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☆ A California franchisee says he's reducing staffing, raising prices, and mulling kiosks to cover the $20 wage. Closing stores is a last resort.
▼ + stars: | 2024-04-17 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

A franchisee told BI how he's trying to absorb California's $20 minimum wage for fast-food workers. "Right now I'm trying to size what the true impact will be," he said. But the higher minimum wage has meant that Hom's more experienced workers have also got a boost. He declined to say how much he paid them, but noted that it was "significantly higher than the minimum wage." Some franchisees of Pizza Hut and Round Table Pizza have laid off all their delivery drivers, believed to be because of the $20 wage.

Persons: he's, —, Brian Hom, I'm, Hom, He's, they're, Roy Gilad Organizations: Service, Burger King, Energy Locations: San Jose, California, smoothie, —, Pizza

☆ These 10 retail brands are the fastest growing in the U.S., Yelp says
▼ + stars: | 2024-04-10 | by ( Amelia Lucas | ) www.cnbc.com time to read: +6 min

Chains owned by publicly traded restaurant companies accounted for half of the top 10 fastest-growing retail brands in the U.S. last year, according to a new Yelp report. Of the 50 fastest-growing chains in Yelp's report, 35 were restaurant brands. Jack in the Box, First Watch and Dutch Bros were among the public restaurant chains included in the report, but they didn't crack the top 10. Popeyes' higher sales have encouraged franchisees to open more locations and led new operators to join the brand, Restaurant Brands executives have previously said. In 2023, Popeyes surpassed KFC as the second-most popular chicken chain in the U.S. by sales, trailing only Chick-fil-A.

Persons: Jack, Levi Strauss, Cava CAVA, Cava, Zachary Lucy, Scott Olson, Darden, Yum, Stephanie Dhue, Tim Hortons, Burger King, Randy Risling, Popeyes, Michael Siluk, Freddy's, Kyle Rivas, It's, Justin Sullivan Organizations: Dutch Bros, Publicly, Nordstrom, Costco, New York Stock Exchange, Pacific Coast League, Omaha Storm, Memphis Redbirds, AP, LongHorn, Getty, Darden, steakhouse, Parent, Yum Brands, Taco Bell, KFC, East, CNBC, Wawa, Toronto Star, Brands, Restaurant Brands, UCG, Thompson, Capital Partners, Rally House, Kansas City Chiefs, Tampa Bay Buccaneers, Subs Locations: U.S, Cava, Werner, Omaha , Nebraska, Nebraska, Skokie , Illinois, California, West, Wawa, Bethany Beach , Delaware, Philadelphia, It's, Louisiana, Lansing , Kansas, Kansas City , Missouri, Midwest, Pennsylvania, Arizona, Olive, Lincolnwood , Illinois, Jersey, Petaluma , California

☆ I ordered the same meal from Papa Johns, Domino's, and Pizza Hut. They cost about the same but the pizzas were wildly different sizes.
▼ + stars: | 2024-04-07 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

I ordered a stuffed-crust cheese and tomato pizza, barbecue wings, and dips from Papa Johns, Domino's, and Pizza Hut. The Pizza Hut pie was the heaviest of the bunch, weighing a third more than the Domino's one. Pizza Hut had the thickest base, while Papa John's was quite floppy. AdvertisementThe US has four major pizza chains – Domino's, Pizza Hut, Little Caesars, and Papa Johns. All of them apart from Little Caesars have hundreds of sites in the UK.

Persons: Papa Johns, Papa John's, — Organizations: Service, Little Caesars Locations: Papa, Domino's, Little

☆ Doughnuts, smoothies, pizza, MoonPie, eyewear — brands are going all out-of-this-world with solar eclipse-themed goodies
▼ + stars: | 2024-04-04 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +5 min

On Monday, April 8, millions of people will witness a rare total solar eclipse as it passes over Mexico, the United States and Canada. For starters, Pizza Hut will give customers a “Total Eclipse of the Hut” deal on eclipse day, offering any large-sized pizza for $12. This is the second time Krispy Kreme has created a new one pegged to a total solar eclipse. Back in 2017, during the last total solar eclipse in the US, the brand used chocolate to cover its original glazed doughnut. NASA recommends wearing a set of eclipse glasses that complies with the ISO 12312-2 international standard when viewing any solar eclipse.

