Latest news with #casualdining
Yahoo
6 hours ago
- Business
- Yahoo
Cheesecake Factory reports 1.2% same-store sales increase in 2Q
You can find original article here Nrn. Subscribe to our free daily Nrn newsletter. The Cheesecake Factory Inc. plans to open 25 new restaurants this year, and it reported a 1.2% same-store sales increase in the second quarter ended July 1, the company reported Tuesday. The Calabasas Hills, Calif.-based casual-dining company expects to open six Flower Child fast-casual restaurants in the year, along with four Cheesecake Factory restaurants, six North Italia locations, and nine restaurants from its Fox Restaurant Concepts stable, which includes such brands as Blanco Cocina + Cantina and Culinary Dropout. For the second quarter ended July 1, The Cheesecake Factory reported revenues of $955.8 million, up from $904.0 million in the second quarter of fiscal 2024. Second-quarter net income was $54.8 million, and diluted net income per share was $1.14. 'We delivered another quarter of strong results, with record-high revenue, continued margin expansion, and profitability that exceeded our guidance,' David Overton, The Cheesecake Factory's chairman and CEO, said in a statement. "The Cheesecake Factory restaurants led our performance, with comparable sales finishing above our expectations, reflecting healthy consumer demand for the delicious, memorable dining experiences we provide.' The Cheesecake Factory opened eight new units in the second quarter, bringing the total restaurant openings to 16 for the first half of the year. Those included two Cheesecake Factory restaurants, one North Italia, three Flower Childs, and two FRC restaurants. The Cheesecake Factory owns and operates 363 restaurants throughout the United States and Canada. Another 34 Cheesecake Factory restaurants operate internationally under licensing agreements. Contact Ron Ruggless at Follow him on X/Twitter: @RonRuggless Sign in to access your portfolio
CNN
a day ago
- Business
- CNN
IHOP pines for TikTok's attention with new Dubai Chocolate pancakes valued at $100
International House of Pancakes, a.k.a. IHOP, is leaning into the first word of its name and jumping on a global viral trend that is as lavish as it is expensive. The chain is capitalizing on the 'Dubai Chocolate' trend, which has tantalized TikTok users over the past year with its decadent flavor profile, turning it into luxurious pancakes that are worth over $100 — or about 900% more than the average cost of its short stack. IHOP's 'Luxe Dubai Chocolate' pancake is a 'truly a luxurious and exquisite version' of the breakfast staple, said the chain's president Lawrence Kim, adding that the dish is the most expensive item it has ever created. The stunt will also attract attention for IHOP, which has faced four consecutive quarters of falling US sales, mirroring a broader decline in the casual dining sector. The pancakes are buttermilk flavored, but infused with Dubai Chocolate flavors, including pistachio, hazelnut and kataifi (a shredded phyllo dough). The stack is then topped with pricey perks like a massive Dubai Chocolate bar, Madagascar vanilla-infused whipped cream and a shaving of edible 24-karat gold flakes that's valued at roughly $3,000 an ounce. However, the pricey pancakes are not available nationwide, and customers won't have to fork over $100: The chain is giving away free tastes of the luxe pancakes at three locations (New York, Los Angeles and Austin) on Monday, August 4, at 12 pm local time and only cooking 25 stacks. After that runs out, IHOP is selling 500 stacks of a pared-down version of Dubai Chocolate pancakes for $13 at only those three locations. The opulent flavor has attracted the attention of millions of social media users, notably on TikTok. The bar originated in 2021 at a chocolate shop in its namesake city, inspired by the shop founder's pregnancy craving. A viral video of the bar led to an explosion in popularity, with people often sharing the flavor in milkshakes at Shake Shack, spotting dupes of the original candy bar at various stores like Target and Costco, and in peak-2025, inspiring the creation of a Labubu version. Although it's still too much of a 'niche category' to track total sales Dubai Chocolate's 'growth reflects broader trends in premiumization and the demand for new, shareable food experiences,' said Sally Lyons Wyatt, global EVP and chief advisor at Circana. Wyatt told CNN its mix of distinct ingredients, including saffron, camel milk and pistachio cream, aren't typical in other chocolates sold in the United States so 'they're catching attention' of American consumers. She also credits packaging that resembles luxury goods and social media for playing a 'major role in its rise, with viral videos highlighting its intricate designs, unique flavors, and distinct crunchy and crispy texture.' IHOP likely hopes the giveaway attracts the fervent fans on TikTok, giving the chain a much-needed boost. US same-store sales at IHOP fell nearly 3% in its most recent quarter, prompting the chain to lean more on promotions. (Dine Brands, IHOP's parent company, next releases earnings on August 6.) Kim told CNN that the deluxe stack fits into IHOP's strategy of focusing on innovation, adding that consumers want 'interactive experiences with brands and this product takes it to the next level.' He noted that it's the first time IHOP has done this elaborate of a limited-time drop for a pancake 'at this level.' 'We want to blow their minds and their taste buds when they take their first bites,' he said. 'In addition to their first picture, when they capture this, because it's a sight to see and an incredible taste to have.' Globally inspired flavors largely attract Gen Z eaters, Kim said, with about half of them expressing in an IHOP survey their interest in trying Dubai Chocolate. The chain was also inspired by a young employee creating his take on the flavor on TikTok earlier this year, which garnered nearly 4 million views and prompted the chain to make this version in two months. 'The big question that we as a team rallied around is 'How do we make it distinctively IHOP? What is our version combined with our world famous pancakes that would make it an IHOP distinctive pancake?'' Kim said. 'We're excited for our fans to try it.'
