating opening more in the US, CEO John Peyton said. Related storiesSo Yum turned to Frankenrestaurants — like the combination Pizza Hut-Taco Bell — to offer a wider variety of options under one roof. Major restaurant brands also frequently change ownership, making it hard to decouple multi-branded locations if a company decides to sell one. In the past, some restaurant brands have put together brands that don't complement each other, said Rob Seely, associate vice president of operations, strategy, and design at WD Partners, which advises restaurant brands.
Persons: , Bell, It's, John Peyton, Dine, Payton, Peyton, Das, Taco Bell, David Novak, Novak, Yum, Frankenrestaurants, hasn't, Long John Silver, John Silver, Long John Silver's, Rob Seely, Seely, Taco Organizations: Service, Dine Brands, Yum Brands, KFC, Bell, Brands, Darden, Business, WD Partners, Taco Bell Locations: Leon , Mexico, Applebee's, IHOP, Pizza, Taco, Kentucky
Read previewCalifornia's minimum wage increase from $16 to $20 an hour for fast-food restaurant workers, set to go into effect in April, caused a stir among fast-food chains — but not Panera. He owns 12 Panera locations in California. When asked last year about the bread exemption that baffled many, Newsom said, "That's part of the sausage-making," declining to elaborate further. Flynn, in a conversation with Bloomberg, denied having a hand in the bread exemption. A few smaller brands appear to benefit from the carve-out, including Paris Baguette and Great Harvest Bread Co, Bloomberg reported.
Persons: , Gavin Newsom, Greg Flynn —, Flynn, Taco Bell, Flynn Group's, Newsom, Panera, Paris Baguette Organizations: Service, Flynn Group, Business, Bloomberg, San Francisco Chronicle, Flynn Properties Inc, US Food and Drug Administration, Co Locations: California, Paris
Read previewApplebee's said its $200 yearlong Date Night Pass sold out within a minute on Monday. The pass, which was valid for both takeout and dine-in at almost every Applebee's restaurant, was only available online, and sold out rapidly. "Within the span of probably 30 seconds the Applebees date night pass was in my cart available and then sold out," one user posted on X.AdvertisementAn Applebee's spokesperson told CBS MoneyWatch that the passes sold out in just one minute. Social-media users complained that they didn't manage to get the pass, saying that Applebee's sold it as a publicity stunt. AdvertisementIf you use the pass all 52 times, it works out at just under $4 a meal for two people.
Persons: , Applebee's Organizations: Service, Business, CBS, USA
The main reason: California fast-food workers are getting a big bump in pay to $20 an hour under a new state law that goes into effect in April. That new wage is nearly 30% more than most employers pay fast-food workers. 1 thing every California fast-food food owner was talking about. Raising wages for managers and shift leaders so they won't fleeThe minimum wage in California is $16 an hour. "This program should have been phased in over time instead of jumping the California minimum wage for our staff by 25% in one single day," he said.
Persons: , Marcus Walberg, Walberg, He's, Seth Lederman, Frannexus, Lederman, he'd, he's, We'll Organizations: Service, Business, Florida Locations: Los Angeles, California, Chili's, McDonald's
Chain pays tribute to these restaurants with new interpretations of their most iconic dishes, which are created by Michelin-starred chef Tim Hollingsworth. "We all came up on different chain restaurants and, from a very authentic place, we all got excited about them." Advertisement"Ironically, since we started Chain, these chain restaurants have had sort of this resurgence," Hollingsworth said. How did a comedian, film producer, and Michelin-starred chef help predict the resurgence of chain restaurants? "It's become so hard to capture the attention and interest of a massive amount of people, but chain restaurants have been around for 50 or 60 years.
Persons: , Jack, B.J, Novak, Friendly's, Nicholas Kraft, Chain, Tim Hollingsworth, Kraft, hadn't, Bell, Mindy Kaling, John Legend, Chrissy Teigen, margarita, Rachel Bilson, Dunkin, Chrissy, Red Robin, Let's, Phil Rosenthal, Chef Hollingsworth, Thomas Keller's, Hollingsworth, Ruth De Jong, Oppenheimer, John Mayer, Andy Cohen, lockdowns, Tim Hollingsworth's, Bell's, Taco Bell, De Jong, We're, Finneas, It's Organizations: Service, Michelin, Business, New Americana, ChainFest, Steakhouse, Crunchwrap, Panda Express, Texas Locations: Boston, Los Angeles, Olive, ChainFest, Seattle, LA, Napa, Texas, West Hollywood
It's a terrible time to be a HENRY
  + stars: | 2023-11-07 | by ( Juliana Kaplan | Cork Gaines | ) www.businessinsider.com   time to read: +8 min
Their wage and job growth is slower than lower earners, they're piling on debt, and childcare costs are soaring. Workers with earnings in the bottom 10% of wages saw higher wage gains than those in the top 10%. AdvertisementAdvertisementWhile wage gains have stabilized a bit, the bottom half of workers are still notching greater gains than those at the top. Meanwhile, the already rich — those who make over $250,000 — only saw their childcare costs increase by about 4%. As the labor market continues to slow, and childcare costs only rise with the end of pandemic-era subsidies , it might continue to be a bad time to be a HENRY.
