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Volume 7, Issue 28 July 13, 2007 |
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Weekly News in Review
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| Sweet Idea: Dessert-Only Restaurants |
Chocolate cafes made our list last year, and while they still offer a tasty opportunity, they’ve spurred an equally tantalizing concept: dessert-only restaurants.
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Read Article Browse All News | Source: Entrepreneur.com |
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| Wendy's Strengthens Animal Welfare Guidelines |
Wendy's International, Inc. has strengthened its animal welfare guidelines by giving preferential buying to its pork and chicken suppliers who improve systems for humane animal welfare.
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Read Article Browse All News | Source: QSR Magazine |
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| Muslim Dunkin' Donuts Owner Can Sue Over Pork, Court Says |
A discrimination lawsuit filed by a Muslim Dunkin' Donuts franchisee who was not allowed to renew his contract with the chain because of a refusal to sell pork products can proceed, a U.S. appeals court ruled Tuesday.
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Read Article Browse All News | Source: Fox News |
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| Wasabi to the People: Big Chains Evolve or Die |
FACED with ever-changing tastes and myriad choices even at the cheapest prices, food companies are eager to give their customers the next new thing — even if their customers aren’t quite ready for it. Take wasabi.
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Read Article Browse All News | Source: NY Times |
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| Online, everyone's a restaurant critic |
Picky eaters used to have few choices about expressing their delight or disappointment over a restaurant meal: Say something to the waiter, tell their friends or fill out that little comment card that comes with the check and hope somebody reads it.
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Read Article Browse All News | Source: Associated Press |
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| Owner uses judo to capture a man who skipped out on $410 bill |
The couple stretched a leisurely meal over five hours at Temple Restaurant, a high-end French-Asian restaurant in downtown Minneapolis last month.
It featured several appetizers, two entrees of freshwater prawns, a good steak and plenty of pricey cocktails.
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Read Article Browse All News | Source: Star Tribune |
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More News | Casual Dining News | QSR News | Fast Casual News | Manufacturer News
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Food Cost - Beyond Basic
By Joe Dunbar
In a recent article Food Cost Basics , I outlined the traditional formula for calculating food cost percentage. At the heart of the formula you will find the simple food cost calculation: FC=(BI+P-EI). Twisting this formula slightly, we find food cost equal to our purchases plus or minus the change in inventory value: FC=P+(BI-EI). As your period of time increases between inventories, the purchases will become more dominant than the inventory change. On the other hand, inventory change is a huge factor in operations with daily inventory counts. In my college days, I worked for a major fast food operation and my duties included a daily inventory of all food, beverages and paper products. We calculated a daily food cost percentage. Whenever my costs were out of line, I reviewed the inventory valuations carefully. Often, the variance could be traced to a low cost item incorrectly extended by a high price. There were many times a pricey item was extended at a fraction of the cost. Once these corrections were made it was possible to see the true picture of results. Many operators have many more items than the 120 I tracked each day. Also, I doubt their managers are paid $160 each week and scheduled 7 days a week for 10 hours a day. Casual dining concepts often require inventories with over 1,000 items. The daily inventory calculation would be cost prohibitive. Let's examine the formula in finer detail. The total food cost is equal to the sum of the individual item food costs. If you have 800 items to count, the food cost formula could be expressed as follows:
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"Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great."
- Mark Twain
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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 was 5.2% less than the prior year. Beef production this summer is anticipated to trend modestly below 2006 levels. The USDA choice boxed beef cutout likely achieved its annual low during the last week of June, roughly 4 weeks earlier than normal. Most of the beef markets are strengthening but history indicates that further market advancement should be limited through the end of the month. Higher beef prices are anticipated in August. Total cow slaughter has moderated in recent weeks due to improved pasture conditions and elevated milk prices. Prices per pound FOB from USDA.
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Dairy |
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May butter (2.8%) and nonfat dry milk (12.9%) output were both less than the prior year. May cheese production was virtually even with 2006 while whey output during the month was 2.2% more than last year. Milk cow slaughter during June is estimated to be just .7% larger than the previous year and 6% less than the 2000-06 average for the month. Inflated milk prices should temper forthcoming milk cow liquidation. Fairly steady cheese and butter prices could persist over the next few weeks. Prices per pound, except Class I Cream (hundred weight), from USDA.
