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☆ Sweetgreen wants to be the ‘McDonald's of its generation.’ This rival salad chain could beat it
▼ + stars: | 2024-01-19 | by ( Amelia Lucas | ) www.cnbc.com time to read: +6 min

Source: Salad and GoWhen Sweetgreen went public two years ago, co-founder and CEO Jonathan Neman said the salad chain aspired to be the "McDonald's of its generation." But another salad rival could beat Sweetgreen to the punch: Salad and Go. One of its 48 ounce salads costs less than $7 and comes with chicken or tofu, while a comparable salad from Sweetgreen costs about $12. Two years later, Morrison took over as chief executive, departing Wall Street's favorite chicken wing chain after a decade in favor of a little-known salad chain that then had only 50 locations. Other salad players, such as Sweetgreen, Just Salad or Salata, are usually in the same markets as Salad and Go.

Persons: Sweetgreen, Jonathan Neman, Charlie Morrison, Morrison, Wall, Adam Jeffery, Go, We've, Nicole Portwood, Portwood, hasn't Organizations: Volt Investment, CNBC Locations: Arizona , Nevada , Oklahoma, Texas, Southern California, Englewood Cliffs , New Jersey

☆ Wendy's taps PepsiCo exec Kirk Tanner as new CEO as burger chain fights off activist pressure
▼ + stars: | 2024-01-18 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Wendy's has tapped PepsiCo veteran Kirk Tanner as its new chief executive, effective Feb. 5, as the burger chain tries to boost its share price and ease pressure from activist investors. Kirk Tanner, chief executive officer of North America beverages for PepsiCo Inc., speaks during the Bloomberg Power Players Summit in Miami, Florida, U.S., on Friday, Jan. 31, 2020. Outgoing Wendy's CEO Todd Penegor has been at the helm of the company since 2016. Under his leadership, Wendy's successfully launched its breakfast menu nationwide, helping the company overtake Burger King as the second-largest U.S. burger chain by sales. But if Blackwells nominates its own board candidates, it's kicking off a fight with another activist investor: Nelson Peltz, who is chair of Wendy's board.

Persons: Tanner, Wendy's, Kirk Tanner, Todd Penegor, Burger, Blackwells, Nelson Peltz, Peltz, Trian, Ram Krishnan Organizations: Pepsi, PepsiCo, PepsiCo Inc, Bloomberg Power Players Summit, Reuters, Trian Fund Management, Disney Locations: Miami , Florida, North America, U.S, Wendy's

☆ Burger King owner Restaurant Brands buys chain's largest U.S. franchisee
▼ + stars: | 2024-01-16 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Restaurant Brands International is buying Carrols Restaurant Group , the largest Burger King franchisee in the U.S., for about $1 billion in cash. Restaurant Brands will pay $9.55 per share to acquire Carrols, which operates more than 1,000 Burger King restaurants and 60 Popeyes locations. Burger King sales had been lagging behind the competition, and Wendy's overtook it as the second-largest burger chain by U.S. sales. Restaurant Brands plans to remodel 600 of Carrols' Burger King locations rapidly over the next five years and then sell them back to franchisees, Tom Curtis, president of Burger King U.S. and Canada, said. Correction: Restaurant Brands International currently owns 175 Burger King locations.

Persons: Burger, Wendy's, Tom Curtis, Josh Kobza, I've, Curtis, Burger King Organizations: Brands, Burger King, Restaurant Brands, Burger King's, Burger King U.S, Restaurant, Carrols, CNBC, Burger, CNBC PRO Locations: U.S, Burger King's U.S, Burger, Canada

☆ Defense Secretary Austin is 'actively involved and engaged' while hospitalized
▼ + stars: | 2024-01-14 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

Defense Secretary Lloyd Austin is still hospitalized following doctors' advice, but he's "actively involved and engaged," according to national security spokesperson John Kirby. "A lot of the work that gets done in national security is done at the staff level." Austin has been treated at Walter Reed National Military Medical Center since Jan. 1, following complications from a surgery nearly two weeks earlier to treat prostate cancer. Kirby said Sunday that physical therapy is part of the reason doctors have kept Austin in the hospital. "The Pentagon's investigating this, and we'll see what comes out of that, but that is not the way that the process is supposed to work," Kirby said.

