Arcos Dorados, the company holding the master franchise for McDonald’s in Latin America and the Caribbean, has reported an attributable net income of $59.7 million for the third quarter of 2023.
This marks a 27.2% increase from the $46.9 million reported a year ago.
In the quarter ending on September 30, 2023, total revenues reached $1.12 billion, reflecting a notable increase of 22.1% compared to the $921.7 million recorded last year.
The company’s operating income rose to $91.07 million, up from $73.91 million in the corresponding quarter of the previous year.
Benefiting from robust sales across all divisions, systemwide comparable sales experienced a substantial 37.3% year-over-year increase.
In the assessed period, Arcos Dorados’ digital channel sales reached $731.5 million, accounting for 50% of the total systemwide sales.
The consolidated adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the third quarter amounted to $129.1 million, reflecting a 25.8% increase in US dollars and a 43.9% increase in constant currency.
In the most recent quarter, the company inaugurated 27 restaurants, with 25 of them being free-standing locations.
Arcos Dorados CEO Marcelo Rabach said, “The broad-based momentum we captured in the first half of 2023 continued in the third quarter.
“McDonald’s Brand strength, structural competitive advantages and consistent execution continued driving sales growth and market share gains across the Arcos Dorados footprint, with the strongest performance in markets such as Brazil, Chile, Costa Rica and Mexico.
“Our strategy is clear: drive sustainable sales growth, supported by both guest volume and average check growth, to generate operating leverage and long-term profitability growth. To achieve this objective, we are leaning on Value, which has always been a cornerstone of the McDonald’s business.”
Ibersol Group, a multi-brand organized restaurant group, has expanded its presence in Spain by unveiling the first Pret A Manger (Pret) restaurant in the country. With established operations in Portugal and England, this marks a significant milestone for Ibersol’s international portfolio.
Established over three decades ago in London, the British sandwich and organic coffee brand has arrived in Barcelona, setting up a new location at the Josep Tarradellas Barcelona – El Prat airport. The brand aspires to position itself as one of the leading food-to-go retailers in the Spanish market.
Through this initial establishment, the Ibersol Group is actively contributing to Pret’s strategic goal of extending its presence throughout Europe. Collaborating with the Ibersol Group, Pret intends to launch 70 establishments in the Iberian Peninsula within the next ten years. These locations will include major urban centers as well as pivotal commercial venues such as airports and railway stations in Spain and Portugal. The collaborative venture and the ambitious expansion strategy in the region aim to position Pret as one of the rapidly advancing brands in the sector.
Pret has made its debut in Barcelona with a spacious new store situated in the Arrivals Area of Terminal 2B at Barcelona airport. The operation of this location will be directly overseen by the Travel division of the Ibersol Group.
The recently opened 530m2 store can cater to 160 customers, providing them with a diverse selection of freshly crafted sandwiches, salads, wraps, and hot meals, including a substantial range for both vegetarians and vegans. Pret’s delectable offerings are prepared daily by Team Members in kitchens, using the finest quality, thoughtfully chosen ingredients.
Furthermore, Pret presents a wide array of hot and cold beverages expertly crafted by its skilled baristas. This includes organic coffees, teas, and options with either traditional milk or plant-based alternatives.
“We are very pleased to announce the first opening in our country of Pret A Manger, one of the world’s leading restaurants in the world. This is a great milestone for the company, with which we begin the brand’s development plan in the Iberian Peninsula, with the aim of opening 70 establishments in Spain and Portugal in the next decade, and positioning it as one of the great benchmarks and with the greatest growth projection in the sector,” said Dr. Alberto Teixeira, President of the Ibersol Group.
“Pret’s growth around Europe is well underway, and we’re delighted to be bringing our freshly made food and organic coffee to even more people across the region. Opening our first Pret A Manger in Spain is another huge moment for Pret, and something I’ve been personally excited for. Ibersol is the perfect partner to help us introduce the Pret experience to people in Barcelona first, then across the Spain and Portugal,” said Pano Christou, CEO of Pret.
Presently, Pret boasts a presence of over 660 stores across 15 markets. Key European markets encompass the UK, Ireland, France, Luxembourg, Switzerland, Belgium, Germany, and Italy.
As the cricket fever reaches its zenith, the entire nation is gearing up for the grand showdown between India and Australia in the World Cup final. To add an extra dash of excitement to this already thrilling event, Khubani – Delhi is inviting fans to experience the World Cup final like never before.