Persons: , there's, Aaron Terrazas, What's, Priya Malani, HENRYs, Goldman Sachs, they're, HENRY Organizations: Service, MIT, University of Massachusetts Amherst, of Economic Research, Bureau of Labor Statistics, Bank of America Institute, Walmart, Consumer Finances, Federal Reserve, Fed
Insider Today: Judging an AI career coach
  + stars: | 2023-10-28 | by ( Diamond Naga Siu | ) www.businessinsider.com   time to read: +8 min
In case it doesn't work out, I tried using an AI assistant career coach — released as part of Meta's new series of AI assistants — to see what advice it'd give. The big storyAn AI career coachsorbetto/Getty ImagesInstead of AI taking away your job, what if it could help you find a new one? I messaged him on Instagram about different career advice and broke down what I liked and didn't like about "him." Instead of coming across as an expert, Leo felt like a conversational search engine with lukewarm search results. Instead of coming across as an expert, Leo felt like a conversational search engine with lukewarm search results.
Persons: , Dixie D'Amelio, sorbetto, He's, Naomi Osaka, Snoop, Leo isn't, Leo, Google's Bard, chatbots, I've, Bing, Leo's, Al Capone, Chris Williams, they've, sriracha, Erin McDowell, Joseph Hendrickson Organizations: Service, Meta, Nissan, Nissan Nissan, Historic Landmark, Microsoft Locations: Alcatraz, Arizona
Applebee's is bringing back its iconic Dollarita — a margarita that costs $1. "We've got our team members all geared up," Chief Marketing Officer Joel Yashinsky told Insider. After introducing the drink, Applebee's posted four consecutive quarters of same-store sales growth. Despite inflation, Yashinsky said Applebee's is able to keep the original $1 offer price because the ingredients have not increased in cost. Yashinsky did not provide an exact end date, though he told Insider that in the past, Applebee's has run the offer for a month at a time.
Persons: , We've, Joel Yashinsky, Ozzy Osbourne's, Yashinsky, Taylor Swift, John Peyton, Peyton, Applebee's, Steve Joyce, he's, margarita, it's Organizations: Service, NBC, Sunday, Kansas City Chiefs, Dine Brands Locations: margarita, America, that's
During the pandemic, more people with higher incomes started shopping at dollar stores. They keep shopping in dollar stores, but they spend more time in the aisles with the most important products. In mid-2022, both Dollar General and Dollar Tree reported increased sales and noticed a rise in high-income customers. But now, in addition to lower sales, Dollar General is dealing with an overflow of inventory. Alex Bitter/InsiderOther businesses benefited from inflationThis recent surge in wealthier customers is not limited to just dollar stores.
Persons: , Jeff Owen, Owen, Justin Sullivan, Mike Witynski, Witynski, General's, Todd Vasos, Alex Bitter, Chipotle Organizations: Shoppers, Service, Dollar, Wall Street, Wall Street Journal, CNN, Walmart
TD Cowen upgrades Domino's to outperform from market perform TD said in its upgrade of the stock that it sees upside to same-store sales. Bernstein reiterates Apple as market perform Bernstein said similarities exist between IBM 10 years ago and Apple today. Morgan Stanley reiterates Walmart as overweight Morgan Stanley sees an attractive risk/reward for Walmart shares. RBC upgrades American Express to outperform from sector perform RBC said the credit card company is "best positioned" to outperform. Jefferies reiterates Alphabet as buy The firm is more bullish on Alphabet shares after the company's recent Google Cloud event.
Persons: TD Cowen, Woodward, Uber, Cantor Fitzgerald, Wells, Bernstein, Morgan Stanley, Goldman Sachs, Lamb Weston, Stryker, Baird, Wolfe, Stifel, Jefferies, GOOGL's, We've Organizations: DIS, Media, Apple, IBM, Walmart, Bank of America, of America, Citi, Technologies, UBS, RBC, Dine Brands, Susquehanna, Barclays, Oracle, Vail Resorts, MTN, Google, Nvidia Locations: U.S, North America
The chain's latest expansion includes its first biscuit menu. We tried the sweet and savory biscuits to see whether they would entice newcomers to the brand. But it is going out on a limb with biscuits, entering a food category with some fierce competitors, such as Chick-fil-A, Cracker Barrel, and Hardee's. The chain's new biscuit lineup includes a breakfast biscuit sandwich, a chicken biscuit sandwich, a strawberries-and cream biscuit, and biscuits and gravy. I even went behind the scenes at Carl's Jr. years ago to learn how it made its scratch biscuits.
Persons: IHOP, it's, Kieran Donahue, Carl's Jr Organizations: Service, Biscuits, Dine Brands Locations: Wall, Silicon, Nashville , Tennessee, Charleston , South Carolina
For the first time ever, IHOP is making its biscuits menu available nationwide. Starting Monday, IHOP's sales — and Dine Brands' stock — could get a boost from its biscuits menu. The breakfast biscuit sandwich, with a choice of a side, will be available until Sept. 26 for $7 to appeal to budget-minded consumers. In line with that trend, IHOP crafted its biscuits menu to be versatile. More than a fifth of IHOP's sales come from to-go orders.
Persons: IHOP, Kieran Donahue, Donahue, Wendy's, Datassential Organizations: Dine, Dine Brands, CNBC, Southern Locations: Datassential, U.S
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