Carrols Restaurant Group bounces back with impressive Q3 profits, posting $12.61 Million net gain and robust comparable sales growth

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November 10, 2023

Carrols Restaurant Group, a Burger King franchisee headquartered in the United States, has disclosed a net profit of $12.61 million in the third quarter of 2023, a significant improvement from the net loss of $8.69 million reported in the same period last year.

For the quarter ended October 1, 2023, total restaurant sales reached $475.76 million, indicating a 7.2% increase compared to the $443.96 million reported in the same period a year ago.

In the third quarter of 2023, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to $41.9 million, up from $17.7 million in Q3 2022.

The company reported a notable increase in comparable restaurant sales for its Burger King establishments, surging to 8.1% compared to the 4.9% recorded last year.

The company witnessed a substantial growth of 11.7% in comparable restaurant sales for its Popeyes establishments, marking an increase from the 6.5% recorded in the corresponding period last year.

Carrols president and CEO Deborah Derby said, “We are pleased to report yet another quarter of exceptional performance for Carrols, demonstrated by strong comparable sales growth at our Burger King and Popeyes restaurants, along with a 74% increase in our restaurant-level profitability.

“We were thrilled to achieve positive traffic growth at our Burger King restaurants earlier than anticipated, with great traction on recent product launches, such as the BK Royal Crispy Wraps, which significantly outperformed expectations in the third quarter. Equally important, we delivered continued improvement in our speed of service and guest satisfaction scores, as our team members worked hard to provide our guests with an excellent experience in our restaurants.”

Moreover, the free cash flow for the quarter amounted to $33.9 million.

Derby added, “During the quarter, we generated free cash flow of over $30m, driving a reduction in our total net leverage ratio to 2.8 times.”

YouMee brings its delectable Asian cuisine to Noida in its latest venture

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November 10, 2023

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YouMee, renowned for its exquisite Asian cuisine, is delighted to announce the grand opening of its latest venture at Advant Navis Business Park. This newest addition assures to captivate the taste buds of Noida residents, offering a tantalizing fusion of flavors in the heart of the city.

Situated strategically within Advant Navis Business Park, YouMee’s first establishment in Noida is poised to please both locals and visitors with its varied menu featuring Japanese, Chinese, Thai, and other Asian delicacies.

YouMee entices patrons with a diverse menu that caters to a wide range of tastes and preferences. Featuring core delights such as Truffle Mushroom Sushi, New York Cheese and Chili Oil Dim Sums, and Veggie Delight Ramen, alongside an enticing array of dishes like Katsu Chicken Bao, Miso Shiro Soup, and Kung Pao Chicken. Whether you yearn for the delicate artistry of Sushi, the bold flavors of Spicy Thai Curries, or the satisfying crunch of Crispy Spring Rolls, the menu promises a delightful journey through the rich tapestry of Asian cuisine. Each dish is meticulously crafted to satisfy cravings and awaken taste buds.

The interiors of YouMee’s first outlet in Noida are a visual treat, designed to transport guests to the heart of Asia. The color palette, consisting of black, white, red, and wood, sets the stage for a sophisticated yet inviting atmosphere. Drawing inspiration from traditional Japanese toys, the interior design exhibits a charming fusion of playfulness and elegance. The subtle Manga theme is meticulously maintained with a minimalist approach, offering a tasteful nod to the captivating world of Japanese comics and animation. Every detail has been carefully crafted to create an immersive and welcoming ambiance that complements the delectable flavors on the menu, making dining at YouMee a delightful sensory experience.

“We’re excited to bring YouMee to Noida, where we look forward to becoming a part of this dynamic and diverse community. Our commitment to delivering delicious and authentic Asian cuisine is what sets YouMee apart, and we can’t wait to share our culinary passion with the people of Noida,” said Mr. Rohit Aggarwal, Co-founder and Managing Director of Lite Bite Foods.

In the journey of expansion, the brand’s steadfast commitment to delivering a diverse and authentic Asian culinary experience takes a significant step forward. This chapter marks the beginning of an exciting venture, promising to delight local residents and visitors with its tantalizing menu, welcoming ambiance, and unwavering dedication to culinary excellence. YouMee invites all to join in the adventure and savor the extraordinary fusion of tastes and culture that the brand represents.