Located in the vibrant heart of Delhi, Khubani is transforming into the ultimate cricket haven this Sunday, welcoming fans to witness the clash of titans on the big screen. The atmosphere promises to be nothing short of electric as cricket aficionados gather to cheer for Team India in a style that’s uniquely Khubani.
What sets Khubani apart is its commitment to ensuring that every moment of the World Cup final is celebrated in grandeur. The festivities kick off at 2:00 pm, right before the first ball is bowled, and continue until the final match whistle blows. The establishment is not just offering a live screening; it’s promising an immersive experience that combines the thrill of the game with an unmatched ambiance.
But what’s a cricket celebration without a touch of indulgence? Khubani has you covered with unlimited beers and appetizers, making sure that your taste buds are as satisfied as your cricketing spirit.
The invitation is extended to all – bring your friends, deck yourselves in the vibrant hues of Team India, and join the celebration at Khubani. The venue promises an ambiance where the collective heartbeat of passionate fans will resonate with the stadium cheers, creating an unforgettable experience for everyone present.
The World Cup final is not just a game; it’s a spectacle, and Khubani – Delhi is your front-row seat to the action. Whether you’re a cricket fanatic or just looking for a great time with friends, this is an experience not to be missed.
The Ribbon Room Bar & Tequileria has opened its doors within the luxurious confines of Juhu’s Sea Princess Hotel in Mumbai. This establishment is a passionate endeavor, aiming to craft an exclusive dining space for the discerning food lovers of the city.
Established by Sunny Sara, Ritik Bhasin, Shashi Thadani, and Neha Gundecha, The Ribbon Room spans two expansive floors. It showcases an exquisite blend of wood and leather textures, embodying sophisticated grandeur.
Sharing his thoughts on the opening, Sunny Sara, director, Orion Entertainment, said, “With The Ribbon Room, we have crafted a dining and drinking space that oozes flair and finesse. Our bar and tequileria hosts a vivid variety of spirits, and our customised agave menu will surely fetch a lot of ardent fans. Our interiors also elicit a sense of wow and wonder. We have achieved the perfect marriage between chic and classy as well as colourful and flamboyant in our interior design. An unforgettable visual and unparalleled dining experience awaits patrons at The Ribbon Room.”
Procter & Gamble (P&G), the leading global consumer goods manufacturer, approached the $2-billion sales milestone in India, marking over three decades since its entry into the country. Despite challenges such as rising input costs and price adjustments, the Cincinnati-based company achieved a remarkable 15% year-on-year growth in FY23, accompanied by a substantial 26% increase in net profit.
The company disclosed sales totaling INR 16,089 crore and a net profit of INR 1,682 crore across its four Indian subsidiaries, namely pharmaceutical firm P&G Health, shaving products manufacturer Gillette, P&G Health & Hygiene, and P&G Home Products. Among these, P&G Home Products, an unlisted entity responsible for producing Tide detergent, Pantene shampoo, and Pampers diapers, experienced the most significant upswing. According to the latest regulatory filings, the arm recorded a 51% increase in profit, reaching INR 419 crore, with net sales rising by 27% to INR 8,464 crore in FY23.
The managing director, LV Vaidyanathan, attributed the company’s performance to robust volume growth, premiumization efforts, and productivity interventions.
“Our results can be attributed to our teams’ execution of our integrated growth strategies of focusing on daily use categories where performance drives brand choice, irresistible superiority across product, packaging, communication, go-to-market execution, and value, productivity, constructive disruption, and an agile and accountable organisation structure and culture,” said Vaidyanathan.
“We are confident these are the right strategies in near term to continue driving a balanced top- and bottom-line growth in a competitive macroeconomic environment.”
Over the last two decades, Procter & Gamble (P&G) has injected more than INR 20,000 crore into the country, solidifying its position as one of the company’s top 10 markets worldwide.
In India, P&G competes with Hindustan Unilever (HUL), Unilever’s local unit, which is nearly four times its size. Despite being the market leader, HUL controls more than half of the market for sanitary napkins and shaving razors. However, P&G has consistently gained shares in these segments, showcasing its competitive resilience.
In contrast to other companies where 40-45% of sales come from rural areas, P&G has traditionally emphasized premium and urban-centric products. Nevertheless, in certain states like Kerala and Tamil Nadu, P&G’s rural market share surpasses its urban share. Additionally, Vicks exhibits a larger presence in villages than in urban areas. Even for its entry-level shaving brand, Gillette Guard, 45% of sales originate from rural regions.