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Poultry |
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Chicken production is on the rise. June chicken output is estimated to be 2.2% larger than the prior year. In addition, the six week moving averages for broiler egg sets (2.6%) and broiler chick placements (3.8%) are both significantly higher than 2006. The chicken breast markets have likely topped with cyclical charts suggesting impending notable breast market decreases. The 2004-06 average decline for the boneless skinless chicken breast market during the next 4 weeks is 9%. Chicken wing demand is anticipated to improve next month as the football season begins. Prices per pound except eggs (dozen) FOB from USDA.
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Seafood |
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The whole salmon market has fallen below year ago levels due to lackluster demand blamed on the historically elevated price levels experienced during the past year. The whole salmon market could be subjected to additional modest market decreases in the coming weeks. The Texas brown shrimping season will get underway over the weekend. Prices for fresh product, unless noted per pound from Fisheries Market News.
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Pork |
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Pork output last week was 2.7% more than the previous year. Summer pork production levels are projected to trend almost 3% above 2006. The expected notable increase in pork output and tempered pork exports could be bearish for pork prices in the coming months. Seasonal charts indicate that the ham market has likely seasonally bottomed and should move upward soon. The prior 3 year average increase for the ham market during the next 6 weeks is 6.6%. Prices per pound FOB from USDA.
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Produce |
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The iceberg lettuce market has bounced modestly upward due in part to good demand. Iceberg lettuce shipments should improve this week which may pressure the market lower. Summer broccoli (2.9%), lettuce (12.6%), and storage onion (2%) planted acreage are all forecasted by the USDA to be less than the previous year. Summer US tomato acreage is projected to be .8% greater than 2006. The onion markets are mostly moving downward but onion prices are likely to remain above normalized levels. Prices shipping point unless noted (terminal) FOB from USDA
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Oil and Grains |
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As of July 8th, 70% of the US corn crop was rated good to excellent, modestly better than last year (63%) and the 17 year average (68%). The grain markets are volatile. 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 California season is progressing with the harvest expected to reach 777,510 tons by the end of this week well ahead of the same week a year ago. The canned tomato markets remain relatively stable to firm. Price per case (6/10) FOB from Supply and Market Report.
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Processed Fruits and Vegetables - The USDA is projecting both 2007 green bean (10.1%) and corn (8.8%) for canning contracted acreage to be less than last year. The markets are firm. 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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Building lease - standard cost per square foot?
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What is the "going rate" for leasing a building to a restaurant? I am thinking in terms of a 'per square foot' rate. Thanks.
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Non-customers using the restrooms revisited
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Early on I posted a topic about me not letting non customers use our restrooms. Last night underlined why. I was at a meeting early in the evening when 2 guys came in, beelined to the Mens' room, past my waitstaff, one barfed into a URINAL, left. Without getting too graphic, it was the worst mess i've ever seen here, clogged the thing up, had to call my plumber. A regular customer wouldn't have done that.
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We got a bum rap in the U.S. in the 1920’s
Popular throughout the ages in Europe, you may have seen us in paintings by the Dutch and Flemish masters. But, we got a bum rap in the U.S. in the 1920’s and are still recovering from that tarnished reputation (we’re actually quite shiny, have beautiful taut skin, and travel well). Federal prohibition resulted from fears that we spread a fungus (which doesn’t really bother us fruits, but is murder on white pines). The law was changed in 1966, although some states and counties still ban our growth. (“Honest Ag officers, it wasn’t even us; it was our relative, the gooseberry.”) We come primarily from three species of deciduous shrubs and we fruit in reds or whites. (You may also know our black relative.) Our flowers and fruits are born near the bases of first year stems, and then higher up on more mature plants. We’re relatively little fruits, but you’ll find a whole bunch of us hanging out together. Pick our entire sprig to enjoy our sweet tart firm berries. If you want to eat us out of hand, leave us on the bush for a few extra weeks to sweeten. Now that we’ve escaped the law, we’re harvested in the States from June to August and we arrive from New Zealand from December to February. Believe us when we say we’re unmatched for jelly, pie, and sauces, as well as mixed with other fruits. Our whites make sweet summer table wine; our reds make hearty English mead. In Early America, we could be found preserved and dried in many a pantry. We’re low in calories and sodium and contain vitamin C, potassium, and fiber. Don’t confuse us with the minute dried guys who look like raisins and come from Greece. (Oh, and that small-sized tomato borrowed its name from us.)
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