Persons: New York CNN —, celestially, Kreme, Koen Pauwels, ”, ” Pauwels, “, Smoothie King, Burger, Parker, MoonPie, graham, Tory Johnston, MoonPie's, Johnston Organizations: New, New York CNN, Eclipse, Northeastern University, NASA, Chattanooga Bakery, Inc, Kroger Locations: New York, Mexico, United States, Canada, Chattanooga

☆ Here are 5 ways fast-food restaurants in California are cutting costs to cover the new minimum wage
▼ + stars: | 2024-04-03 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Read previewFast-food franchisees in California are desperately looking for ways to cut costs as the state's $20 minimum wage for workers at limited-service restaurants kicks in. Mendelsohn, the El Pollo Loco franchisee, told NPR that her preemptive price increases had already deterred some customers. William Blair analyst Sharon Zackfia expects some restaurants in California to turn to digital kiosks as labor costs rise. Spending less on operationsBeyond labor, restaurants are looking for other ways to save on their operating costs. Alex Johnson, the Auntie Anne's Pretzels and Cinnabon franchisee, told the AP that he wasn't looking at opening any more locations in California.

Persons: —, Michaela Mendelsohn, Alexi Rosenfeld, Alex Johnson, Anne's Pretzels, he'd, Marcus Walberg, Mendelsohn, Brian Hom, Walberg, Sharon Zackfia, William Blair, Grace Dean, Kris Stuebner, Scott Rodrick Organizations: Service, Business, El, Loco, NBC Los Angeles, Associated Press, El Pollo Loco, NPR, Wall Street Journal, CNN, KFC, Management Corporation, ABC, Fox News, AP Locations: California, Los Angeles County, Los Angeles, San Jose

☆ Californians could pay $200 more a year for their Starbucks habit
▼ + stars: | 2024-04-03 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

At Starbucks, where each store is corporately owned, increased prices took effect as soon as the new law did, BI found. AdvertisementA roughly 15% price increaseBI found prices on Starbucks menu items increased from $0.50 to as much as $1.00 by comparing previous receipts to current prices. Others lamented that their typical order increased by a dollar or more. Baristas bear the brunt"As if we don't get harassed enough," a Starbucks barista posted on Reddit along with pictures of new signage reflecting the higher menu costs. Representatives for Starbucks United, which represents unionized Starbucks employees, did not immediately respond to a request for comment from Business Insider.

Persons: —, Gavin Newsom, they're, hasn't, They're Organizations: Service, Gov, Food, Business, Starbucks, Starbucks United, California Starbucks Locations: California, North America

☆ Fast-food chains like Burger King, Shake Shack, and KFC are doubling down on digital order kiosks — but watch out, you'll probably end up spending more
▼ + stars: | 2024-04-01 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

Fast-food giants are rapidly deploying more order kiosks in the US. AdvertisementMajor US fast-food chains plan to aggressively add more digital order kiosks to their restaurants – and bring in bigger checks in the process. They make up "well over" half of its in-restaurant orders at these locations, CFO Katie Fogertey told investors in November. As well as labor savings, kiosk orders "tend to skew to dine-in" and thus use less packaging than other digital orders, she said. In the US, digital orders currently make up just 15% of Burger King's sales.

Persons: Patrick Doyle, —, Burger, Josh Kobza, Shack, Katie Fogertey, Chris Turner, Turner, Sharon Zackfia, William Blair, Fogertey, Grace Dean, Randy Garutti, cashiers, Fogerty, Andy Barish, Jon Tower, Kobza, Zackfia, Barish, Popeyes, Tim Hortons Organizations: Service, Restaurant Brands, Brands, Taco Bell, KFC, Business, Jefferies, Citi, Burger, Firehouse, North Star Locations: Taco, China, London, millennials

Starting Monday, fast-food workers in California at chains with more than 60 national locations earn $20 an hour, higher than the state's broader minimum wage of $16 per hour. California pay is already highwatch nowWhile the new fast-food minimum wage is among the highest in the U.S., California employers are used to paying more for their labor. Even when it is not mandated, restaurants usually find themselves paying more than the minimum wage to attract hourly workers. As a full-service restaurant chain, the company won't be obligated to pay its California workers $20 an hour. Advocates prepare to go biggerFrom start to finish, the California law, which was backed by the Service Employees International Union, has been controversial.