Danone breaks new ground with debut of Fortimel in China’s special medical foods category

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November 10, 2023

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Danone has introduced Fortimel, marking its inaugural entry into the adult foods for special medical purposes category in China within the realm of medical nutrition products.

As part of its strategy in China, Danone aims to capitalize on its scientific expertise across various life stages, focusing on advancing adult medical nutrition. The introduction of Fortimel is a response to the growing prevalence of chronic diseases among China’s aging population. With a heightened emphasis on ensuring sufficient nutritional care, particularly for individuals recently discharged from hospitals, this initiative aligns with Danone’s commitment to addressing evolving healthcare needs.

According to Danone, following hospital discharge, specialized medical nutrition products such as Fortimel play a crucial role in mitigating the risk of malnutrition, especially when regular dietary needs cannot be adequately met through conventional food alone.

The dairy industry leader currently supplies its Nutrison and Peptisorb tube-feeding products to 90% of the leading hospitals in China, catering to patients facing difficulties in eating or swallowing normally due to specific medical conditions or diseases.

Bruno Chevot, Danone’s president China, North Asia and Oceania, said, “The launch of Fortimel Balanced is another milestone on Danone’s ‘Innovated in China, Made in China’ journey. The product leverages Danone’s cutting-edge science and research capability to cater to the nutritional needs of Chinese patients. It marks a solid step into the aFSMP market in China and helps Danone to further grow its portfolio covering the full life spectrum.”

Jean-Marc Magnaudet, president of specialised nutrition at Danone, added, “Pioneering patient-centric medical nutrition solutions is at the heart of our strategy for specialised nutrition. This innovation marks a key milestone in our strategic ambition to accelerate in adult medical nutrition. It combines our 125-year legacy and scientific expertise in medical nutrition with our understanding of the Chinese healthcare ecosystem to bring new solutions that support the health and recovery of Chinese patients.”

In order to thrive in this novel category in China, Danone extensively researched the eating habits and taste preferences of Chinese patients. Starting this month, adapted flavors such as red date and goji berry, along with milk, tailored to Chinese taste preferences, will be introduced.

Fashion retailer Citykart announces expansion plan in three Indian states, eyes 100 store milestone

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November 10, 2023

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Citykart, the fashion retailer, has announced its plans to inaugurate ten additional stores in Uttar Pradesh, Bihar, and West Bengal, according to a press release issued on Thursday. The company aims to create employment opportunities for approximately 300-400 individuals in these regions through the establishment of these new stores.

The inauguration of these stores is in line with the retailer’s goal to achieve the milestone of 100 stores within the current year.

“We are excited to embark on this ambitious expansion journey, opening 10 new Citykart stores across West Bengal, Bihar, and Uttar Pradesh. Our commitment to serving the unique needs of families in tier-II and tier-III cities remains unwavering. We look forward to welcoming new customers and strengthening our bond with existing ones as we continue to grow and evolve in these vibrant regions,” said Sudhanshu Agarwal, founder of Citykart Retail.

Citykart commenced its expansion with its first store in Kanchrapara, West Bengal, marking the retailer’s entrance into the state. Among the ten stores in total, six have been strategically situated in Bihar across cities such as Patna, Darbhanga, Muzaffarpur, Motihari, Bettiah, and Siwan. The remaining three stores are slated for Uttar Pradesh across Jaunpur, Jhansi, and Rajaji Puram.

All these stores are scheduled to be operational in time for the festival season.

Delhi-based CityKart, founded in 2015 by Sudhanshu Agarwal, centers its operations on family fashion in tier-II and tier-III cities.

Despite 12.75% revenue surge, Coffee Day Enterprises reports Q2 loss of INR 109.15 Crore

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November 10, 2023

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On Thursday, Coffee Day Enterprises Ltd reported a consolidated net loss of INR 109.15 crore for the second quarter ending in September 2023, citing exceptional items.

According to a regulatory filing from Coffee Day Enterprises Ltd (CDEL), the company had posted a profit of INR 4.35 crore in the July-September period a year ago.

Nevertheless, the second quarter of the current fiscal saw a 12.75% increase in revenue from operations, reaching INR 258.40 crore, compared to INR 229.16 crore in the corresponding period of the previous year.

It incurred costs amounting to INR 119.22 crore in exceptional items.

