All articles tagged with #restaurant expansion
Connecticut experienced significant business developments, including Stop & Shop's decision to close two facilities, a new restaurant chain planning to open its first locations in the state, a historic indoor mall facility, a pharmacy closing, and a new eatery opening on a yacht club campus, reflecting diverse economic activities in the region.
A new wave of Chinese restaurants is expanding globally, especially in Singapore, showcasing the country's diverse culinary traditions beyond stereotypes, and serving as a form of soft power to improve China's international image amidst geopolitical tensions.
Cava Group's stock dropped 22% after missing second-quarter revenue expectations and lowering its full-year same-store sales growth forecast to 4-6%, citing a revenue shortfall despite increased restaurant openings and earnings beat. The company opened 16 new locations in the quarter and plans to open up to 70 this year, raising pre-opening cost estimates but maintaining its EBITDA outlook.
Chipotle's Q2 earnings met expectations, but a 4% decline in same-store sales and weak consumer spending caused its stock to drop nearly 10%, raising concerns about near-term growth despite plans for expansion and marketing efforts.
Culver's, a popular Midwest burger chain, plans to open at least 51 new restaurants in 2024, focusing on its current footprint of 26 states and not expanding into new ones. The expansion includes states like Florida, Georgia, Michigan, and Wisconsin. Known for its ButterBurgers and frozen custard, Culver's was recently named the best fast food restaurant in the United States by Fodor's Travel.
Bojangles, known for its fried chicken and biscuits in the South, is expanding to the West Coast with plans to open 30 units in Southern California, starting with Los Angeles County in early 2025. Meanwhile, Boa Steakhouse has hired chef Brendan Collins to lead its kitchens and introduced new dishes, Quarter Sheets in Echo Park will offer reservations starting May 1, Cobras and Matadors has reopened in the former Spartina space, and Disneyland Resort is serving Star Wars-themed dishes until June 2 in celebration of May 4.
Shake Shack's stock surged 20% after the burger chain reported strong fourth-quarter earnings, with a net income of $6.8 million and earnings per share of 2 cents, beating expectations. The company also saw a 20% increase in revenue year-over-year and plans to grow total revenue by 11% to 15% in 2024, with the opening of 80 new restaurants. CEO Randy Garutti expressed optimism for the year ahead, citing positive traffic and continued margin expansion.
McDonald's plans to expand its restaurant count to 50,000 by 2027, marking the fastest growth in its history. The company aims to boost its active loyalty user base to 250 million and increase annual systemwide sales to $45 billion by 2027. McDonald's will invest in digital, delivery, and drive-throughs, including partnering with Google Cloud to enhance operations and customer experience. The company also plans to update its burger lineup and expand its chicken business. Last quarter, McDonald's saw high-single-digit sales growth in its international markets and agreed to buy back Carlyle's minority ownership stake in its China business.
McDonald's plans to open nearly 9,000 new restaurants and add 100 million members to its loyalty program by 2027 as part of its long-term growth strategy. The fast-food giant aims to increase sales and attract customers by introducing an improved burger and focusing on chicken offerings. The company projects systemwide sales growth of 2% in 2024 and plans to grow its restaurant count by 4% to 5% annually. McDonald's also aims to have a global footprint of 50,000 locations by 2027. Additionally, the company announced a partnership with Google Cloud to utilize artificial intelligence for operational improvements.