Persons: David Paul Morris, Gavin Newsom, Matthew Haller, Daniel Zhao, Zhao, Lauren Crabbe, she's, Crabbe, Matthew Clark, Jennifer B, Perez, I'm, it's, Newsom, Greg Flynn, Flynn Organizations: McDonald's Corp, Bloomberg, Getty, International Franchise Association, CNBC, Bureau of Labor Statistics, Service Employees International Union, Gov, SEIU Locations: Oakland , California, U.S, California, , California, Fresno, San Francisco, Long Beach

☆ U.S. consumer plays in China are more than coffee and iPhones. Stocks to watch
▼ + stars: | 2024-03-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Domino's Pizza's China operator DPC Dash reported Wednesday its 26th straight quarter of same-store sales growth — including the pandemic period. Pizza push Domino's has a roughly 14% stake in DPC Dash, which listed in Hong Kong about a year ago. Woo has a buy rating on DPC Dash and a price target of 73.05 Hong Kong dollars. "Chinese people do eat pizza," DPC Dash CEO Wang said. Yum China, which owns Pizza Hut in China among other brands, is set to release earnings in late April.

Persons: DPC Dash, they've, Xi Jinping, Papa John's, Papa, DPC, Aileen Wang, Wang, Walter Woo, Woo, McDonald's, That's, Christopher J, Kempczinski Organizations: Starbucks, Apple, HSBC, U.S, DPC, Advertising, Hong, Hong Kong Stock Exchange Locations: China, Shanghai, U.S, DPC, Hong Kong, North America, Beijing, Xi'an, Changsha, FY24E, Thurs

☆ Jordan Klepper Teases Trump for Selling Bibles
▼ + stars: | 2024-03-27 | by ( Trish Bendix | ) www.nytimes.com time to read: 1 min

“Yes, Trump is mashing together the Bible and the Constitution like it’s a Pizza Hut-Taco Bell.” — JORDAN KLEPPER“I know people will say that you’re not supposed to mix the Bible and the Constitution, but what you have to understand is Trump has never read either of them.” — JORDAN KLEPPER“If we step back and look at this, Trump getting into business with God can only mean one thing: God is going to end up bankrupt and serving a three-month prison sentence for lying under oath.” — JORDAN KLEPPER“I mean, what’s amazing about this is that Trump just made $5 billion on his new stock. Buddy, you’re not supposed to be doing this embarrassing grifter [expletive] when you’re that rich. Just start a private space company like a normal billionaire sociopath.” — JORDAN KLEPPER

Persons: Trump, ” — JORDAN KLEPPER “, you’re, ” — JORDAN KLEPPER, sociopath Organizations: Bell

☆ Fast-food restaurants in California are laying off workers to prepare for the $20 minimum wage hike
▼ + stars: | 2024-03-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Californian fast-food restaurants are cutting workers to prepare for the $20 minimum wage. AdvertisementFast-food restaurants in California are laying off hundreds of workers to cut back on costs as they prepare for the state's $20 minimum wage for fast-food workers that comes into force in April, a new report by The Wall Street Journal details. Franchisees are worried about higher prices spooking dinersCalifornia is raising the state's minimum wage for workers at limited-service restaurants to $20 an hour from April 1 — 25% higher than its general minimum wage. AdvertisementThe franchisees generally set prices, and some are concerned that higher prices could scare off diners. "I can't charge $20 for Happy Meals," Scott Rodrick, owner of 18 McDonald's restaurants in Northern California, told the Journal.