Persons: Defense Lloyd J, Austin, Lloyd Austin, John Kirby, Kirby, It's, Joe Biden, Austin's Organizations: Defense, Armed, Office, Washington , DC, Walter Reed National Military Medical, Austin, Pentagon Locations: Afghanistan, Rayburn, Washington ,, Iran, Yemen, Austin

☆ McDonald's investor day is Wednesday. Expect to hear about expansion, tech and China
▼ + stars: | 2023-12-05 | by ( Amelia Lucas | ) www.cnbc.com time to read: +5 min

The company also projected mid-single-digit sales growth in 2021 and 2022. McDonalds is a multinational fast food chain with thousands or restaurants over the world with headquarters in Chicago Illinois. It is the world's largest fast food restaurant chain famous for the burgers and fries. While the U.S. may seem saturated with McDonald's locations, executives have said that its current footprint doesn't reflect where consumers currently live, including the shift to the South and Southeast. Some McDonald's locations have also tested using artificial intelligence to take drive-thru orders.

Persons: Luke Sharrett, McDonald's, aren't, Chris Kempczinski, Nicolas Economou, remodels, Kempczinski Organizations: McDonald's Corp, Bloomberg, Getty, Wall Street, McDonalds, Nurphoto, Technology Locations: Louisville , Kentucky, U.S, New York City, USA, Chicago Illinois, Manhattan , New York, Texas, Canada, Germany, Australia, France, China

☆ Panera Bread reportedly files to go public again through IPO
▼ + stars: | 2023-12-01 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Panera Bread has confidentially filed to go public again, the Financial Times reported. The restaurant chain, known for its soups, sandwiches and bagels, has been signaling for months that it's looking to go public through an initial public offering. In May, Panera announced a CEO transition and said the leadership changes were "in preparation for its eventual IPO" — amid a two-year IPO drought that ended in the fall. Mediterranean restaurant chain Cava , whose chair is Panera founder Ron Shaich, was among the trickle of companies that went public this year. JAB also tried to take Panera public again that year.

Persons: Panera, Ron Shaich, Panera isn't, Shein confidentially, Skims, Danny Meyer's Organizations: Financial Times, Investors, Bloomberg, CNBC, Yum Brands, Panera's, Financial, CNBC PRO Locations: Cava, Rye

☆ Mars, accused of using child labor in its supply chain, says it aims to end the practice
▼ + stars: | 2023-11-30 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

For more than two decades, the world's largest chocolate makers have been pledging to eliminate — or at least reduce their reliance on — child labor. For its part, Mars' latest deadline to end child labor in its supply chain is 2025. The company said more than 65% of its West African cocoa supply chain has already achieved compliance. Read the full statement from Mars below:Mars unequivocally condemns the use of child labor. It has no place in our supply chain, and we are fully committed to helping to eradicate it.

Persons: Mars, Cargill Organizations: CBS News, CNBC, CBS, of Washington, Cargill, U.S, Supreme, Nestle USA, Labor, Cocoa Initiative, ICI, Rainforest Alliance, Fairtrade, CNBC PRO Locations: Ghana, Superior, West Africa

☆ McDonald's increases its minority stake in China business
▼ + stars: | 2023-11-20 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

Customers wait for their takeout food outside a McDonald's restaurant during the May Day holiday on May 1, 2022 in Beijing, China. McDonald's is buying Carlyle's stake in its China business, increasing its minority share from 20% to 48% ownership. The fast-food giant sold off control of its restaurants in mainland China, Hong Kong and Macau in 2017 for $2.1 billion. At that time, Citic, a state-owned investment firm, took the majority stake, while private equity giant Carlyle bought a 28% stake. Citic still retains its 52% stake in the business.

