News
Yum Brands to globalize Taco Bell chain: report
(Reuters) - Yum Brands Inc wants to build its Taco Bell fast-food chain into a global brand with locations worldwide, its chief executive and chairman David Novak told the Wall Street Journal in an interview.
George Weston earnings little changed
Quarterly profit at George Weston Ltd was little changed, the company said on Tuesday, as hedging and restructuring charges offset slightly higher sales.
Pepsi Bottling to cut jobs, trims forecast
The Pepsi Bottling Group Inc announced restructuring plans on Tuesday that would eliminate some 3,150 jobs and cut its forecast for full-year earnings due to weaker foreign currencies.
Regulators require InBev to sell Labatt USA
The U.S. Justice Department has given Belgium's InBev NV conditional approval to buy Anheuser-Busch Cos Inc in a $52 billion deal.
Land O’Lakes revises Q3 outlook
Land O’Lakes Inc has lowered its third quarter net earnings from US$59.9 million to US$47.9 million as a result of ‘inventory valuation procedures’.
Dr Pepper profit misses view; '08 outlook cut
Dr Pepper Snapple Group Inc reported a smaller-than-expected third-quarter profit on Thursday and cut its full-year outlook, due in part to weakening economies in the U.S. and Mexico and the strengthening U.S. dollar.
McDonald's well positioned in face of recession: CEO
McDonald's Corp is shielded against recession and has hardly been hit by the international financial crisis, Chief Executive Jim Skinner was quoted as saying on Thursday.
Yum Brands cuts jobs as it sells owned restaurants
Yum Brands Inc will cut "several hundred" jobs as it sells company-owned KFC and Pizza Hut restaurants to franchisees and restructures its U.S. business, a spokesman for the fast-food chain said on Wednesday.
Starbucks misses earnings expectations
Starbucks Corp's cut its plans for new international coffee shops and effectively lowered its 2009 forecast after posting a steeper-than-expected decline in fourth-quarter profit.
McDonald's October same-store sales up 8.2 percent
McDonald's Corp on Monday said global sales at its fast-food restaurants open at least 13 months rose 8.2 percent in October.
Tyson profit lifted by beef and pork
U.S. meat giant Tyson Foods Inc reported a larger quarterly profit on Monday as better results at its beef and pork units, due in part to strong pork exports, more than offset losses in its chicken and its prepared-foods businesses.
Sara Lee to reverse share-repurchase program
Sara Lee Corp has decided to reverse the decision to suspend its share buyback program one day after making the announcement.
Anheuser profit meets view; silent on deal
Anheuser-Busch Cos Inc reported a quarterly profit in line with Wall Street expectations on Thursday, and remained silent on its planned takeover by Belgium's InBev NV .
InBev sticks to Bud deal as results beat forecasts
World number-two brewer InBev insisted on Thursday its $52 billion takeover of Anheuser-Busch was on track after third-quarter results slightly exceeded expectations despite rocketing costs.
Molson Coors takes interest in Foster's
North American brewer Molson Coors Brewing Co has emerged as holder of a 5 percent stake in Australian brewer Foster's Group Ltd , giving it a seat at the bar amid persistent takeover talk.
Molson Coors profit up on market share gains
Molson Coors Brewing Co reported a higher quarterly profit on Wednesday that met Wall Street expectations, helped by market share gains in Canada and Britain.
ADM profit soars on higher prices; shares jump
Archer Daniels Midland Co , one of the largest U.S. food processors and ethanol producers, reported sharply higher quarterly profit on Tuesday, helped by higher selling prices and an accounting change.
Dean Foods posts higher third-quarter profit
Dean Foods Co , the largest U.S. dairy company, posted a third-quarter profit that missed Wall Street forecasts, hurt by higher costs for organic milk and butter fat.
PepsiCo to invest $1 billion in China
PepsiCo Inc , a U.S.-based food and beverage company, said on Monday it plans to invest $1 billion in China over the next four years, as part of the company's strategy to expand in emerging markets.