Persons: —, Alexander Johnson, Anne's, Scott Rodrick, Brian Hom, He's, Hom, Roy Gilad Organizations: Pizza, Service, Wall, Southern California Pizza Company, Business, KTLA Locations: California, Southern, West, Northern California, Los Angeles, San Jose

☆ Frankenstein restaurants like a Taco Bell-Pizza Hut combo are popping up everywhere
▼ + stars: | 2024-03-25 | by ( Alex Bitter | ) www.businessinsider.com time to read: +6 min

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

☆ Frankenstein restaurants are popping up everywhere, but they aren't actually that successful
▼ + stars: | 2024-03-23 | by ( Alex Bitter | ) www.businessinsider.com time to read: +6 min

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.

☆ Premarket stocks: This investor predicted the dot-com bust. He thinks AI is a bubble that will ‘deflate’
▼ + stars: | 2024-03-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York (CNN) — Is the artificial intelligence boom on Wall Street a bubble primed to burst or the real deal? That’s the question investors have wrestled with since the Magnificent Seven tech stocks began turbocharging a powerful market rally last year. “A new bubble within a bubble like this, even one limited to a handful of stocks, is totally unprecedented,” he wrote in a Monday blog post. “The long-run prospects for the broad US stock market here look as poor as almost any other time in history,” he wrote. Still, the notorious market bear sees some areas of opportunity in the stock market.

Persons: —, Jeremy Grantham, ”, Grantham, Granthan, “, Hanna Ziady, Abu, Adnoc, NewMed Energy’s, Gan, Marc Stewart, Wayne Chang, ByteDance, ” Wang Wenbin, Wang Organizations: CNN Business, Bell, CNN, ” Tech, Monster, Nvidia, Boston, Federal Reserve, ChatGPT, BP, UAE, United Arab Emirates, NewMed Energy, Energy, Starbucks, McDonald’s, KFC, CNN Wednesday Locations: New York, Grantham, Israel, Gaza, Tel Aviv, China, America, American, Beijing

☆ Pi Day means pizza deals
▼ + stars: | 2024-03-14 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Pi Day isn’t just about showing off how many numbers you have memorized – restaurants from Burger King to California Pizza Kitchen are offering deals and discounts on Thursday, March 14th. Pi Day has also become synonymous with pizza pie (and other round foods) – here are some deals to round out your celebration. Pizza HutFrom March 12-14, Pizza Hut has been offering a free large one-topping pizza with purchase of a large menu-priced pizza. 7-ElevenLoyalty members can get any flavor large pizza for $3.14 in 7-Eleven, Speedway and Stripes stores – limited to one transaction, two per day. Burger KingAs part of its week of breakfast deals, Burger King is offering a free Hershey’s sundae pie with a $3.14 purchase.

Persons: Albert Einstein’s, Burger Organizations: New, New York CNN, Pi, BJ’s, Burger King Locations: New York, Burger King, California, United States, Burger

☆ BP and UAE suspend $2 billion gas deal in Israel as Gaza war drags on
▼ + stars: | 2024-03-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —BP and an oil company owned by the United Arab Emirates have shelved talks to buy a 50% stake in Israel’s leading natural gas producer, judging the $2 billion deal too risky as the war in Gaza rages. “There can be no certainty that discussions will resume or that an agreement will be reached in the future, nor as to the terms of an agreement should one be reached,” NewMed Energy said. But the war has strained those ties, and the UAE has repeatedly called for an “immediate ceasefire” in Gaza. Separately, BP was one of six companies awarded licenses by Israel’s energy ministry in October to explore for natural gas off the country’s Mediterranean cost. Last month, they announced a joint venture to develop natural gas assets in Egypt.