Persons: Carlyle, McDonald's, Citic, Chris Kempczinski Locations: Beijing, China, Hong Kong, Macau

☆ The hot word for CEOs on earnings calls is 'choiceful'
▼ + stars: | 2023-11-20 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

So far in 2023, choiceful has appeared in 15 quarterly earnings calls for S&P 500 companies, according to a CNBC analysis of FactSet transcripts. In 2021, only the CEOs of Molson Coors and McCormick said "choiceful" when speaking to investors on their quarterly conference calls. But the Oxford English Dictionary notes the earliest known use of the word in the late 1500s. These days, CEOs have used it to describe a consumer whose behavior has changed over the last two years. That's where "choiceful" comes in handy again.

Persons: Doug McMillon, choiceful, That's, McCormick, Laxman Narasimhan, it's, Ralph Lauren, Patrice Louvet, Molson Coors, Gavin Hattersley, we've, McDonald's Kempczinski Organizations: Walmart Inc . Corporation, Automation, Innovation, CNBC, Molson Coors, Webster, Oxford English, Consumers Locations: Washington , DC, Merriam, McDonald's

☆ Starbucks workers file more labor complaints with NYC as union goes on largest-ever strike
▼ + stars: | 2023-11-16 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Members of a recently formed union of Starbucks workers hold a rally to celebrate the first anniversary of their founding, December 9, 2022 in New York City. Starbucks workers in New York City have filed 14 more complaints alleging that the coffee giant violated the city's labor laws. Starbucks baristas have repeatedly accused the company of running afoul of the law: They have filed nearly 70 complaints with the city related to the law since February. The allegations come as Starbucks baristas at more than 200 locations nationwide strike Thursday, on the company's busy Red Cup promotion day. Starbucks Workers United said the strike is protesting understaffing at the company's locations, particularly on promotion days.

Persons: understaffing, baristas, Deborah Hall Lefevre, Sara Kelly, Chipotle, Alberto Oliart Organizations: Starbucks, Red, Starbucks Workers United, Workers, National Labor Relations Board, city's Department of Consumer and Worker Protection, CNBC Locations: New York City, York City, Brooklyn

Red Bull Racing's dominance in Formula 1 this year is translating directly to higher sales of its namesake energy drink, the team's principal and CEO, Christian Horner, told CNBC. The Red Bull team, which also counts tech giant Oracle as a title sponsor, has trounced the grid this season, winning 19 of the 20 Grand Prix weekends so far. The Red Bull team secured the constructors championship the weekend prior, in Japan. Red Bull declined to share specific sales metrics, but a company spokesperson reiterated the F1 "uplift" and said it's particularly noticeable in corresponding race markets. It's incredible the amount of consumption of Red Bull that is happening," Horner told CNBC.

Persons: Bull, Christian Horner, Horner, CNBC's Sara Eisen, Max Verstappen, Sergio Perez, Verstappen, Red Bull Organizations: CNBC, Red Bull Locations: Saudi Arabia, Azerbaijan, Qatar, Japan, Las Vegas, Abu Dhabi, Red

☆ McDonald's and Krispy Kreme are in talks to expand partnership
▼ + stars: | 2023-11-09 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Doughnuts are sold at a Krispy Kreme store on May 05, 2021 in Chicago, Illinois. The doughnut chain reported yesterday that it plans to take the company public again. Krispy Kreme said Thursday it's in talks to expand its partnership with McDonald's . Krispy Kreme uses a "hub and spoke" model that lets it make and distribute its treats efficiently. Krispy Kreme also owns the late-night cookie chain Insomnia Cookies, although it announced in October that it's exploring strategic alternatives for that business.

