Amelia Lucas
Amelia Lucas
At CNBC covering restaurants and food & beverage | send tips to amelia.lucas@nbcuni.comSource
New York City, NY
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Kraft Heinz looks to revamp Oscar Mayer brand, cut 20% of products, as it rethinks business

Kraft Heinz looks to revamp Oscar Mayer brand, cut 20% of products, as it rethinks business

Keep Me Logged InKey PointsAs  tries to make its new customers stick around after the , the company is rethinking its approach to how it responds to trends. "We need to make sure that going forward, we have the right balance of innovation and renovation," Carlos Abrams-Rivera, Kraft Heinz's head of U.S. business, said in an interview.Shares of Kraft Heinz were up 1% in afternoon trading after the company . As its blueprint is implemented, the company is projecting long-term organic sales growth of 1% to 2% and adjusted earnings per share growth of 4% to 6%.In the past, according to...

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Amelia Lucas
Sep 15
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Lowe's reports blowout quarter with 30% surge in revenue

Lowe's reports blowout quarter with 30% surge in revenue

Keep Me Logged InKey PointsLowe's same-store sales rose 34.2% in second quarter, vs 16.3% increase expected said customers bought supplies for DIY projects, kicked off renovations and stepped up their landscaping as they skipped dining out and scaled back summer trips during the .That translated to huge gains for the home improvement retailer, allowing it to blow past Wall Street forecasts with a 30% surge in revenue and 68.7% jump in profit during the fiscal second quarter.Shares of the company were up less than 1% Wednesday afternoon. They reached a 52-week high of $162.89 earlier in the...

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Amelia Lucas
Aug 19
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McDonald's sues former CEO Easterbrook, alleges he lied about relationships he had with workers

McDonald's sues former CEO Easterbrook, alleges he lied about relationships he had with workers

Keep Me Logged InKey Points is trying to recover millions in compensation it paid out to former CEO Steve Easterbrook by suing him for allegedly committing fraud and lying during the company's internal probe into his behavior, according to a filing with the Securities and Exchange Commission.The fast-food chain's board for having a consensual relationship with an employee and tapped Chris Kempczinski as his successor. "McDonald's does not tolerate behavior from any employee that does not reflect our values," Kempczinski wrote in a letter to the McDonald's system about the lawsuit. "These...

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Amelia Lucas
Aug 10
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PepsiCo revenue falls 3% as pandemic hits beverage sales but boosts snacks business

PepsiCo revenue falls 3% as pandemic hits beverage sales but boosts snacks business

Keep Me Logged InKey PointsPepsiCo CFO on Q2 earnings, the impact of Covid-19 on business and more on Monday reported that its quarterly revenue fell as fewer consumers bought its drinks at restaurants or convenience stores as a consequence of the .But its food business fared better, with products like Cheetos and oatmeal seeing strong growth. CEO Ramon Laguarta chalked it up to Pepsi's investments, particularly last year, which range from rejuvenating some of its legacy brands to growing its e-commerce business. And the company plans to use the lessons of the pandemic, like new consumer...

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Amelia Lucas
Jul 13
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Pizza Hut's largest U.S. franchisee files for Chapter 11 bankruptcy

Pizza Hut's largest U.S. franchisee files for Chapter 11 bankruptcy

Keep Me Logged InKey PointsNPC International, the largest U.S. franchisee of Pizza Hut, filed for Chapter 11 bankruptcy on Wednesday.The company operates more than 1,200 Pizza Huts and nearly 400  restaurants.In contrast to most of the restaurant industry, Pizza Hut is one of the rare companies to report same-store sales growth in April and May, thanks to higher digital and delivery sales. But the  follows years of slumping U.S. sales for Pizza Hut, and NPC has struggled with a debt burden of roughly $1 billion.Seeking Chapter 11 protection means that NPC can continue to operate while it...

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Amelia Lucas
Jul 1
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Chuck E. Cheese parent files for Chapter 11 bankruptcy

Chuck E. Cheese parent files for Chapter 11 bankruptcy

Keep Me Logged InKey PointsChuck E. Cheese's parent company CEC Entertainment said Thursday it has filed for Chapter 11 bankruptcy protection after venue closures stemming from roiled its business.The company, which is owned by private equity firm Apollo Global Management, expects to continue operations through bankruptcy and will continue to reopen locations that were temporarily shuttered during the pandemic. It has already reopened nearly half of company-owned Chuck E. Cheese and Peter Piper Pizza locations as of Wednesday.For the quarter ended March 29, CEC Entertainment estimated its...