Persons: Abu, Adnoc, NewMed Energy’s, Delek Organizations: London CNN, BP, United Arab Emirates, Energy, Starbucks, McDonald’s, KFC, NewMed Energy, Reuters, NewMed, Chevron Locations: Gaza, Tel Aviv, Israel, UAE, Egypt

☆ Starbucks is laying off thousands of workers in the Middle East in response to Gaza boycotts
▼ + stars: | 2024-03-06 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Starbucks’ Middle East franchisee, Alshaya Group, is cutting thousands of jobs at its coffee shops because of a “challenging” work environment as the chain grapples with boycotts over the brand relating to Israel’s war against Hamas in Gaza. Kuwait-based Alshaya has owned rights to operate Starbucks in the Middle East for more than 25 years and operates around 1,300 locations across the region, employing about 11,000 people. Starbucks’ most recent earnings report missed expectations, partially because of weaker sales in the region. Starbucks isn’t alone: McDonald’s said last month that it’s experiencing “meaningful business impact” in the Middle East because of the war. Brands, which owns KFC and Pizza Hut, said its chains’ “sales were impacted by the conflict in the Middle East region with varying degrees of impact,” which dented same-store sales growth in several countries.

Persons: Alshaya, “, ”, McDonald’s Organizations: New, New York CNN, Starbucks, East, Alshaya, CNN, Reuters, Alshaya Group, Brands Locations: New York, Gaza, East, Northern Africa, Kuwait, Western

☆ Panera is exempt from California's fast-food wage increase. A billionaire franchisee previously donated to Gov. Newsom.
▼ + stars: | 2024-03-01 | by ( Ana Altchek | Dominick Reuter | ) www.businessinsider.com time to read: +3 min

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

☆ Beyond Meat plans to hike prices as part of a huge turnaround plan to fight slumping sales of plant-based meat
▼ + stars: | 2024-02-28 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Read previewBeyond Meat has unveiled details of a massive turnaround plan, including raising the prices of its plant-based meat, as it struggles with slumping sales. Advertisement"This change in strategy does not reflect an abandonment of our long-sought price parity goal," Brown said, referring to the company's goal of making plant-based meat the same price as animal meat. Some products, including those in grocery stores, would barely change in price, Brown said. Misinformation about plant-based meat is 'scaring customers away'Beyond Meat posted net revenues for 2023 were $343.4 million, a decrease of 18% compared to 2022. It attributed declining US sales to weak demand for plant-based products, as well as Beyond Meat offering more discounts.

Persons: —, Ethan Brown, Brown, Lubi Kutua Organizations: Service, Business, Bosh

☆ Wendy’s newest breakfast item is made by another fast-food chain
▼ + stars: | 2024-02-14 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —Wendy’s is sweetening its breakfast lineup with a new treat that comes from an unusual place: Another fast food chain. Also, most Cinnabon locations haven’t yet opened for the day when Wendy’s sells breakfast, which ends at 10:30 am. Perhaps Wendy’s adding cinnamon pull-aparts might entice some dissatisfied customers of McDonald’s, which last year scrapped its McCafé bakery lineup that also included a cinnamon roll. The “Cinnabon Pull-Aparts” are made from sweetened dough that’s dunked in a glaze then baked with cinnamon, brown butter and sugar. The chain previously predicted that breakfast would make 10% of its sales, with figures reaching 8.5% in 2021 before Wendy’s stopped reporting individual sales for the morning menu.

Persons: New York CNN —, Wendy’s, Cinnabon, Jonathan Maze, “, ” Maze, McDonald’s, It’s, ”, John Li, “ Cinnabon, Todd Penegor, it’s, Wendy’s Li, ” Li Organizations: New, New York CNN, Subway, CNN, Culinary Innovation, Bell Locations: New York, Indiana, Kentucky

☆ Unilever’s sales decline in Indonesia because of anti-Israel boycotts
▼ + stars: | 2024-02-09 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Unilever is the latest company to report a rough fourth quarter because of boycotts against the company over the war in the Middle East. The company, which makes Vaseline, Dove soaps, Rexona deodorant and other household staples, said that sales declined 15% in Indonesia in the last three months of last year. “In Indonesia, we saw double-digit sales decline in the fourth quarter as sales of several multinational companies were impacted by geopolitically focused consumer-facing campaigns,” said Unilever CEO Hein Schumacher in a call Thursday. Other companies made similar statements recently about boycotts in overseas countries. Brands, which owns KFC and Pizza Hut, said its chains’ “sales were impacted by the conflict in the Middle East region with varying degrees of impact,” which dented same-store sales growth in several countries.