Burger King profit misses view, keeps outlook
Burger King Holdings Inc posted a lower-than-expected quarterly profit on Friday as commodity costs and other expenses hurt margins, but the world's No. 2 hamburger chain stood by its full-year outlook.
B&G Foods saw net sales drop in Q3
B&G Foods Inc reported that net sales fell 0.4 percent in the third quarter to US$116.5 million primarily due to a poor maple syrup crop in Canada.
Pilgrim's Pride shares slide below $1 after report
Pilgrim's Pride Corp's shares fell below $1 on Thursday, a day after a research report said there was a high probability the chicken producer would file for bankruptcy protection in December.
Idrovo joins Hershey from Dole
The Hershey Company announced October 29, that Javier H Idrovo has been appointed Senior Vice President, Strategy and Business Development, effective November 3.
Starbucks' business may have bottomed in Q4: CEO
Coffee chain Starbucks Corp may have weathered the worst of a sales slowdown as growth improved somewhat this month, its top executive said on Wednesday, and its share rose 8 percent.
Maple Leaf Foods slips to loss on recall costs
Maple Leaf Foods Inc reported a third-quarter net loss on Wednesday as charges mounted from a costly recall of tainted meat that the company said was now complete.
Kraft, Kellogg post better-than-expected results
Kraft Foods Inc and Kellogg Co posted better-than-expected third-quarter profits on Wednesday as price increases and new products helped lift sales in a weak economy.
Kraft revenue beats estimates
Kraft Foods Inc posted slightly better-than-expected quarterly profit on Wednesday, helped by price increases and new products that boosted sales.
Procter & Gamble CFO to retire
The Procter & Gamble Company has announced that Clayton C Daley Jr, Vice Chairman and Chief Financial Officer will retire effective September 16 2009, after 35 years of service.
Imperial Sugar appoints Kesselman and Stokely
Imperial Sugar Company has appointed industry veterans Ron Kesselman and John Stokely to its board of directors.
Pilgrim’s Pride extends waiver
Pilgrim’s Pride Corp announced today, October 27, it has reached an agreement with its lenders to extend the temporary waiver under its credit facilities through November 26.
Organic Alliance recruits new President
Organic Alliance Inc has appointed industry veteran Parker Booth as President of the organic food distribution firm.
B&G Foods reduces workforce
B&G Foods Inc announced October 22, that it has begun implementing a 7.5 percent workforce reduction which will save an estimated US$3.7 million.
McDonald's profit tops view; shares rise
As U.S. consumers visit fewer restaurants in a weak economy, McDonald's Corp is growing its business faster than rivals as it rolls out new chicken sandwiches and offers low-priced drinks.
Burger King worries credit crunch might bite franchisees
Burger King said the global downturn is pushing consumers to its stores in search of cheaper dining, but it worries that a prolonged credit crunch could hurt its franchisees' borrowing ability.
Mars ousts Wrigley CEO
Mars Inc has replaced Wm Wrigley Jr Co’s CEO, William Perez, just two weeks after it completed its US$23 billion acquisition of the Chicago-based gum company.
Nikken Foods announces expansion at Japanese plant
Natural food company, Nikken Foods, has expanded its Fukuroi plant in Japan, installing a state-of-the-art spray drier.
Mars to implement GDA nutrition labelling
Mars Inc is to add Guideline Daily Amount (GDA) nutrition labelling on all its chocolate, non-chocolate confectionery and other food products as part of a global initiative the confectioner is taking around the world.
Yum's Long John Silver's to roll out healthy menu
Yum Brands Inc's Long John Silver's on Sunday said it would roll out its first non-fried fish menu items later this month as the restaurant industry responds to consumer calls for healthier food.
Hershey posts strong sales performance
The Hershey Company announced that net sales for the third quarter were US$1.49 billion, compared to US$1.40 billion in the prior year, an increase of 6.4 percent, despite the economic downturn.