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Amelia Lucas
Jun 25
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McDonald's to hire 260,000 workers as it reopens U.S. dining rooms

McDonald's to hire 260,000 workers as it reopens U.S. dining rooms

Keep Me Logged InKey PointsMcDonald's expects to hire 260K people this summer said Thursday that it would hire 260,000 workers in the United States this summer.The announcement follows similar hiring plans from , Taco Bell, Panda Express and . However, McDonald's plans are nearly double all four of those chains' combined summer hiring plans. The Chicago-based chain is one of the largest private employers in the country.The summer months typically spark fast-food hiring as consumers spend more and teenagers look for work, but the hiring announcements this year arrive as the coronavirus...

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Amelia Lucas
Jun 18
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Beyond Meat to sell cheaper value packs of its meatless burgers

Beyond Meat to sell cheaper value packs of its meatless burgers

Beyond Meat announced Wednesday that it will sell value packs of its meatless burgers — just in time for summer barbecue season. The 10-pack has a suggested retail price of $15.99, or $6.40 per pound, bringing it closer to the price of traditional beef. Beef patties were selling for $5.26 per pound this week, according to the U.S. Department of Agriculture’s report on advertised beef prices. Beyond’s value packs will go on sale the week of June 22 at Walmart, Target and other select retailers across the U.S. But the new offering will only be available until mid-August, or until supplies...

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Amelia Lucas
Jun 17
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Burger King adds Impossible Foods' meatless sausage on its breakfast menu nationwide

Burger King adds Impossible Foods' meatless sausage on its breakfast menu nationwide

Keep Me Logged InKey PointsBurger King said Monday it is adding a breakfast sandwich made with meat-free Impossible Sausage to its menu nationwide. The chain, which began testing the menu item in January, is the first national chain to add Impossible Foods' sausage to a breakfast sandwich. The Impossible Croissan'wich will be available for a limited time at participating locations.  already sells breakfast sandwiches made with 's plant-based sausage. The menu addition comes as fast-food chains report lower breakfast sales due to the . More consumers are working from home — and eating...

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Amelia Lucas
Jun 15
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Starbucks to allow baristas to wear Black Lives Matter attire and accessories after social media backlash

Starbucks to allow baristas to wear Black Lives Matter attire and accessories after social media backlash

Keep Me Logged InKey PointsStarbucks allows Black Lives Matter attire after social media backlash said Friday that the chain would allow workers to wear attire and accessories highlighting the Black Lives Matter movement, reversing its prior stance after social media users called for boycotts of the company. on Wednesday that the coffee chain would not allow its employees to wear Black Lives Matter clothing or accessories, and management justified the decision by saying that such items could be misunderstood and incite violence. While Starbucks has a policy against wearing personal,...

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Amelia Lucas
Jun 12
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Pilgrim's Pride CEO and other chicken industry executives indicted for price fixing

Pilgrim's Pride CEO and other chicken industry executives indicted for price fixing

Keep Me Logged InKey PointsFour current and former chicken industry executives, including  CEO Jayson Penn, have been indicted for price fixing.Shares of Pilgrim's Pride plunged as much as 13% in afternoon trading. The stock, which has a market value of $4.46 billion, has fallen 44% so far in 2020. Shares of , which was not named in the indictment, also fell on the news.The other executives allegedly involved in the scheme include former Pilgrim's Pride vice president Roger Austin, Claxton Poultry Farms President Mikell Fries and Scott Brady, a former Pilgrim's Pride executive who joined...

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Amelia Lucas
Jun 3
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Starbucks asks for a break on rent for the next year

Starbucks asks for a break on rent for the next year

Keep Me Logged InKey Points sent a letter to landlords demanding a break on rent for the next year as hammers U.S. sales. The restaurant company, one of the largest in the country by number of stores, told landlords that starting June 1, for at least the next 12 months, it will need changes to lease terms and base rent.The first reported Starbucks' request for rent relief.CFO Pat Grismer told analysts in late April that the company has stayed current on its rent, but he added that the company was pursuing lease concessions. "We are having ongoing conversations with our landlords in various...

