Private-equity firm Rhone Capital will acquire Brazilian steakhouse chain Fogo de Chao for $560 million, the company said Tuesday. The chain has 38 US restaurants with plans to grow to 100 or more, and it's also focused on international growth, Chief Executive Officer Larry Johnson said.
About 57% of Costco members are also Amazon Prime members, compared to 13% five years ago, according to a survey from MoffettNathanson. "Americans appear to be buying into the concept of owning two 'shopping' memberships as the value proposition is fundamentally different," the firm wrote in a research note.
Consumers are likely to accelerate their adoption of online grocery shopping in the wake of recent mergers and acquisitions, a Nielsen report projects. Up to 70% or 80% of shoppers will be venturing online for at least part of their groceries within five to seven years, according to Nielsen's Laurie Rains.
Modern takes on the Jewish deli are opening across the US, putting a new spin on traditional cuisine popularized by iconic delis including New York City's now-closed Carnegie Deli. "We're taking the Jewish deli food back to its roots, but kind of pushing the rest of the experience forward," said Michael Kassar, co-owner of Wexler's Deli in Los Angeles, which serves sustainably sourced fish and hormone-free meat.
Nestle USA has named Steve Presley its new CEO effective April 1, succeeding Paul Grimwood in the role. "Steve's experience will prove invaluable in continuing to pursue new internal and external models to increase the speed of innovation, capitalize on M&A to seed our innovation machine, and create new income streams and capabilities," said Nestle's Laurent Freixe.
Coca-Cola is working to adjust its offerings to meet consumer demand, whether that means acquiring on-trend labels or reworking its beverage ingredients, said Chief Financial Officer Kathy Waller. "If it's got sugar, we're probably reformulating it," she said.
About 92% of US households purchased cereal at least once last year, driving overall sales in the category to $7.7 billion in 2017, according to data from Statistic Brain. "It is still one of the most affordable breakfast options on a per-serving basis for consumers, and it does provide a variety for kids and adults," said James Hyland of Roundy's Supermarkets.
The parent of IHOP and Applebee's Neighborhood Grill & Bar has changed its name from DineEquity to Dine Brands Global, reflecting the company's increased focus on international growth, Chief Executive Officer Stephen Joyce said. The company will close between 90 and 120 units this year, even as it seeks new brands for expansion and franchisees plan up to 15 new international locations.
Domino's Pizza opened 1,045 new units last year and booked sales of $12.2 billion, surpassing rival Pizza Hut's $12 billion in sales. The company's growing size gives it an increased ability to negotiate better deals from suppliers, said Chief Executive Officer and President J. Patrick Doyle said.
Private labels are becoming more important to shoppers, with 53% saying they would pick a store for its private label items, according to a report from Daymon. Successful private labels also encourage innovation and price competition from national brands as consumers have come to trust store brands, the report states.
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