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Volume 7, Issue 25 June 22, 2007 |
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Weekly News in Review
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| Olive Garden grows green for Darden |
After enduring one of its most difficult quarters in a decade, Darden Restaurants is counting on its Olive Garden chain to serve up an even bigger portion of its profits.
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Read Article Browse All News | Source: Sun-Sentinel Co. & South Florida Interactive Inc. |
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| U.S. restaurant founder Bob Evans dead at 89 |
Bob Evans, whose small truck stop restaurant in Ohio grew into a national chain and a line of pork sausage products that bear his name, died on Thursday, according to the company he founded.
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Read Article Browse All News | Source: ABC News |
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| Judge certifies class action against Applebee's |
A federal judge's ruling this week keeps an employee's class-action suit against Applebee's International Inc. alive.
An Applebee's restaurant employee filed the suit last year in the western district of Missouri. He alleged that the casual dining restaurant chain required tipped employees to spend more than 20 percent of their time performing tasks for which they didn't get tips.
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Read Article Browse All News | Source: Kansas City Business Journal |
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| Dairy Costs Cut Into Cheesecake's Profits |
It's not the cake that's scaring investors away from the Cheesecake Factory, it's the dairy.
Hit by higher gasoline and dairy prices, the company said late Wednesday that second-quarter revenues would rise 14.5% to 15.5%, or $369.4 million to $372.6 million, missing the Street's consensus forecast of $378.9 million.
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Read Article Browse All News | Source: Forbes.com |
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| Study Shows Consumers Are Driving Self-Service |
On-the-go consumers prefer to handle an increasing number of transactions themselves through self-service devices, and are more likely to do business with companies that make it easier to for them to do so, according to a major new study conducted by BuzzBack Market Research for NCR Corporation (NYSE:NCR).
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Read Article Browse All News | Source: QSR Magazine |
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| Pomegranate Sweetens the Marketplace |
Not many other foods have the cultural power of pomegranate. For thousands of years, the fruit has inspired poets, writers, painters, and sculptors. Even the Bible and the writings of Homer discuss pomegranates, and some myths say gods preferred the fruit.
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Read Article Browse All News | Source: QSR Magazine |
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| Goat slaughtered in restaurant may have caused E. coli outbreak |
N.C., health officials said a restaurant linked to an E. coli outbreak was closed after it was learned a goat had been slaughtered in the kitchen.
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Read Article Browse All News | Source: United Press International, Inc. |
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| Meet the Talking Menu |
For Susan Perry, it was a forgetful moment that would change her life. After sitting down for lunch with her niece at a restaurant in Miami last August, the 50-year-old owner of a small export business realized that she'd left her reading glasses behind.
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Read Article Browse All News | Source: Business Week |
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More News | Casual Dining News | QSR News | Fast Casual News | Manufacturer News
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Food Cost Basics
By Joe Dunbar
Several people have emailed me in the past few months asking how to calculate their food cost percentage. In addition, many people have asked me for an industry benchmark for food cost percentage. While the food cost formula is straight forward, it may be impossible to arrive at a true industry benchmark percentage. There are far too many industry segments with unique cost characteristics. Let's start with the basic food cost percentage formula: FC% = (BI+P-EI)/S FC%: Food Cost Percentage BI: Beginning Food Inventory P: Purchases EI: Ending Food Inventory S: Food Sales It is absolutely necessary to use the same dates for sales and purchase activity. You need to take the inventory after all sales activity has ceased (either late at night or early in the morning). There should be no deliveries during your inventory. Everyone has a personal preference for valuing the inventory. Traditionally, food service managers used...
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"A successful individual typically sets his next goal somewhat but not too much above his last achievement. In this way he steadily raises his level of aspiration."
- Kurt Lewin
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View updated pricing and information each week on the website for the following food-commodity markets:
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Beef, Veal & Lamb |
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Beef output last week rose 1.7% but was 2% less than the previous year. Most beef markets continue to course downward and buyers are limiting purchases anticipating further market decreases. The 5 year average decline for the USDA choice boxed beef cutout during the next 6 weeks is 5.7%. Still, pending beef market depreciation this year may be tempered due in part to elevated alternative protein prices. For the week ending June 2nd, only 1.88% of the cattle graded prime, a record low. Prime beef supplies are limited and fairly inflated prime beef prices are expected to endure. Prices per pound FOB from USDA.
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Dairy |
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May US milk production was .8% more than last year due to a .9% increase in milk per cow yields and a .1% decline in the milk cow herd. US milk cow numbers during May fell below the prior year for the first time in 31 months. Inflated milk prices may limit any further milk cow herd liquidation. Still, costly feed markets will continue to mitigate milk output growth. Higher class IV milk prices could send more milk to butter production in the coming months. The cheese markets are firm. Prices per pound, except Class I Cream (hundred weight), from USDA.