Before factoring in exceptional items and taxes, CDEL recorded a profit of INR 3.50 crore.

“During the Quarter ended 30 September 2023, Tanglin Developments Limited(subsidiary) has received its Global Village Second tranche sale proceeds of INR 349 crores prost deductions of certain expenses incurred by GV Tech Parks on behalf of the Tanglin Developments Limited(subsidiary) and for non-satisfaction of certain CP’s as agreed in the investment agreement and an amount of INR 45.22 crores is shown as an expense under exceptional items,” it said.

Additionally, Tanglin Developments fulfilled its corporate guarantee liability by repaying INR 93 crore, adhering to the terms outlined in the settlement agreement with the lender of Coffee Day Global Ltd and Sical Logistics, concluding the matter in full and final settlement.

“Of INR 93 crores, an amount of INR 50 crores was paid towards corporate guarantee obligation of Sical Logistics Limited. Since, Sical Logistics Limited’s resolution process is completed and judgment given on 8th December 2022. No amount is recoverable and same is shown as an expense under exceptional items,” it said.

Total expenses for the September quarter stood at INR 258.46 crore, reflecting a 5.18% increase.

In Q2/FY24, income from the coffee and related business amounted to INR 247.53 crore, while INR 11.32 crore was generated from hospitality services.

Revenue for the September quarter reached INR 261.96 crore, marking a 4.79% increase.

On Thursday, Coffee Day Enterprises Ltd shares concluded at INR 48.63 on BSE, reflecting a 1.30% decline.

Apparel Group unveils 15th R&B store in Bengaluru, driving expansion in India

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November 10, 2023

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Fashion brand Rare and Basics (R&B), owned by the Apparel Group, has recently unveiled its latest retail venture in Bengaluru, as shared by Apparel Group India on social media. Positioned in Hennur, this independent store proudly stands as the 15th addition to R&B’s expanding network of retail outlets across India.

“We are happy to announce the opening of Apparel Group brand R&B’s newest store in Hennur, Bengaluru. This is the brand’s 5th store in Bengaluru and the 15th store in India,” Apparel Group India wrote on LinkedIn while posting pictures of the new store.

In October 2012, the Apparel Group launched R&B and opened its first retail store at Muscat Grand Mall in Oman. As stated in a previous press release, the company currently operates over 70 stores across seven countries, including India, Oman, UAE, Qatar, Bahrain, Kuwait, and Saudi Arabia.

In India, R&B currently has a presence in Kozhikode (Kerala), Kochi, Ahmedabad, Hyderabad, Bengaluru, Mangalore, and Mysore.

UAE-based Apparel Group oversees a robust network of more than 2025 retail stores, showcasing a diverse portfolio of over 80 brands across multiple platforms. Among the prominent brands featured are Aldo, Bath & Body Works, Tim Hortons, Tommy Hilfiger, Nine West, it Spring, Charles & Keith, Inglot, La Senza, Beverly Hills Polo Club, and Victoria’s Secret.

Beer and spirits giant Diageo sees 14% share drop on weak Latin American outlook

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November 10, 2023

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Diageo PLC, the prominent spirits and beer company, experienced a significant decline in its market worth on Friday. This downturn was triggered by its cautionary announcement regarding a pronounced deceleration in business across Latin America and the Caribbean, impacting both sales and prospective profits.

During the initial trading hours in London, the company witnessed a 14% decline in its share price. This drop followed the company’s communication to investors, indicating an anticipated slowdown in growth for the first half of the current financial year compared to the preceding half-year.

It attributed the “materially weaker” outlook in Latin America and the Caribbean to “macroeconomic pressures” and customers shifting to more affordable products, leading to a downturn. This geographic segment constitutes approximately 11% of Diageo’s overall sales.

Investors were taken aback by this development since the company, known for its portfolio including Johnnie Walker whisky, Captain Morgan rum, and Guinness, had earlier suggested a “gradual improvement” in sales growth.

The group emphasized its anticipation of growth improvement in North America, and it reported “continued momentum” in its businesses in Europe and the Asia Pacific, albeit at a slower pace compared to the preceding half-year.

Debra Crew, Diageo’s Chief Executive, noted that the company has observed repercussions from tensions in the Middle East, including the conflict in Gaza.

