Paul Young’s Post

Does menu pricing drive your dining decisions? Are you planning to go out more or less in 2024 compared to 2023? What’s the number one thing you look for in a restaurant when you have the opportunity to dine out? I’ve reviewed major guest survey trends, but I'd love to hear your personal insights. Please answer these questions in the comments below. No matter your price point or concept, awareness creates opportunities for different choices. When we choose, we can craft a pricing strategy that impacts both our guests and our bottom line. Jay Ashton, Canada’s Restaurant Guy 🔥🔥🔥 Monte Silva Scot Turner Christin Marvin Bruce Nelson Josh Kopel Shawn P. Walchef M #DiningTrends #RestaurantIndustry #MenuPricing #CustomerExperience #FoodService #2024Trends #ConsumerBehavior #GuestExperience #HospitalityManagement

Gordon Ramsay saw losses at his U.K.-based, international restaurant business more than triple to £3.4 million ($4.3 million) in the year to August 2023, according to Companies House filings. The chef said businesses were “battling to stay afloat” amid sustained inflationary pressures that have hit already razor-thin margins in the hospitality sector. Ramsay’s restaurants, which include the chains Street Pizza and Street Burger as well as his three-Michelin Star flagship restaurant, increased revenues by 21% to £95.6 million ($119.8 million) in 2023, while gross profits increased to £47.4 million ($59.4 million). However, a wave of new restaurant openings and refurbishments last year hit the company’s bottom line. Read more: https://lnkd.in/eNqk4Jbf

Gordon Ramsay saw losses at his U.K.-based, international restaurant business more than triple to £3.4 million ($4.3 million) in the year to August 2023, according to Companies House filings. The chef said businesses were “battling to stay afloat” amid sustained inflationary pressures that have hit already razor-thin margins in the hospitality sector. Ramsay’s restaurants, which include the chains Street Pizza and Street Burger as well as his three-Michelin Star flagship restaurant, increased revenues by 21% to £95.6 million ($119.8 million) in 2023, while gross profits increased to £47.4 million ($59.4 million). However, a wave of new restaurant openings and refurbishments last year hit the company’s bottom line. Read more: https://lnkd.in/eNqk4Jbf

While consumers balk at rising prices across the restaurant industry, Chipotle Mexican Grill burritos and bowls continue to sell, The Wall Street Journal reports. The chain has upped its prices six times since 2021 — and is set to do so again in California — yet sales grew 8.4% last quarter. Chipotle has benefitted from a higher-income customer base and a perception that its customizable menu items are more diet-friendly than burgers, according to The Journal. It has plans to open about 300 new restaurants in 2024. -------------------------------- FOR Hire: Vince L.   10+ years in the radio business seeking a new radio home.   Board Operations/ Promotions/Production   E-mail through my Linkedin or [email protected] Thanks! ----------------------------------------------------

After some tumultuous years, the restaurant and food service industry has started to pick back up. People are once again contributing to the food service industry by going to restaurants, yet they remain value-conscious by opting for more affordable rather than costly fine dining options. According to the National Restaurant Association, restaurant sales are up, and by the end of 2024, they are forecasted to reach $1 trillion. However, competition is stronger than ever, with analysts predicting 45% higher competition than last year, which could explain why ten popular restaurant chains filed for bankruptcy this year alone.

Two FEDA members, KaTom Restaurant Supply, Inc. and Parts Town, were included in the 2024 Inc. 5000 list of fastest-growing private companies in America. The list ranks businesses according to their percentage revenue growth over the last three years. Both KaTom and Parts Town secured spots in the rankings for the 16th consecutive year — a mark achieved by only one-tenth of one percent of companies on the list. “We are incredibly proud to be recognized on the Inc. 5000 list for the 16th consecutive year,” KaTom CEO Patricia Bible said. “This achievement is a testament to the hard work, dedication and commitment of our entire team. It’s an honor to serve our customers and contribute to their success, and we remain focused on delivering exceptional products and services as we continue to grow.” KaTom was ranked 4,736 on this year’s list, having reported a three-year growth of 82 percent. In a press release, KaTom said the recognition highlighted its sustained excellence and unwavering commitment to growth and innovation in the foodservice industry. Parts Town, meanwhile, was ranked 2,644 on the list, with a reported three-year growth of 192 percent. The company noted that it realized $2.3 billion in revenue in 2023. “Being recognized as one of the fastest growing companies in the country for 16 consecutive years is a testament to the power of culture in creating long-term competitive advantage,” Parts Town Unlimited CEO Steve Snower said. “Our values-based culture has enabled us to provide differentiated customer service, develop deep manufacturer partnerships and become the leading innovator in the markets we serve. As we continue to expand our product offering and global reach, we will stay true to our core values.” https://ow.ly/W3ok50T1naa

12 Restaurant Chains Closing Locations In 2024. A mix of underperformance issues, financial pressures from inflation, strategic realignments, changing consumer trends and overall cost-cutting objectives have all contributed to the recent wave of location closures across several restaurant chains in 2024. Restaurants simply don't have the staff to make it through normal shifts, and cutting back on open hours is truly necessary. But other times, business owners reduce hours just to cut costs, a defensive strategy that forfeits critical revenue in the process.

🚨FOOD INDUSTRY NEWS🚨 Darden Restaurants - owner of Olive Garden - earnings, key takeaways: - The company reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants. - Earnings per share: $1.75 adjusted vs. $1.83 expected - Revenue: $2.76 billion vs. $2.8 billion expected - Fiscal first-quarter net income of $207.2 million, or $1.74 per share, up from $194.5 million, or $1.59 per share, a year earlier. - Net sales rose 1% to $2.76 billion, but the company’s same-store sales declined 1.1% in the quarter. - Darden’s fine dining segment, which includes Eddie V's Prime Seafood and The Capital Grille, reported same-store sales declines of 6%. Despite the gloomy quarter, Darden reiterated its full-year outlook. For fiscal 2025, the company is forecasting earnings per share from continuing operations of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion. CNBC #earnings #hospitality #restaurants #foodindustry #newsletter