Two months ago, Vaidyanathan, in P&G’s first-ever investor call, mentioned the company’s aggressive investments in the supply chain to cope with demand volatility.
“Historically, our supply chain has been a competitive advantage for us, and we are investing significantly to strengthen this advantage and be better positioned to handle larger capacity and higher ranges of demand volatility, while reducing over-dependence on singular nodes. We are calling this Supply 3. 0, an end-to-end synchronised, sustainable and resilient supply chain, amplified by data analytics,” he said.
SoundHound AI, a leading provider of voice-based artificial intelligence (AI) solutions, has unveiled its latest offering, Employee Assist, designed specifically for the restaurant sector.
The technology firm stated that its recently launched Employee Assist is a conversational artificial intelligence (AI) solution meticulously crafted to assist employees in the restaurant industry.
Employee Assist furnishes details regarding food and beverage items, addresses common business queries, and provides updates from the manager’s log along with essential daily tasks.
The innovative technology utilizes its voice AI in conjunction with generative AI capabilities to assimilate and comprehend instruction manuals, ingredients, and allergen information.
Details are subsequently relayed to the restaurant staff via their headsets in the course of a seamless two-way exchange.
Moreover, the company asserts that its innovative technology comprehends natural human speech without necessitating employees to alter their conversational style.
The innovative solution will also assist restaurant operators in minimizing the inherent challenges associated with inexperienced and multitasking employees.
SoundHound AI co-founder and chief product officer James Hom said, “Employee Assist offers a first-class solution to support busy employees and remove any friction and confusion from the equation. It’s an AI-powered expert in their ear that delivers the right information every time.
“Both restaurant operators and customers are now embracing cutting-edge technology like this because they understand that it’s capable of creating a more efficient and productive ordering experience.”
In September 2023, SoundHound AI seamlessly integrated with Olo, extending its technology accessibility to all locations utilizing Olo’s technology.
The integration smoothly directed voice orders to the Olo platform, seamlessly aligning with a restaurant’s operational processes.
Young’s, a pub operator based in the UK, has finalized a deal to purchase City Pubs Group for an estimated sum of around £162 million ($201 million).
As per the mutually agreed upon terms by the boards of Young’s and City Pubs, Young’s will acquire the complete issued and to be issued ordinary share capital of City Pubs.
Young’s CEO Simon Dodd said, “We are excited to be announcing the proposed acquisition of City Pubs, with the full recommendation of their Board.
“City Pubs is an excellent business we have followed for some time and one which aligns closely with Young’s in terms of both strategy and culture.
“Like us, City Pubs operates premium, individual and well-invested pubs and rooms, with a focus on the highest standards of customer service. Both businesses have performed well in a tough trading environment recently, a testament to the strength of our business models, people and approach to customers.”
Under the terms of the agreement, investors of City Pub Group will receive 108.75p in cash per share, with the remaining portion paid in Young’s shares.
As reported by the Caterer, the agreement is anticipated to expand Young’s managed trading estate by adding 50 pubs, bringing the total to 279 pubs.
City Pubs executive chairman Clive Watson said, “All at City Pubs can feel very proud of what has been built up over the past 12 years.
“City Pubs was an EIS start-up that began trading in March 2012 and now has an estate of fifty premium pubs in the great cities of Southern England and South Wales.
“Like all hospitality businesses, the pandemic derailed City Pubs’ progress, but it has been able to produce a strong performance since with a more focussed, reshaped business with the lowest debt in its history and a solid strategy in place.”
Pricepally, an online grocery store based in Nigeria specializing in fresh produce and packaged food, secured $1.3 million in seed funding. The funding round was supported by Samurai Incubate, a Japanese venture capital firm that had previously participated in the startup’s pre-seed round in 2021. Other contributors to the funding include SOSV, ELEA, Hi2 Global, Chui Ventures, and David Mureithi, a former executive at Unilever.
After securing the latest funding, the startup now joins a small group of African food e-commerce companies that have successfully raised funds this year. This includes Yebo Fresh in South Africa and Terraa in Morocco, highlighting a trend where venture capitalists are increasingly cautious in expanding their operations.