“It has impacted results for the region since we have stopped trading in some parts,” he said. “It is certainly not the largest part of Europe and Asia Pacific, but we have seen an impact since the tensions and it is weighing on consumer sentiment a little bit more broadly, but this has just been the last few weeks.”

Sophie Lund-Yates, the primary equity analyst at stockbrokers Hargreaves Lansdown, mentioned that Diageo possesses formidable brand strength. However, she added that Friday’s warning might raise concerns about the possibility that a “shift in preferences could have implications for other, more significant markets.”

Parag Milk Foods’ Q2 FY24 net profit skyrockets, surpassing INR 25.19 Crore and marking a 120.9% YoY surge

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November 10, 2023

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Dairy FMCG firm Parag Milk Foods Limited (PMFL) reported a notable improvement in its financial performance on Friday. The company disclosed a substantial year-on-year (YoY) increase of 120.9%, with its consolidated net profit reaching INR 25.19 crore for the second quarter (Q2) ending September 2023. This signifies a noteworthy rise from the INR 11.39 crore consolidated net profit reported in the corresponding quarter of the previous fiscal year, as outlined in its recent regulatory filing.

In the same period a year earlier, the company’s total income increased to INR 803.7 crore in Q2 FY24, up from INR 665.16 crore.

According to the BSE filing, total expenses for the company expanded to INR 779.34 crore in Q2 FY24, compared to INR 654.83 crore in the corresponding period of the previous fiscal year.

The company noted a robust beginning to the festive season, marked by strong demand across various segments.

Despite the elevated festive performance of the previous year, the fundamental categories consistently recorded robust growth in both volume and value. This growth was attributed to inventive branding strategies and an extended distribution network. The stabilization of procurement prices, coupled with an enhanced product mix, contributed to a 220 basis point expansion in the Gross Profit Margin (GPM). This expansion also translated into an increased EBITDA margin, as shared by the company.

The EBITDA margin for the quarter saw a year-on-year expansion of 160 basis points, reaching 7.3%. The overall business health remained robust, as Parag Milk Foods Limited (PMFL) reported a healthy cash flow from operations amounting to INR 48.93 crore.

PMFL’s creative integration with Kaun Banega Crorepati (KBC) has facilitated a robust connection with consumers and an extension of distribution reach. According to a company statement, this integration is anticipated to enhance outreach particularly in tier 2 and tier 3 towns and cities.

Expanding its distribution reach and coverage of outlets will remain a strategic focus area for PMFL, with ongoing investments in this direction.

Devendra Shah, chairman of the company said, “On the back of a softening input cost environment and with good festive demand we expect the growth momentum to accelerate. Given this backdrop, we are confident to show healthy growth in our profitability in the coming quarters as well. We have also embarked on a business transformation drive by partnering with Boston Consultancy Group (BCG) to aid us unlock new avenues for growth, and streamline our operations for long-term sustainability.”

Parag Milk Foods additionally conveyed that key categories, such as Ghee and Cheese, sustained consistent momentum throughout the quarter, achieving a year-on-year growth of 6.2 percent.

GTRI proposes strict policies to combat consumption of unhealthy food in India

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November 10, 2023

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On Friday, the Global Trade Research Initiative (GTRI) proposed that the government implement rigorous policies, including raising taxes on unhealthy food products and launching impactful public health campaigns. GTRI also suggested establishing legal restrictions on the levels of trans fats, sugar, and salt in processed foods, along with enforcing stringent food labeling regulations that mandate transparent and easily understandable nutritional information. These measures aim to address the escalating consumption of detrimental processed foods in the country and empower consumers to make informed choices about their dietary habits.

“In light of the Food and Agriculture Organization’s State of Food and Agriculture (SOFA) report, GTRI recommends stringent policy measures, including taxation on unhealthy foods and robust public health campaigns, to curb India’s rising consumption of harmful processed foods,” it said.

The study, which analyzed 154 countries, revealed that agricultural food systems globally incur hidden costs amounting to a minimum of USD 10 trillion each year.

In the case of India, this results in an annual sum of USD 450 billion, driven by environmental harm caused by greenhouse gas emissions, improper use of land and water resources, as well as health issues stemming from air pollution and diet-related diseases, according to the report.

The report noted that the proportion of ultra-processed foods, fats, and sugars is escalating at a concerning rate within India’s USD 325-billion food processing sector.