Persons: Krispy Kreme, McDonald's, Kreme, Josh Charlesworth, Charlesworth Organizations: McDonald's, CNBC PRO Locations: Chicago , Illinois, Kentucky, Louisville, Lexington , Kentucky

☆ Restaurant Brands revenue disappoints Wall Street as Burger King same-store sales miss estimates
▼ + stars: | 2023-11-03 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Burger King said it demanded the main operator of its franchises suspend restaurant operations in Russia, but that "they have refused." Restaurant Brands International on Friday reported weaker-than-expected quarterly revenue, hurt by Burger King's disappointing same-store sales growth. Restaurant Brands said that unfavorable currency exchange rates hurt Tim Hortons, which accounts for roughly 60% of the company's revenue. Tim Hortons' same-store sales growth of 6.8% met Wall Street's expectations. Popeyes was Restaurant Brands' only chain to outperform expectations for same-store sales growth.

Persons: Burger, Papa John's, Burger King, Tim Hortons, Josh Kobza, that's, Popeyes Organizations: McDonalds, Brands, LSEG, Restaurant Brands, U.S, U.S . Burger King's, Restaurant, CNBC, KFC Locations: Russia, U.S ., U.S . Burger King's U.S, Canada, China, U.S

☆ Starbucks unveils plan to add 17,000 locations by 2030, cut $3 billion in costs
▼ + stars: | 2023-11-02 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

Starbucks on Thursday presented the latest stage in its plan to drive growth for the company, which involves accelerating its global footprint and saving $3 billion in costs over the next three years. The company said it plans to expand to 35,000 locations outside of North America by 2030. In total, the coffee giant aims to reach 55,000 locations globally by 2030, up from its current count of more than 38,000. Starbucks also announced a $3 billion cost-savings plan. The announcement comes after more than 350 Starbucks locations have unionized under Workers United, according to National Labor Relations Board data.

Persons: Michael Conway Organizations: Starbucks, Workers United, National Labor Relations Board, NLRB Locations: North America

☆ Starbucks stock rises 6% as U.S. customers buy into pricier drinks
▼ + stars: | 2023-11-02 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

The company's same-store sales rose 8%, fueled by higher average checks and a 3% increase in customer traffic to its cafes. Analysts surveyed by StreetAccount were expecting same-store sales growth of 6.8%, but the company's domestic locations outperformed. And in China, Starbucks' second-largest market, same-store sales rose 5%. Looking to fiscal 2024, Starbucks expects same-store sales growth of 5% to 7%, down from its long-term forecast of 7% to 9% same-store sales growth. Starbucks projects that China will report same-store sales growth of 4% to 6% during the last three quarters of the fiscal year.

Persons: StreetAccount, Laxman Narasimhan, we're, Narasimhan, Rachel Ruggeri, Ruggeri Organizations: Starbucks, LSEG Locations: New York, North America, China, Its U.S, New York City

☆ Slow Pizza Hut sales in the U.S. weigh on Yum Brands' revenue
▼ + stars: | 2023-11-01 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

(photo by Mike Kemp/In Pictures via Getty Images)Yum Brands on Wednesday reported third-quarter revenue that fell short of analysts' expectations, hurt by weak same-store sales growth at Pizza Hut. Yum China CFO Andy Yeung said that sales had softened in late September through October, hurting its fourth-quarter results. But in the U.S., its second-largest market, KFC saw flat same-store sales growth. The pizza chain reported 2% same-store sales growth for international restaurants and flat same-store sales in the U.S.Pizza Hut isn't the only pizza chain that has struggled to win over U.S. consumers. Rival Domino's Pizza reported a 0.6% drop in same-store sales during its third quarter.

Persons: Mike Kemp, Andy Yeung, Yum, David Gibbs, Gibbs, Chick, Taco Bell Organizations: Getty, Brands, Refinitiv, Indian, Taco, KFC, U.S Locations: Birmingham, United Kingdom, China, Taco Bell's U.S, U.S

☆ McDonald's, Chipotle to raise menu prices in California next year as fast-food wages rise to $20
▼ + stars: | 2023-10-30 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

McDonald's and Chipotle Mexican Grill will raise their menu prices in California next year to offset the state's minimum wage increase for fast-food workers, executives said as both chains announced quarterly earnings in recent days. McDonald's has not decided how much it will hike prices in California as workers' wages rise to $20 an hour, CEO Chris Kempczinski said Monday. Restaurants have been hiking menu prices for more than two years in response to rising ingredient and labor costs. Unlike Chipotle, which owns the overwhelming majority of its locations, most of McDonald's California locations are run by franchisees. "We believe we're in a better position than our competitors to weather this, so let's use this as an opportunity to actually accelerate our growth in California," Kempczinski said.