Pricepally has announced its intention to utilize the funding to broaden its reach beyond the three cities it presently caters to in Nigeria. Additionally, the startup aims to reintroduce group buying as part of its commitment to providing consumers with affordable food options. The company ensures efficient delivery of ordered produce through its digital platforms, such as the app and WhatsApp chatbot, offering same- or next-day delivery. While maintaining fulfillment centers within its current operational cities, Pricepally outsources delivery services.
In 2019, Luther Lawoyin (CEO), Deepak Bansal (CTO), Mosun Lawoyin (CXO), and Jummai Abalaka (COO) founded Pricepally with the goal of mitigating the impact of rising inflation, shortages, and escalating prices on food. Their mission was to lower the cost of food, enhance availability, and maintain price predictability.
According to Luther Lawoyin, Pricepally acquires fresh produce directly from farmers, including those with whom the startup has contractual agreements, and packaged food from manufacturers. The pricing of the produce is frequently subject to negotiation. This, combined with the use of short food supply chains, contributes to maintaining affordable costs for the supplies.
“We have more control over quality and supply because we have specific farmers supplying specific products. We also carry out price research across local markets and our prices are a lot fairer and that’s just because we’ve taken out several layers of middlemen. The idea now going forward is for us to capitalize on our sourcing strength to solve one of Nigeria’s biggest problems currently, which is food insecurity,” said Lawoyin.
“In many ways we are more than just selling products. We are bringing transparency and visibility into the market.”
Lawoyin attributes Pricepally’s consistent growth in customer accounts and impressive customer retention to transparency. Over 80% of its revenues come from existing buyers, serving as a testament to the credibility of its value proposition.
Lawoyin stated that Pricepally primarily focuses on retail buyers, constituting 70% of its customer base. This preference is attributed to the fact that individual consumers pay upfront, are more cost-effective to acquire, and offer higher profit margins compared to businesses.
The startup foresees that the reintroduction of online group buying, allowing retail customers to unite and access wholesale prices, will expedite its growth amidst the ongoing challenges of rising food prices. Additionally, the company aims to attract new customers through April, its recently launched WhatsApp chatbot, specifically targeting the mass market in Nigeria, a country with one of the highest WhatsApp usage rates globally.
Commenting on the deal, Rena Yoneyama of Samurai Incubate said, ”The great thing about Pricepally is their execution ability. There are still many difficulties with e-commerce in Nigeria, and many things that work normally in other major African cities often do not work due to a lack of both hard and soft infrastructure and trust issues.”
“However, Pricepally has worked hard to improve the quality of service, increase customer satisfaction, earn the trust of customers, and has built up a very high percentage of repeat customers. Their healthy unit economics and continuous business growth proves that.”
Meituan, the prominent Chinese delivery company, is reportedly considering the possibility of acquiring the Foodpanda delivery business in Southeast Asia. This move is part of Meituan’s strategy to expand its operations beyond the domestic market, as disclosed by individuals familiar with the situation.
Discussions regarding a potential acquisition have taken place between Meituan and Delivery Hero, the Germany-based parent company of the Foodpanda brand. The individuals providing this information requested to remain anonymous as the details are confidential.
The outcome of the discussions remains uncertain, and there is no guarantee that they will result in a transaction. Other potential bidders may also come forward. Despite requests for comment, a representative from Meituan did not respond, and a spokesperson for Delivery Hero declined to provide any comments.
Established in 2010, Meituan has grown to become the largest food delivery platform in China. With a presence in over 2,800 cities and counties within the world’s second-largest economy, the tech giant launched KeeTa, a new food delivery brand, in Hong Kong in May.
Meituan’s entry into Southeast Asia would pose a competitive challenge for Grab Holdings Ltd, the super-app dominating the region with its services in ride-sharing, food delivery, and fintech.
The Singaporean company, which has recently achieved profitability on an adjusted basis after a decade of operation, would face a significantly more formidable competitor in Meituan compared to its existing regional counterparts.
Grab has been suggested as a potential contender for the acquisition of the regional Foodpanda operations.
Foodpanda holds a substantial presence in Southeast Asia, contributing to approximately 20% of the region’s gross merchandise value in 2022. According to Bloomberg analysts, Grab is viewed as a more suitable candidate for acquiring Foodpanda compared to regional counterparts Sea and GoTo. The latter faces challenges related to competition and cash flow risks. Analyst Nathan Naidu suggests that a potential deal could elevate Grab’s market share from the current 40-50% to above 70%.