“The country’s battle with unhealthy diets, predominantly rich in ultra-processed foods, fats, and sugars, is a key contributor to these hidden costs,” GTRI Co-Founder Ajay Srivastava said.

According to him, the report emphasizes that these dietary patterns result in obesity and non-communicable diseases, leading to significant losses in productivity.

Given that India’s concealed expenses arising from unhealthy diets are calculated at 7.2 percent of GDP, the imperative for a dietary revolution is now more pressing than ever.

It recommended “enforcing increased taxes on ultra-processed foods, sugary beverages, and high-fat snacks to deter consumption. This approach could resemble the sugar tax implemented in certain nations.

“Import duties may be raised to the highest allowed level to cut unhealthy imports,” Srivastava said, adding there should be restrictions on the advertising of unhealthy foods, especially during children’s television programming and on platforms predominantly used by younger audiences.

He further stated that the government encounters a significant challenge: to harmonize the dimensions of agri-food systems by incorporating environmental stewardship, health awareness, and social equity into its policy framework.

“The FAO’s findings serve as a wake-up call for India to safeguard its future against the tide of environmental degradation and the burgeoning health crisis linked to dietary choices,” he said.

Shraddha Kapoor brightens Diwali with Hershey’s new digital campaign!

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November 10, 2023

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Hershey India, a division of The Hershey Company, a prominent global snacking enterprise, has introduced a fresh digital initiative titled “Shraddha Waali Diwali” for its renowned HERSHEY’S KISSES brand, featuring Shraddha Kapoor as the brand ambassador. Remaining aligned with its core values of fostering heartfelt connections with those close to us, the digital film underscores the importance of reveling in the enchantment of unspoken moments with friends and family during the Diwali festivities.

Discovering how a beloved celebrity celebrates a special occasion is a source of fascination for many. Hershey India leverages this curiosity to establish relatability and forge connections with its audience this Diwali. The film unveils the essence of a ‘Shraddha Waali Diwali’ as a part of the ‘HERSHEY’S Waali Diwali’ celebration.

The film opens with a captivating scene featuring Shraddha Kapoor engrossed in her Diwali preparations. With enthusiasm, she highlights that when words fall short in expressing affection, the HERSHEY’S KISSES brand emerges as a perfect gifting solution, resonating with the festival’s spirit of love and togetherness. This cinematic experience beautifully encapsulates the simplicity and sweetness of Diwali celebrations, showcasing how the HERSHEY’S KISSES brand can be a source of pure goodness, enhancing the joy of those special moments with loved ones and fortifying everlasting bonds with family, siblings, and friends.

Commenting on the new campaign, Ankit Desai, Marketing Director, Hershey India said, “Chocolates have made a special place in consumers’ hearts as a preferred choice for celebrating moments of togetherness, through shared consumption or gifting, during festivals. Hershey’s delicious range of chocolates have seamlessly become an integral part of Indian households, for elevating everyday occasions or enhancing the joy of festive celebrations. Our latest campaign, Shraddha Waali Diwali, captures the true spirit of Diwali, where love and playfulness combine to create unforgettable moments with HERSHEY’S KISSES brand, fostering warm connections with loved ones. Through this campaign we want to strengthen our connection and relatability with audiences.”

This Diwali, Hershey India has also curated HERSHEY’S Festive Moments Gift Packs, each designed to offer a distinctive and immersive consumer experience through a QR Code featured on the packaging. Encouraging buyers of the HERSHEY’S Festive Moments Gift Pack to scan the QR Code, the initiative invites them on a personalized journey where they can input specific details, tailoring the experience to match the nature of their Diwali celebration—be it with family, friends, or a long-distance festivity.

Upon completing the details, consumers receive a specially crafted wish generated by augmented reality (AR), ready to be shared effortlessly over WhatsApp with their loved ones, thereby infusing a touch of thoughtfulness into the celebration. These Gift Packs showcase Hershey’s iconic brands, such as HERSHEY’S KISSES, HERSHEY’S Bars, and HERSHEY’S Exotic Dark, presenting a curated selection of handpicked flavors for a delectable and melt-in-mouth chocolaty experience.

Hershey’s Festive Gift Packs can be found at various outlets and retail stores across all channels.

Watch the film here:

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