Persons: McDonald's, Chris Kempczinski, Chipotle, Jack Hartung, Hartung, Kempczinski Organizations: U.S . Bureau of Labor Statistics, McDonald's, National Owners Association, U.S, CNBC Locations: California, McDonald's, McDonald's California, McDonald's U.S

☆ Coke and Pepsi stocks are both struggling — but one beverage giant has more to worry about than the other
▼ + stars: | 2023-10-28 | by ( Amelia Lucas | ) www.cnbc.com time to read: +6 min

Coke's overall volume rose 2% in the third quarter, while Pepsi reported flat beverage volume and a 1.5% decline in its food volume. Coke reported flat volume, while Pepsi's North American beverage unit saw volume fall 6%. "Coke has been taking share from Pepsi for many, many quarters," RBC Capital Markets analyst Nik Modi said. McDonald's has served Coke products since Ray Kroc opened his first franchised location, and is the beverage company's largest restaurant customer. International success can offset more sluggish domestic demand, like the 6% volume decline for Pepsi's North American beverage.

Persons: Luke Sharrett, Coke, James Quincey, Edward Jones, Brittany Quatrochi, Nik Modi, snacking, Modi, Quincey, McDonald's, Ray Kroc, Taco, Quatrochi Organizations: Pepsi Co, Bloomberg, Getty, Cola, PepsiCo, Coke, Atlanta -, Pepsi, Pepsi's, Gatorade, RBC Capital, Frito, U.S, Taco Bell, Yum Brands Locations: Jasper , Indiana, Atlanta, North America, United States, Europe, North, U.S, Argentina, Turkey

☆ Chipotle Mexican Grill easily tops earnings estimates, as price hikes help offset higher food prices
▼ + stars: | 2023-10-26 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

Chipotle Mexican Grill on Thursday reported quarterly earnings that beat expectations, helped by higher menu prices for its burritos and bowls. Shares of the company rose more than 5% in extended trading. Earlier this month, Chipotle raised menu prices for the first time in more than a year, citing inflation. Same-store sales rose 5%, beating StreetAccount estimates of 4.6%. The company credited higher transactions and menu prices for the quarter's same-store sales growth.

Persons: Chipotle, Brian Niccol Organizations: LSEG Locations: Chicago , Illinois

☆ Panera Bread founder Ron Shaich says most CEOs end up regretting taking companies public
▼ + stars: | 2023-10-24 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

Panera Bread founder Ron Shaich led a public company for more than two decades, but that doesn't mean he's a fan of initial public offerings or Wall Street. Ironically, Panera Bread is mulling an IPO, but Shaich, who is no longer involved with the chain, directs his advice toward founders. Even as Au Bon Pain bought St. Louis Bread Company, renamed it Panera Bread and then shed Au Bon Pain to focus on Panera's growth, Shaich's company was publicly traded. "The reality is for 90% of the CEOs that take a company public, they live to regret it," Shaich told CNBC. "Cava is a company that will succeed as a public company.

Persons: Ron Shaich, Shaich, Cookie, Bon Pain, Louis, Cava, Brett Schulman, Sweetgreen hasn't, Panera, Danny Meyer's Organizations: III Holdings, Louis Bread Company, CNBC, Wall Street Locations: Cava

☆ McDonald's tried to buy Panera Bread, and 5 other reveals from founder Ron Shaich's book
▼ + stars: | 2023-10-24 | by ( Amelia Lucas | ) www.cnbc.com time to read: +6 min

McDonald's tried to buy PaneraMcDonald's expressed interest in buying Panera in the early 2000s, Shaich writes. More than a decade after meeting with McDonald's, Shaich started seriously considering selling Panera as he prepared to step down from the business. Shaich writes in the book that he never really left, staying active as executive chair of the company, before he rejoined as a co-CEO in 2012. Shaich writes that he knew at the time that he would retire, but he hadn't yet announced it. Shaich writes that Panera received a patent to use video to review the accuracy of sandwich orders.

