McDonald's Is Closing Hundreds of Its Walmart Restaurants
Fewer people want to eat their meals at Walmart.
For years Walmart Inc. and large restaurant chains like McDonald's Corp. enjoyed a mutually beneficial relationship. The retailer delivered a steady stream of diners, and the eateries provided rental profits and a reason for shoppers to stick around stores.
Those bonds have frayed as more shopping goes online and fast-food restaurants depend more on drive-through windows for sales, a feature Walmart locations don't have. The pandemic has made indoor dining unappealing -- or prohibited -- for many shoppers, accelerating the split.
Good Times Restaurants Shares Up After Co. Reports on 2Q Same-Store Sales
Shares of Good Times Restaurants Inc. were trading higher Friday, a day after the company said year-over-year same-store sales for its Good Times brand increased 22.9% and year-over-year same-store sales at its Bad Daddy's brand increased 9.1% during its second fiscal quarter.
STORIES OF INTEREST
Tesco's Profit, Margins, Easter Trading to Come Under the Spotlight -- Market Talk
1313 GMT - Tesco's profit, margins and pre-Easter trading are likely to be topics of interest in the U.K. grocer's full-year results on Wednesday, says Hargreaves Lansdown. Analysts expect operating profit to fall around 38% and are likely to focus on the outlook for margins as the company continues to increase investment, Hargreaves says. "One of the biggest threats for all the grocers is enormous competition," says analyst Sophie Lund-Yates. "We'll look closely for any commentary on trading in the run-up to Easter. Tesco performed very strongly over the Christmas period and some analysts expected consumers to pull out all the stops for Easter this year. We wonder if Tesco was able to repeat that strength," she says. (firstname.lastname@example.org)
Chicago Pizza Pioneer Lou Malnati's Reportedly Exploring A Sale -- MarketWatch
The Chicago-style-pizza chain Lou Malnati's, which operates nearly 70 locations in four states as well as a mail-order business, is exploring a sale that could fetch as much as $700 million, according to a Bloomberg report (https://www.chicagobusiness.com/restaurants/lou-malnatis-backers-exploring-sale). The chain, whose original location in suburban Lincolnwood, Ill., opened in 1971, is owned by the founding Malnati family and the Chicago private-equity firm BDT Capital. Founder Lou Malnati, who died in 1978, figures prominently in most versions of deep-dish Chicago-style pizza's origin story (https://www.chicagotribune.com/news/ct-xpm-2009-02-18-0902180055-story.html), which dates to the 1940s.
Cattle Futures Sink as USDA Projects Higher Beef Production -- Market Talk
15:27 ET - Live cattle futures trading on the CME closed trading Friday down 2% to $1.22575 per pound. One reason for the drop in futures came from the USDA's WASDE report released at noon eastern time--which showed a higher beef production estimate based on the expectation of higher volumes of cattle slaughtered. However, the USDA did raise its target for cattle prices in 2021 "on current price strength and firm demand." Hog futures finished trading today up 0.2% to $1.0895 per pound, with the USDA calling for US pork production to be lower due to a slower pace of slaughter. (email@example.com; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Apr 9
Source: USDA, based on Wall Street Journal calculations.
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Apr 9 +$ 16.81 +$ 98.91
Apr 8 +$ 11.91 +$ 93.36
Apr 7 +$ 13.63 +$ 93.75
* Based on Iowa State University's latest estimated cost of production.
A positive number indicates a processing margin above the cost of
production of the animals.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 122.4
(Percent of Year-Ago) Select 124.7
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Friday rose $1.67 per hundred pounds, to $272.17, according to the USDA. Select-grade prices rose 24 cents per hundred pounds, to $264.07. The total load count was 87. Wholesale pork prices rose $2.58, to $111.74 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires