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Kellogg Co. reported a lower-than-expected quarterly profit Thursday and cut its full-year forecast, sending its shares down nearly 7 percent, as a big cereal recall and weak sales and pricing took a toll.
The world’s largest cereal maker also said results were pressured by lower Eggo waffle sales, retailers clearing out inventory, promotions from a rival and currency fluctuations. Get the full story »
Tootsie Roll Industries Inc., the Chicago-based candy maker, said its second quarter profit fell 18 percent, reflecting rising costs of distribution and ingredients — in particular, sugar.
The family-run manufacturer of Junior Mints and Dots reported net income of $8.5 million, or 15 cents a share for the three months ended July 3, down from $10.3 billion, or 18 cents a share, a year ago. Get the full story »
From the Wall Street Journal | Europe’s highest court has ruled that Anheuser-BuschInBev cannot get a trademark for the Budweiser brand across the continent.
Mead Johnson Nutrition Co.’s second-quarter profit fell 10 percent on falling margins, as strength in emerging markets was partially offset by a decline in North America. Get the full story »
Theo Albrecht, a reclusive billionaire who made his fortune building up one of Germany’s largest retail empires, has died at the age of 88.
Albrecht, an irrepressibly thrifty man who co-founded the Aldi discount market chain, was ranked by Forbes as Germany’s second-richest person — and ninth worldwide — with a fortune of almost 19 billion euros ($24 billion). Get the full story »
Nooks and crannies and Twinkies don’t go together, at least not just yet.
A federal appeals court has upheld an injunction blocking one of only seven people who know the recipe for Thomas’ English Muffins from jumping to a rival.
Tuesday’s ruling by the U.S. 3rd Circuit Court of Appeals in Philadelphia lets Grupo Bimbo SAB, a Mexican food company that owns the Thomas’ brand, continue blocking Chris Botticella from jumping to rival Hostess Brands Inc. Get the full story »
Domino’s Pizza Inc. Tuesday reported weaker-than-expected sales at its established U.S. restaurants, sending its shares down 3.8 percent.
The shortfall overshadowed a much better-than-expected second-quarter profit from the pizza delivery chain, which was helped by better-than-expected sales abroad. Get the full story »
Supervalu Inc. posted weaker-than expected quarterly sales Tuesday but said it remains on track for its full-year earnings goals, as it controls margins and costs.
The company, whose shares rose 2 percent, said separately that Chief Financial Officer Pamela Knous, 56, will leave July 30 “to pursue other career interests.” It expects to fill the position by the time it reports second-quarter results in October. Get the full story »
Corn Products International Inc. posted a higher-than-expected quarterly profit, helped by strong volume growth, and raised its 2010 profit outlook.
The company expects a full-year profit of $2.55 to $2.75 per share, compared with its earlier estimate of $2.25 to $2.60 a share. Get the full story »
A deep dish pizza at Pizzeria Uno in Chicago, Jan. 26, 2009. (Nancy Stone/Chicago Tribune)
Uno Restaurant Holdings Corp. said it emerged from Chapter 11 bankruptcy Monday, completing a six-month restructuring process.
The Boston-based pizzeria chain received approval from the federal bankruptcy court of the Southern District of New York for its reorganization plan on July 6. Uno Restaurant filed for Chapter 11 bankruptcy in January, citing a downturn in consumer spending and higher costs.
“Today’s successful emergence from Chapter 11 completes the restructuring process in just six months, and allows us to turn our full attention to the growth and development of the Uno brands,” said Frank Guidara, CEO and president of the company. Get the full story »
Federal consumer safety officials are investigating a complaint that a 4-year-old Connecticut boy nearly strangled himself with a toy from a McDonald’s Happy Meal. Connecticut consumer protection Commissioner Jerry Farrell Jr. said Monday that the boy from the New London area put the “Last Airbender Katara” bracelet-like toy around his neck June 30 and began to lose consciousness. He says his mother removed it before any serious harm was done. Get the full story »
(Chuck Berman/Chicago Tribune)
Kraft Foods will double the whole-grain content of its Nabisco crackers over the next three years, the company said today. That means Wheat Thins, Premium, Ritz and Honey Maid graham crackers will all be getting an overhaul.
“Nine out of 10 Americans eat less than the recommended daily amount of whole grains,” Rhonda Jordan, president-global health & wellness at Kraft said in a statement. “And a growing number of consumers are trying to increase their consumption of whole grains. By significantly increasing the amount of whole grain in our crackers, we’re giving them an easy, delicious way to get the whole grain they need in the foods they already enjoy.” Get the full story »
Chicago resident Danna Brim visited McDonalds.com and found a $1-off coupon for one real fruit smoothie, the newest beverage offered in the McCafe drink line. The coupon is limited to one person per visit, expires after Aug. 15, and is “valid only at participating U.S. McDonald’s,” according to the company’s Web site. Brim printed her coupon and on Friday morning headed to the McDonald’s at the intersection of Addison and California Avenues. To her dismay, the McDonald’s employee informed her that location would not honor her coupon.
McDonald’s Corp. said high traffic and new menu items such as frappes and smoothies helped propel its second-quarter profit 12.8 percent to $1.2 billion, from $1.09 billion in the same period a year ago.
The Oak Brook-based company’s earnings per share grew 15 percent from the year-ago period to $1.13.
“McDonald’s second quarter reflects strong top-line and bottom-line results with each area of the world generating higher comparable sales, traffic and profits,” CEO Jim Skinner said in a statement. Get the full story »
Supermarket operator Safeway Inc., which own Dominick’s grocery stores in Chicago, cut its full-year outlook, saying it underestimated the extent of falling grocery prices in a weak economy, and its shares fell 1.5 percent.
At the height of the recession, grocery stores embarked on a price war to attract and hold onto customers. Now, as the economy improves slightly but unemployment remains high, food manufacturers are backing aggressive price cuts to woo back shoppers they lost to lower-priced store labels. Get the full story »
