Food & beverage news
- French court says insurer AXA must pay for a restaurant's COVID-related operating losses.
- AXA says businesses must buy a special policy to be covered for COVID-19 related losses.
- The French multinational insurance firm expresses plans of appealing against the ruling.
Latest Food & beverage news
PepsiCo Inc. (NASDAQ: PEP) released its quarterly financial results on Tuesday that posted a 10% increase in its adjusted earnings in the first quarter as consumers stockpiled snacks and drinks to prepare for social distancing amidst the Coronavirus pandemic. The company, however, suspended its full-year financial guidance on the rising uncertainty ascribed to the ongoing health crisis. PepsiCo said that the duration of the pandemic and the magni...
Domino’s Pizza (NYSE: DPZ) released its preliminary results for the second quarter on Thursday. In the first 4 weeks of Q2, the American multinational pizza restaurant chain recorded a 7.1% increase in its comparable-store sales in the United States. Despite upbeat results, Domino’s cited the rising uncertainty ascribed to the Coronavirus pandemic and its subsequent impact on its business as the pizza chain withdrew its guidance for 2...
The UK’s competition regulator approved Takeaway.com’s (AMS: TKWY) takeover of its rival, Just Eat on Thursday. The regulator said that it meticulously evaluated the £6.2 billion deal to ensure that it will not threaten fair competition in the United Kingdom. The Amsterdam-based online food delivery company won the battle against Prosus that also wanted to takeover Just Eat for £5.5 billion. The UK’s Competition and...
In its statement on Monday, Starbucks Corp. (NASDAQ: SBUX) announced its plans of launching Beyond Meat Inc.’s (NASDAQ: BYND) products in China later this week. Starbucks said that it will expand its lunch menu with new plant-based offerings. Starbucks is currently reopening its nationwide stores in China and slowly catching pace after the Coronavirus pandemic that originated in Wuhan and disrupted global businesses on an unprecedented scal...
The Coca-Cola Company (NYSE: KO) released its quarterly financial results on Tuesday that topped the analysts’ estimates for earnings and revenue in the first quarter. According to the beverage company, however, it is taking a significant hit amidst the Coronavirus pandemic that has pushed restaurants, stadiums, and theatres from across the globe into temporarily shutting down. The company said that the impact of COVID-19 on its financial p...
J.M. Smucker (NYSE: SJM) gave a stronger than expected guidance for its annual profit and sales on Monday. The company cited a surge in demand for its packaged foods including Jif peanut butter as consumers continue to stockpile amidst the Coronavirus pandemic for the upbeat guidance. The rising uncertainty ascribed to COVID-19 and strict social distancing measures have increased sales for retailers and consumer goods companies as demand for esse...
PepsiCo (NASDAQ: PEP) announced its plans of acquiring Rockstar Energy for £3.09 billion in March. In an announcement on Friday, the company said that it has received approval for the acquisition from the Federal Trade Commission (FTC). PepsiCo also added that following the FTC’s approval, the company is now expected to complete the transaction in the upcoming days. The FTC said that it meticulously reviewed the acquisition to ensure...
The UK’s competition regulator approved Amazon’s (NASDAQ: AMZN) stake in Deliveroo on Friday. The antitrust watchdog said it made the decision in light of a massive hit to the online food delivery company’s financial stature due to the ongoing Coronavirus pandemic. Deliveroo raised £463 million last year in May and announced the online retail giant as its lead investor. Both companies called it a minority investment to imp...
Anheuser-Busch InBev (EBR:ABI) announced to have delayed its annual shareholder meeting on Tuesday. Owing to the rising uncertainty due to the Coronavirus pandemic, the world’s largest brewer also proposed to cut its final dividend by 50%. AB InBev is world-renowned as a manufacturer of Stella Artois, Corona, and Budweiser. On Tuesday, the Belgium-headquartered multinational drink and brewing company said that it plans on reducing its final...
McDonald’s Corp (NYSE:MCD) is facing a class action lawsuit for allegedly subjecting its female workers to sexual harassment at its fast-food restaurants in Florida. According to lawsuit filed in the Federal Court of Chicago on Friday: “McDonald’s promoted severe or pervasive sexual harassment and a hostile work environment, including groping, physical assaults, and sexually-charged verbal comments.” McDonald’s immed...
Smithfield Foods announced on Sunday that the world’s largest pork processor has decided in favour of temporarily closing its U.S-based plant as the confirmed cases of Coronavirus continue to rise among its workers. As slaughterhouses continue to suspend operations in the United States, the food supply chain has been severely disrupted. The retail stores are running out of stock on meat while the farmers are struggling to find demand for th...
Owing to the rising uncertainty ascribed to the Coronavirus pandemic, Diageo PLC (LON:DGE) withdrew its full-year sales and profit forecast. The largest spirits maker in the world also announced its £4.50 billion share buyback program suspended for the rest of 2020. The company further added that the nationwide lockdowns that have also closed restaurants and bars have strongly affected its global business. In its statement on Thursday, the...
Constellation Brands (NYSE:STZ) released its quarterly financial results on Friday which topped the analysts’ estimate. Despite the stronger than expected earnings report, the international beverage company declined by around 7% in the stock market in the morning session. Much of the loss was later regained in the day with the stock closing around 2.5% down on Friday. In the first three months of 2020, the stock has dropped over 31% versus...
An international investigation at Luckin Coffee (NASDAQ:LK) accused its COO on Thursday of fabricating sales figures in 2019 by a massive £252.90 million. Following the regulatory filing, China’s largest domestic coffee chain was seen trading over 80% down in premarket trading on Friday. The accounting fraud cost wiped out roughly £4.08 billion from Luckin Coffee’s market value. Luckin Coffee Immediately Fired The Accused...
Dave & Buster’s Entertainment (NASDAQ:PLAY) released its quarterly performance results on Thursday that topped analysts’ estimates for earnings and revenue and sent the stock 12% higher in after-hours trading. The stock, however, had declined 6.1% earlier in the regular session. Closing at £8.20 per share on Thursday, the American restaurant and entertainment business was still around 75% down year to date in the stock marke...
The ongoing Coronavirus pandemic is weighing heavily on the U.S restaurant industry with the majority of the dine-ins suspending operations and consumers preferring to eat at home to minimize the fast-spread of the flu-like virus. In order to extend support to its countrywide operators amidst the business disruptions, Restaurant Brands International (TSE:QSR) revealed on Monday that it has started deferring rents for its franchisees. Burger King&...
Wendy’s (NASDAQ:WEN) said on Thursday that Coronavirus fueled a 20% decline in its same-store sales. The American international fast food restaurant also highlighted measures directed at supporting its franchisees and improving liquidity at large. Wendy’s also withdrew its forecast for the current year while it refrained from giving its long-term financial guidance for 2021 to 2024 as well. In its previous guidance, Wendy’s had...