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August 18, 2022

consumers

Target profit crumbles as inflation-weary consumers shun discretionary spending

Reuters
Aug 17 (Reuters) – Target Corp (TGT.N) reported a bigger-than-expected 90% fall in quarterly earnings on Wednesday and missed estimates for comparable sales as it struggled to lure inflation-hit shoppers with steep discounts on apparel, electronics and home goods. A host of U.S. retailers have issued profit warnings in recent......

Bimbo launches business accelerator in Latin America

FoodBusinessNews
MEXICO CITY — Grupo Bimbo SAB de CV announced the launch of Bimbo Open Door, a business accelerator to invest in Latin American bakery and snacks projects that align with at least one of the three pillars of the company’s sustainability strategy. “Bimbo Open Door focuses on seeking, developing, and......

Fermented Food Holdings acquires sauerkraut business

FoodBusinessNews
MIAMI — Fermented Food Holdings, Inc. (FFH) has purchased the sauerkraut business from GLK Foods, LLC., Appleton, Wis., for an undisclosed sum. As part of the merger, FFH will acquire several sauerkraut brands, including Silver Floss, Cortland Valley, Saverne and Flannigan. Saverne offers organic and artisanal sauerkraut varieties while the......

Gold Standard Baking now operating as 37th Street Bakery

FoodBusinessNews
CHICAGO — 37 Baking Holdings, LLC, a consortium of North American family offices, has completed its acquisition and rebranding of Gold Standard Baking, LLC, North America’s largest maker of croissants and a leading manufacturer of dough-based sweet baked foods. Financial terms of the transaction were not disclosed. Following the acquisition,......

Eli’s adding to cheesecake facility

FoodBusinessNews
CHICAGO — Eli’s Cheesecake Co. announced it is building a 42,000 square-foot addition to its existing facility on the northwest side of Chicago. The company said the increased space will allow for expansion of bakery operations, including the addition of production and packaging lines, warehousing and welfare areas. Upon completion,......

Pretzel buns and bites part of recall

FoodBusinessNews
LOS ANGELES — King’s Hawaiian announced Aug. 12 that it has issued a voluntary recall of its Pretzel Slider Buns, Pretzel Hamburger Buns and Pretzel Bites following a recall of an ingredient used in the baked foods from one of its suppliers, Lyons Magnus. Lyons Magnus has issued its recall......

Flowers Foods initiative addresses labor shortage

FoodBusinessNews
THOMASVILLE, GA. – In the face of a chronically difficult labor market, Flowers Foods, Inc. is launching a new program aimed at improving employee retention, said A. Ryals McMullian, president and chief executive officer. The program was briefly described in prepared remarks issued in connection with the company’s second-quarter financial......

Less is more central to TreeHouse Foods’ new strategy

FoodBusinessNews
OAK BROOK, ILL. — With the Aug. 11 announcement that it has agreed to divest a significant portion of its meal preparations business unit to Investindustrial for $950 million, Oak Brook-based TreeHouse Foods is “taking a significant step toward achieving our goal of being a more focused leader in attractive......

Personalized coffees and prestige skincare: Consumers snap up premium products despite cost-of-living crisis

CNBC
CNBC – For more and to sign up click here “As we create more premium beverages, it becomes more difficult for customers to replicate it at home and we think that helps with the concept of trade down,” Starbucks CFO Rachel Ruggeri told CNBC’s “Squawk Box” on Aug. 3. Gary......

Consumers may qualify for up to $10,000 — or more — in climate tax breaks and rebates in the Inflation Reduction Act

CNBC
CNBC – For more and to sign up click here The Inflation Reduction Act, passed by House Democrats on Friday and headed to President Joe Biden’s desk for his signature, is the most ambitious climate spending package in U.S. history — and households that take steps to improve their energy......

Baker sees rising prices changing buying patterns

FoodBusinessNews
THOMASVILLE, GA. — While lower-income households appear to be shifting their buying to lower-priced baked foods, a long-term move toward premium products in the bread category is likely to continue, said A. Ryals McMullian, president and chief executive officer of Flowers Foods, Inc. In prepared remarks released Aug. 11 in......

Amy’s Kitchen to shutter frozen pizza plant

FoodBusinessNews
SAN JOSE, CALIF. — Amy’s Kitchen has announced plans to close its frozen pizza manufacturing plant in San Jose in September, citing “widespread supply chain disruptions, fluctuating consumer demand and persistent inflation.” The shutdown will affect 331 employees. Amy’s Kitchen began leasing the San Jose plant in 2021 following “significant......

Utz moves into Publix stores

FoodBusinessNews
HANOVER, PA. — After three quarters of sustained losses, Utz Brands, Inc. posted net income in the second quarter ended July 3 of $2.5 million, down sharply from $16.2 million in the same period a year ago. The company attributed second-quarter results to higher pricing that began in 2021 and......

IRI analyzes continued food inflation

FoodBusinessNews
CHICAGO — Prices of consumer goods — including frozen pizza and center store bread — remained elevated in July, according to the latest food inflation report from IRI, a Chicago-based market research firm. Despite recent price decreases in other areas of the economy, such as gasoline, food and beverage inflation......

Nestle holds top spot as world’s most valuable brand

FoodBusinessNews
LONDON — Vevey, Switzerland-based Nestle SA is once again the world’s most valuable brand, according to “Food & Drink 2022,” which highlights the top 10 global food and beverage brands as measured by consultancy company Brand Finance. Brand Finance evaluates 5,000 of the world’s largest brands annually and ranks them......

Cargill sales surge 23% in fiscal 2022

FoodBusinessNews
MINNEAPOLIS — Putting its “deep expertise, unique position connecting the global supply chain, and extensive innovative partnerships to work” helped Cargill lift global revenues 23% in fiscal 2022 ended May 31 to $165 billion, said David MacLennan, chief executive officer, and Brian Sikes, chief operating officer. The comments from Mr.......

PepsiCo breaks ground on Georgia plant expansion

FoodBusinessNews
TUCKER, GA. — PepsiCo Beverages North America (PBNA), a division of PepsiCo, Inc., broke ground on Aug. 10 on the expansion of its manufacturing facility in Tucker, Ga. The company earlier this year said it would invest $260 million in upgrades at the plant. PBNA will expand the facility by......

Private equity firm to buy TreeHouse unit for $950 million

FoodBusinessNews
LUXEMBOURG — European private equity firm Investindustrial is expanding its presence in the United States with the acquisition of two businesses, including one deal that is expected to create one of the largest suppliers of private label food products in the world. First, the investment company has agreed to acquire......

A phantom debt collection scam duped consumers out of more than $1 million. Here are 5 ways you can avoid falling victim

CNBC
CNBC – For more and to sign up click here Fizkes | Istock | Getty Images Almost 2,000 consumers who were conned into paying debts they didn’t owe are in the process of getting their money returned to them. More than $1 million, or an average of $516 for each......

Meet the think tank pairing brands with the world’s smartest minds

FoodBusinessNews
NEW YORK — A think tank is tapping high IQ individuals to develop new products for brands across a range of industries. ProdigyWorks offers access to a network of Mensa International members, helping companies like Mondelez International, The Coca-Cola Co., Dunkin’ and more accelerate their innovation efforts and stay ahead......

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