Yahoo
2 days ago
- Business
- Yahoo
Tasty discuss board appointment and funding with David Page
UK's casual dining restaurant operator Tasty has confirmed advanced discussions with PizzaExpress former CEO David Page and Fulham Shore former finance director Nicholas Wong regarding potential board appointments, and also strategic funding opportunities, which may include an equity placing. The company is considering various funding options to invest in future strategic opportunities. This follows reports from Sky News that Page is looking to raise nearly £10m ($13.4m) from institutional investors. If successful, this move could lead to changes in Tasty's leadership structure. According to sources, the potential equity raise could result in Page becoming Tasty executive chairman. The company, which is the owner of the Wildwood and dim t dining brands, is also expected to undergo a rebranding to Bow Street Group on the London Stock Exchange, the news channel added. The deal would involve Tasty acquiring Page as well as his associates' cash shell. Nicholas Wong, given his prior experience working with Page at previous establishments, is set to assume the role of finance chief at Bow Street Group, if the proposal becomes successful. The current and proposed members of the board are expected to contribute over £1m to the share placing. Page's plans also include a review of Tasty's current restaurant portfolio. The fundraising efforts are being managed by investment banking firms Allenby Capital and Cavendish. Tasty plans to make further announcements as developments unfold. In 2023, Japan's Toridoll Holdings acquired Page's previous venture, Fulham Shore, which included the Franco Manca pizza chain, in a deal valued at £93m. Toridoll made the offer to acquire Fulham Shore, in April 2023. "Tasty discuss board appointment and funding with David Page" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Italian restaurant chain Gusto on brink of administration
The intense financial pressure facing Britain's casual dining sector will be underlined this week when Gusto, the Italian restaurant chain, falls into administration. Sky News has learnt that Interpath Advisory is preparing a pre-pack insolvency of Gusto, which trades from 13 sites. Sources said that a vehicle set up by Cherry Equity Partners, the owner of Latin American restaurant concept Cabana, was the likely buyer. Money latest: It is expected to take over most of Gusto's sites although some job losses are likely. A deal could be announced in the coming days, according to insiders. The collapse of Gusto, which is backed by private equity investor Palatine, follows a string of increasingly heated warnings from hospitality executives about the impact of tax rises on the sector. Kate Nicholls, who chairs UK Hospitality, said this month that the industry faced a jobs bloodbath amid growing financial pressure on operators. This week, Sky News reported that the restaurant industry veteran David Page, a former boss of PizzaExpress, was raising £10m to take advantage of cut-price acquisition opportunities in casual dining. Mr Page is planning to become executive chairman of London-listed Tasty, which owns Wildwood and dim t, and rename it Bow Street Group. A placing of shares in the company is likely to be completed this week. Interpath declined to comment on the Gusto process.
Sky News
2 days ago
- Business
- Sky News
Italian restaurant chain Gusto on brink of administration
The intense financial pressure facing Britain's casual dining sector will be underlined this week when Gusto, the Italian restaurant chain, falls into administration. Sky News has learnt that Interpath Advisory is preparing a pre-pack insolvency of Gusto, which trades from 13 sites. Sources said that a vehicle set up by Cherry Equity Partners, the owner of Latin American restaurant concept Cabana, was the likely buyer. It is expected to take over most of Gusto's sites although some job losses are likely. A deal could be announced in the coming days, according to insiders. The collapse of Gusto, which is backed by private equity investor Palatine, follows a string of increasingly heated warnings from hospitality executives about the impact of tax rises on the sector. Kate Nicholls, who chairs UK Hospitality, said this month that the industry faced a jobs bloodbath amid growing financial pressure on operators. This week, Sky News reported that the restaurant industry veteran David Page, a former boss of PizzaExpress, was raising £10m to take advantage of cut-price acquisition opportunities in casual dining. Mr Page is planning to become executive chairman of London-listed Tasty, which owns Wildwood and dim t, and rename it Bow Street Group. A placing of shares in the company is likely to be completed this week.