Persons: Ron Shaich, Scott Mlyn, Shaich, Louis, Panera, that's, McDonald's, Bill Moreton, wasn't, Donatos, Howard Schultz, David Ryder, Schultz, Au Bon, Steve Ells, Jerry Cleveland, Obama, hadn't Organizations: CNBC, Clark University, Louis Bread Company, Grill, Boston, Starbucks, Reuters Starbucks, Denver Post, Getty, Obama Locations: Boston, Seattle, Panera, India, aren't

☆ Coca-Cola beats earnings estimates, raises outlook as volume grows despite price hikes
▼ + stars: | 2023-10-24 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Coca-Cola on Tuesday reported quarterly earnings and revenue that topped analysts' expectations as consumers shook off higher prices for its namesake soda, Simply juice and other drinks. Excluding transactions gains, restructuring costs and other items, the beverage giant earned 74 cents per share. Coke's unit case volume, which unlike its net revenue excludes pricing and currency, grew 2% in the quarter despite its higher prices. All of Coke's drink divisions reported volume growth. The company said it will share the rest of its 2024 outlook when it reports fourth-quarter earnings early next year.

Persons: Coke Organizations: LSEG, PepsiCo, Pepsi Locations: U.S, Europe, North America

☆ Procter & Gamble tops earnings, revenue estimates even as higher prices drive some consumers away
▼ + stars: | 2023-10-18 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Procter & Gamble on Wednesday reported quarterly earnings and revenue that topped analysts' expectations, despite volume falling for the sixth consecutive quarter. The company's organic revenue increased 7% in the quarter, helped by higher prices for P&G's products. But the company's volume shrank 1%. The company now projects revenue growth of 2% to 4%, rather than its prior forecast of 3% to 4%. P&G reiterated its full-year forecast for organic revenue growth, which strips out the impact of acquisitions, divestitures and foreign currency, and for earnings per share growth.

Persons: Jon Moeller, Gillette Organizations: Procter, Gamble, LSEG, Venus Locations: Compton , California

☆ Halloween is candy's biggest holiday. Here's how Snickers maker Mars prepares for trick-or-treaters
▼ + stars: | 2023-10-14 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

For 11 months of the year, Tim LeBel is Mars Wrigley's president of sales. The National Retail Federation predicts consumers will spend $3.6 billion on Halloween candy this year, up from $3.1 billion last year, even as many shoppers pull back spending elsewhere. Unlike Hershey, family-owned Mars doesn't report its financial results, but disclosed nearly $45 billion in annual revenue in 2021. With the stakes so high for Halloween, Mars starts planning for the holiday two years in advance. "A lot of those things take two years to develop and execute to bring to market," LeBel told CNBC.

Persons: Tim LeBel, Mars, Ferrero, Mondelez, …, Hershey, Michele Buck, LeBel Organizations: Mars, Hershey, National Retail Federation, CNBC

☆ Chipotle plans price increases after pausing hikes this year
▼ + stars: | 2023-10-11 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

Customers order from a Chipotle restaurant at the King of Prussia Mall in King of Prussia, Pennsylvania. The company did not share how much menu prices will rise as a result of the decision. The burrito chain started hiking its menu prices in June 2021, citing the cost of rising wages for its employees. But Chipotle paused its price hikes as some customers pulled back on restaurant spending and ingredient costs stabilized. Three months later, Niccol said Chipotle would reconsider its pricing as the company's fourth quarter drew closer.

Persons: King, King of Prussia, Laurie Schalow, Chipotle, Brian Niccol, Niccol Organizations: Corporate, CNBC, of Labor Statistics Locations: Prussia, King, King of Prussia , Pennsylvania

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