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Amelia Lucas
May 14
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Luckin Coffee fires CEO, COO after sales fraud investigation

Luckin Coffee fires CEO, COO after sales fraud investigation

Keep Me Logged InKey Points said Tuesday that it fired its CEO and COO as part of an internal investigation into sales fraud.Jenny Zhiya Qian, Luckin's former CEO, and Jian Liu, its former COO, also resigned from the company's board. The changes to the company's board and senior management went into effect on Monday.The board appointed Jinyi Guo, a board member and a senior vice president in the company, as acting chief executive.On April 2, the Chinese coffee chain disclosed that an internal probe found that  by about 2.2 billion yuan ($310 million). The coffee chain previously said net...

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Amelia Lucas
May 12
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Shares of China's Luckin Coffee plummet 80% after investigation finds COO fabricated sales

Shares of China's Luckin Coffee plummet 80% after investigation finds COO fabricated sales

Keep Me Logged InKey Points disclosed Thursday that an internal investigation has found that its chief operating officer fabricated 2019 sales by about 2.2 billion yuan ($310 million).Shares cratered more than 80% in premarket trading after the release of the regulatory filing. Recently shares were down nearly 72%, wiping out nearly $5 billion from its market value.The investigation found that Jian Liu, Luckin's chief operating officer, and several employees who reported to him, had engaged in misconduct, including fabricating sales. Liu and the employees implicated in the misconduct have...

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Amelia Lucas
Apr 2
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Panera Bread is selling groceries as restaurant sales plummet

Panera Bread is selling groceries as restaurant sales plummet

Keep Me Logged InKey PointsPanera Bread is selling groceries as housebound consumers eat fewer meals from restaurants. Customers are able to order breads, bagels, milk, yogurt, cream cheese and fresh produce as part of an initiative that began Monday.The coronavirus pandemic has forced many restaurants to shutter their dining rooms temporarily. Restaurant transactions plunged 42% during the week ended March 29 compared with a year ago, according to the NPD Group. Panera CEO Niren Chaudhary said the chain lost half its business once its dining rooms closed.The grocery initiative was devised...

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Amelia Lucas
Apr 8
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Starbucks CEO says customers may only be able to order via drive-thru or mobile due to coronavirus

Starbucks CEO says customers may only be able to order via drive-thru or mobile due to coronavirus

Keep Me Logged InKey Points CEO Kevin Johnson warned customers that some cafes may offer limited seating or only receive orders via mobile or drive-thru due to the coronavirus outbreak.Locations in the U.S. and Canada are preparing to modify operations if needed."This means that as we navigate this dynamic situation community-by-community and store-by-store, we may adapt the store experience by limiting seating to improve social distancing, enable mobile order-only scenarios for pickup via the Starbucks app or delivery via Eats, or in some cases only the Drive Thru will be open," Johnson...

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Amelia Lucas
Mar 12
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Olive Garden's parent begins offering paid sick leave to all employees amid coronavirus outbreak

Olive Garden's parent begins offering paid sick leave to all employees amid coronavirus outbreak

Keep Me Logged InKey Points is providing paid sick leave for all hourly workers across its restaurant chains.Olive Garden's parent company said Monday that it has been working on the policy for a while, but sped up the process due to the . Employees will accrue one hour of sick leave for every 30 worked. The pay rate will be based on the worker's 13-week average. Current employees can use the benefit immediately, and their starting balance is based on their most recent 26 weeks of work. New hires, who will begin accruing paid sick leave as soon as they start, can use it after 90 days of...

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Amelia Lucas
Mar 10
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Trump administration is reportedly weighing limits to China's access to chip technology

Trump administration is reportedly weighing limits to China's access to chip technology

Keep Me Logged InKey PointsThe Trump administration is weighing trade restrictions on China that would limit the use of American chip-making equipment, .People familiar with the matter told the Journal that the Commerce Department is drafting changes to the foreign direct product rule that would require chip factories globally to obtain licenses if they want to use American equipment to create chips for Huawei.The proposed rule comes as the Trump administration looks to cut off China's access to the U.S. semiconductors, one of China's largest imports from America. Many U.S. officials have...

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Amelia Lucas
Feb 17
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