In the quarter ended in June, Meituan announced its swiftest revenue growth since 2021, driven by the resurgence of dining and travel following the depths of the Covid-19 crisis, despite a broader slump in consumer spending.
The company is broadening its scope, venturing beyond grocery retailing into group-buying. In March, it opted to discontinue its self-operating model for ride-hailing services as a cost-cutting measure. Additionally, it is making substantial investments in live-streaming services to compete with rivals such as Douyin, the local counterpart of TikTok.
In September, Delivery Hero announced ongoing discussions regarding the potential sale of a portion of its operations in Southeast Asia, where growth has plateaued since the easing of Covid lockdowns. The proposed deal would include the divestment of the Foodpanda brand in Singapore, Malaysia, the Philippines, Thailand, Cambodia, Myanmar, and Laos.
According to reports, key players in the industry have advocated for the central authorities to allow foreign direct investment (FDI) in inventory-based e-commerce platforms that engage in the export of goods.
As per the news agency PTI, Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi has indicated that the Department for the Promotion of Industry and Internal Trade (DPIIT) has received requests from ecommerce platforms to reconsider the Foreign Direct Investment (FDI) policy on the matter.
According to the existing policy framework, foreign direct investment (FDI) is allowed exclusively in e-commerce platforms following a marketplace model, while it is prohibited for inventory-based e-commerce entities.
Sarangi mentioned that the Directorate General of Foreign Trade (DGFT) is actively engaged in implementing various measures. Additionally, he noted that the DGFT is considering the concept of establishing e-commerce export zones to boost exports through online platforms.
“For export purposes, if these (rules) could be revisited is something that we are requesting the DPIIT to examine and explore… and this could be one step forward for creating the ecommerce export zones that DGFT and its team has been working on,” Sarangi was quoted as saying.
Simultaneously, efforts are in progress to provide warehousing facilities and expedited packaging clearance services within these e-commerce export zones.
“But the present policy ecosystem does not support creation of this because the export-oriented unit (EOU) model is exclusively for manufacturing. But here we are talking of a facility which is not exactly manufacturing but a little bit of processing and packaging,” he added.
According to Sarangi, the Directorate General of Foreign Trade (DGFT) is actively constructing an Export Oriented Unit (EOU) model specifically tailored for e-commerce exports, starting from the ground up. He remains optimistic about persuading the Department of Revenue regarding the viability of this innovative approach.
“The possibility that our people will be able to sell their own brand to the entire globe using ecommerce platform is something which would require a lot of mindset change…So we are working with the DoR, RBI, and the DPIIT to see how this mindset change can come,” he said.
Highlighting the government’s efforts to boost e-commerce exports, he mentioned that the DGFT is collaborating with the Department of Revenue to conceptualize an initiative resembling the ‘composition levy scheme.’ This initiative aims to exempt smaller players from GST until they reach a specific threshold export value.
Sarangi emphasized that efforts were underway to guarantee that benefits and incentives provided by the central government, such as duty drawback, Remission of Duties and Taxes on Exported Products (RoDTEP), and Rebate of State and Central Taxes and Levies (RoSCTL), are effectively delivered to the intended recipients.
According to reports, the DGFT has entered into a collaboration with the Department of Post to enhance and broaden Dak Niryat Kendras and foreign post offices (FPOs) for the purpose of optimizing e-commerce exports. Sarangi highlighted that over 1,000 such Kendras are in the pipeline, operating on a hub-and-spoke model to facilitate rapid customs clearance and ensure a streamlined export process for e-commerce entities.
Internationally, the department is collaborating with postal services from various countries to establish a comprehensive online tracking system for e-commerce export shipments.
There are reports suggesting that DGFT is considering collaboration with private entities to boost awareness and support for e-commerce exports. Providing examples, Sarangi mentioned that the DGFT is on the verge of signing a Memorandum of Understanding (MoU) with Amazon to launch an initiative aimed at training e-commerce exporters in 20 districts.
He additionally mentioned that the department is in the process of developing a comparable proposal in collaboration with Flipkart and Walmart. Discussions are also underway with entities like eBay to extend the trial to additional districts.
Meanwhile, Sarangi anticipates that India’s e-commerce sector will drive the expansion of both goods and services exports, reaching a market size of $2 trillion by 2030. These remarks were made shortly after a senior Amazon executive announced the platform’s intention to increase exports from India to $20 billion by 2025.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.