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Poultry |
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The chicken markets have mostly stabilized. Still, a surge in chicken production is anticipated in the coming weeks which could put downward pressure on many of the chicken markets. The USDA is forecasting summer chicken output to track 1.9% above a year ago but production increases could be larger. As of June 16th, the 6 week moving average for chick placements was 3.9% greater than last year. Still, if the feed markets remain elevated and chicken prices move downward, another chicken production cutback could be forthcoming later this year or early in 2008. Prices per pound except eggs (dozen) FOB from USDA.
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Seafood |
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Newfoundland snow crab fishing has accelerated in recent weeks with 38,378 metric tons landed virtually even with the same date a year ago. The snow crab leg market has steadied. Fairly inflated snow crab leg prices are likely to persist next month. 2007 through May US Gulf of Mexico shrimp landings were 21% lower than the 5 year average. Prices for fresh product, unless noted per pound from Fisheries Market News.
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Pork |
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Pork production last week rose 1% and was 6.7% larger than a year ago. The pork markets are on the rise which is typical for late June. However, the USDA pork cutout average is nearing buyer resistance levels. In addition, most buyers have secured rib products for the upcoming Fourth of July Holiday. A decline in the pork cutout may be impending. Last year, the USDA pork cutout weekly average fell 5.2% during the next 2 weeks. Prices per pound FOB from USDA.
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Produce |
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The June 1st US storage potato inventory was 6.6% less than last year and by far the lowest in over 8 years. June 1st Idaho potato stocks were 18.9% smaller than a year ago. The 2007 Idaho potato crop is progressing fairly well with crop conditions modestly below the prior year. The Idaho potato markets continue to drift downward but are anticipated to balance soon. Onion stocks remain relatively limited. Onion prices are expected to remain above normalized levels into July. Prices shipping point unless noted (terminal) FOB from USDA
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Oil and Grains |
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Dry weather has caused the 2007 corn crop to deteriorate in recent weeks. Long term forecasts suggest that arid weather will persist. The grain markets are inflated. Prices per pound (oils) or bushel (grains) FOB from USDA.
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Canned and Frozen Food |
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Tomato Products, Canned - The tomato harvest is set to begin toward the end of the month, possibly a week early. Favorable conditions could lead to a bumper crop. The canned tomato markets are steady but may move lower this summer. Price per case (6/10) FOB from Supply and Market Report.
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Processed Fruits and Vegetables - 2007 green pea for freezing output is projected at 245,500 tons, 2.2% less than last year. Higher frozen green pea prices are likely this summer. Prices FOB per case from Supply and Market Report.
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The Employment Center is your gateway
for posting job listings or your resume
into 3 of the most
popular sites
in the foodservice industry.
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Kitchen manager questions
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Just a quick question - Full service restaurant and sports bar - seats 135 - annual sales 1.3 million.
How many hours does a kitchen manager work in a typical work week?
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Going to smoke free?
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I know this has been discussed previously but my search on the forum did not show any recent discussions.
We have been open 4 years - we have a smoke-free restaurant area and a large smoking bar area. The bar area has tables.
We have been getting more customer complaints about the smoke in the bar area. We have fans and an exhaust system that is supposed to help pull the smoke out. We are thinking ab out going smoke-free.
Does anyone have any experience how going smoke-free has afftected business?
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The Greeks and the Romans discovered me first
I am never alone. Wanting to be pure and simple my whole life, but it was just not meant to be. I guess my first association was Greek. Then I went wild and since then I have been associated with Italians, Mexicans, golden showy, beautiful, wooly white, and happy hills. While I might be as old as the hills, that flavor won't make you happy unless you want something scentless, tasteless and green. Keep that in your medicine cabinet to make poultices help with your everyday scorpion bites, sore muscles, and hair loss. The Greeks and the Romans discovered me first and I was considered a medicine by many, including Pliny and Dioscorides. Then the colonists brought me to America for their gardens, but I escaped, becoming wild once again. Free in the new land, I searched for good ground. Along the way I meet and fell in love with the tomato, a relationship that has been nurtured ever since. I also flirted a lot with zucchini, and was often the toast of the cucina. Then I met my sister (so they tell me) Marge and the confusion began again. Will it be her green leaves or my white flowers? Coarse rigini from Greece, or dried for a sprinkle? Her sweet oil, or my intense concentrated oil? Did you know it takes 200 pound of my leaves to produce a single pound of my oil? Anyway, no matter what I end up being called, I am essential in pizza, pasta, and many chili powders. I am popular in blossom, in fresh green leaf, or dried. I am often used as a healing tea. My nutrients include calcium, potassium, vitamin A, magnesium, phosphorus, and iron. Don't carry me in a baggie or you'll be suspect.
What am I?
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The Food Quiz has is brought to you by Culinary Specialty Produce, a specialty produce broker that scours the world for the very best in specialty produce. Contact them at 908-789-4700 or by sending an email to info@culinaryproduce.com.
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