TOP STORIES
Impossible Whopper Sales Moderate -- Market Talk
11:16 ET - Burger King-owner Carrols Restaurant Group says an influx of sales that came from the Impossible Whopper in 3Q last year have fallen. The Burger King franchisee sold around 50 of the plant-based burgers per store per day when they launched, but those sales have fallen in around half, the chain says in 3Q results. The burgers made with Impossible Foods patties generated attention when they first debuted at Burger King, but the products are now available in grocery stores and at an increasing number of rival restaurants. (heather.haddon@wsj.com; @heatherhaddon)
Carrols Restaurant Shares Falter After 3Q Earnings
Carrols Restaurant Group Inc. shares retreated Thursday after the restaurant operator logged weaker-than-expected earnings for the latest quarter.
In morning trading, the stock was down 14%, at $5.42, extending the year-to-date fall to 23%
Burger King Owner Sees Spending Softness -- Market Talk
0857 ET - Carrols Restaurant Group, one of the US's largest restaurant franchisees with 1,023 Burger King units, says sales took a downward turn in August and September after having risen from pandemic lows. Federal stimulus programs allotted after the pandemic hit benefited fast-food chains as consumers spent the funds, and mostly ended in July. Carrols CEO Daniel Accordino attributes the declines to "a strain on consumer spending due to a weakening 'Main Street' economy." Same-store sales in September at the company's Burger King stores were down 0.8% year-over-year, after increasing 2.1% in July. (heather.haddon@wsj.com; @heatherhaddon)
STORIES OF INTEREST
Asian Retailer Dairy Farm Reports 3Q Improvement Despite Pandemic Hit
Dairy Farm International Holdings Ltd. said Thursday that third-quarter results improved from the first half but it continued to suffer from the coronavirus pandemic.
The Hong Kong-based food and personal hygiene products retailer, which operates across Asia, said it delivered strong quarterly like-for-like sales growth in the grocery retail sector, which boosted profits.
Fast Food's Bet on Breakfast Goes Bust During Covid-19 Pandemic
The pandemic is sinking one of the fast-food industry's biggest bets: breakfast.
Once the best hope for increasing sales, mornings are now the slowest time of day at fast-food restaurants, as many Americans work and attend school from home. Even as fast-food sales have recovered in recent weeks from the early months of the coronavirus pandemic, breakfast has trailed behind.
FUTURES MARKETS
Livestock Futures Finish Higher -- Market Talk
14:58 ET - Livestock futures trading on the CBOT finishedhigher, even with counting of the election results still yet to yield a final decision. For live cattle, however, the main factor pushing those futures higher appears to be more technical factors. "My sources report a changing mood in the wholesale beef," says Dennis Smith of Archer Financials. "This market is headed higher. Perhaps the major seasonal low I'm expecting in Dec is already in place." Live cattle futures rose 0.4% to $1.0835 per pound, while lean hog futures rose 1.6% to 67.425 cents per pound. (kirk.maltais@wsj.com; @kirkmaltais)
CASH MARKETS
Estimated U.S. Pork Packer Margin Index - Nov 5 Source: USDA, based on Wall Street Journal calculations All figures are on a per-head basis. Date Standard Margin Estimated margin Operating Index at vertically - integrated operations Nov 5 +$ 47.00 +$ 56.03 Nov 4 +$ 35.82 +$ 47.34 Nov 3 +$ 40.27 +$ 48.48 * Based on Iowa State University's latest estimated cost of production. A positive number indicates a processing margin above the cost of production of the animals. Beef-O-Meter This report compares the USDA's latest beef carcass composite values as a percentage of their respective year-ago prices. Beef For Today Choice 89.6 (Percent of Year-Ago) Select 94.1 USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Thursday rose $2.36 per hundred pounds, to $212.55, according to the USDA. Select-grade prices rose $1.92 per hundred pounds, to $198.97. The total load count was 149. Wholesale pork prices rose $4.04, to $85.13 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
11-05-20 1741ET