Persons: deodorant, ”, Hein Schumacher, McDonald’s Organizations: New, New York CNN, Unilever, Consumers, Brands Locations: New York, Indonesia, Western, Gaza, “

☆ Taco Bell says that low-income customers are still flocking to its restaurants even as other fast-food chains say they're struggling to hold on to them
▼ + stars: | 2024-02-08 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Read previewTaco Bell says that it is still performing well among low-income customers even as other fast-food chains say they're struggling to keep hold of this demographic. Brands, said that the taco and burrito chain's restaurants in low-income trade areas in the US had outperformed the rest of the business. Diners shouldn't expect Taco Bell to raise menu prices as much in 2024, he said. Record numbers of Taco Bell customers ordered digitallyThough Yum! Taco Bell had more than 8,500 restaurants globally by the end of 2023.

Persons: —, Bell, David Gibbs, Gibbs, Taco, it's, McDonald's, Chris Kempczinski, Taco Bell Organizations: Service, Brands, taco, Business, Taco Bell, Bell, KFC, Taco Locations: Bell's, Taco Bell's

☆ Taco Bell and KFC are feeling the pressure from price-conscious consumers
▼ + stars: | 2024-02-07 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Taco Bell, KFC and Pizza Hut’s parent company is facing the same problem as its rivals: Fast food is getting too expensive and consumers are pushing back. Yum Brands, which owns all three chains, reported Wednesday weaker-than-expected sales in the fourth quarter. Meanwhile, Pizza Hut’s US sales slid 4% in fourth quarter and KFC sales were flat, with both brands’ numbers also coming in below analysts’ expectations. Yum Brands is the third fast food company to report a disappointing earnings report as consumers more closely examine where they’re spending money. That’s putting pressure on lower-income consumers, a vital base for fast food chains.

Persons: Taco, Taco Bell, Pizza, Hut’s Organizations: New, New York CNN, Taco Bell, KFC, Yum Brands, Taco Locations: New York, Israel

☆ A mega restaurant chain is on a mission to get half of China to eat KFC and Pizza Hut by 2026
▼ + stars: | 2024-02-07 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

"Currently serving just one-third of China's population, our ambitious goal is to extend our reach to half of the population by 2026," Yum China CEO Joey Wat said in the company's latest quarterly results report. Yum plans to fuel its growth through restaurants in China's "lower-tier cities," which host over half of the firm's stores, Wat said. That's more than twice the number of KFC restaurants in the US, which has 4,293 stores, though only half of the around 6,750 Pizza Huts in the US. Both restaurant brands also have 470 million members in China, Yum said, though it didn't say if this number accounted for any overlap. "2023 was a pivotal year for Yum China," Wat said.

Persons: —, Joey Wat, Yum, China's COVID, Wat Organizations: Service, China Holdings, Business, KFC Locations: China, China's, Cities, Shanghai, Beijing, Xiamen, Harbin

☆ Stocks making the biggest moves before the bell: Snap, Uber, Chipotle, Alibaba and more
▼ + stars: | 2024-02-07 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Roblox said it lost 52 cents per share, narrower than the 55-cent estimate from analysts polled by LSEG. Yum Brands — Shares slipped 1.3% after the KFC, Taco Bell and Pizza Hut parent reported fourth-quarter earnings and revenue that missed expectations. Uber earned 66 cents per share and saw $9.94 billion in revenue, while analysts polled by LSEG expected 17 cents and $9.76 billion. The company also announced a special dividend of 18 cents per share on top of its regular first-quarter dividend of 15 cents per share. Fortinet beat analyst consensus estimates on both lines in the quarter, pulling attention away from its weak earnings guidance.

Persons: Alibaba, Roblox, Uber, LSEG, Chipotle, Ford, Enphase, Sonos, Fortinet, Walt Disney, Hakyung Kim, Sarah Min, Michelle Fox Organizations: LSEG, Revenue, KFC, Taco Bell, CVS, Enphase Energy, FactSet, Warner Bros, Discovery, Fox, ESPN, Walt Disney Locations: Israel

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