CKE Restaurants posts increased sales, competition tough
CKE Restaurants Inc, which owns the Hardee’s and Carl’s Jr brands, reported that combined same-store sales were up 1.2 percent for the four weeks to October 6.
Coca-Cola beats third-quarter expectations
Coca-Cola Co posted a better-than-expected quarterly profit on strong international demand that offset a drop in volume at home, sending shares of the world's largest soft-drink maker up 6 percent.
Heinz CFO says business remains strong
Art Winkleblack has said that the business is still seeing sales grow and is hitting its targets for the year, despite the economic downturn.
Pepsico reports Q3 results
PepsiCo Inc reported a quarterly profit that missed Wall Street forecasts and cut its full-year outlook as an economic slowdown flattened soft drink demand, sending shares down more than 10 percent.
Domino's Pizza profit misses Wall Street view
Domino's Pizza Inc posted a weaker-than-expected quarterly profit due to a sharp drop in U.S. sales, the biggest independent U.S. pizza chain said on Tuesday, and its shares fell as much as 19 percent.
McCormick & Co installs solar power system
McCormick & Co Inc has signed an agreement with Constellation Energy’s Projects & Services Group to construct a one megawatt solar power system.
Pepsi to reinvest in soft drink business
PepsiCo Inc said on Friday it is making a major multi-year investment in its soft drink business to restore growth in a business that has declined as U.S. consumers seek drinks they view as healthier.
CEO says listeria in Toronto meat plant no surprise
WINNIPEG, Maple Leaf Foods Inc Chief Executive Michael McCain said on Thursday it was not surprising to find listeria bacteria lingering in a Maple Leaf meat plant in Toronto whose products have been linked to at least 20 deaths in a food-poisoning outbreak.
Four new listeria cases found in Maple Leaf plant
Maple Leaf Foods halted distribution for a second time at a Toronto plant at the center of a tainted-meat crisis linked to at least 20 deaths after Canadian investigators found four new positive samples of listeria in products.
Tops Markets and Tim Hortons sign JV
Tops Friendly Markets and Tim Hortons have signed an agreement which will see the coffee chain and the supermarket in a joint venture.
Del Monte Foods completes sale of seafood business
Del Monte Foods Co has announced the sale of its seafood business, including Starkist, to South Korea-based Dongwon Industries Co Ltd and its subsidiaries.
Heinz agrees to buy Golden Circle for US$220m
The Australian unit of H J Heinz Co has agreed to acquire Golden Circle Ltd, the canned juice and fruit producer, for A$288 million (US$220 million).
Walmart reveals new Marketside stores
Walmart Stores Inc is due to unveil the first of its Marketside stores in the Phoenix, Arizona area which will focus on fresh foods without the premium price tag.
Coke bottler Coca-Cola HBC cuts forecasts
Coca-Cola Hellenic Bottling Co cut forecasts for the second time this year after lower demand in Russia, the Athens-based company's biggest market.
Country of origin labels to be introduced
Labels revealing the country of origin of foods will shortly be introduced.
Pepsi Bottling Q3 revenue up 2%
The Pepsi Bottling Group Inc saw revenue increase to US$3.8 billion, a rise of two percent, in the third quarter as it delivered solid earnings growth.
Cal-Maine profits hit by feed costs
US egg producer Cal-Maine Foods Inc has reported that first quarter profit slumped 38 percent as higher feed costs outpaced stronger demand for eggs.
McCormick & Co sales up 9%
McCormick & Co has announced that sales increased in the third quarter, while earnings soared 21 percent.
Pilgrim’s Pride anticipates loss
Pilgrim’s Pride Corp has warned its lenders that it expects to report a “significant loss” in the fourth quarter as high feed ingredient costs and continued weak pricing hit the US chicken company.
Dole Foods completes sale of JP Fresh
Dole Food Company has signed an agreement to sell its JP Fresh business in the UK as part of a number of pending asset sale transactions.