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Volume 8, Issue 33 August 17, 2007 |
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Weekly News in Review
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| Darden to Buy Rare Hospitality for $1.19 Billion |
Darden Restaurants Inc., which operates the Olive Garden and Red Lobster restaurant chains, said Thursday it agreed to buy the owner of the LongHorn Steakhouse and Capital Grille chains for about $1.19 billion.
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Read Article Browse All News | Source: ABC News |
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| Farmers fear illegal immigrant crackdown |
With fruit rotting in fields, unmilked cows suffering in barns and shuttered farmhouses, growers are painting a bleak picture of their industry under new federal immigration policies.
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Read Article Browse All News | Source: Associated Press |
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| Man Pleads Guilty in Glass-Eating Scheme |
A man admitted to his role Wednesday in an elaborate multi-state insurance fraud scheme, in which he and his wife collected hundreds of thousands of dollars in payments after intentionally eating glass in restaurants.
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Read Article Browse All News | Source: Associated Press |
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| Franchisees file class-action suit against Quiznos |
Owners of Quiznos franchises have filed a class-action lawsuit against the fast-food sandwich chain in the U.S. District Court for the District of Colorado.
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Read Article Browse All News | Source: The Denver Business Journal |
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| Bourdain Offers Spicy 'No Reservations' |
Anthony Bourdain suffered quietly as he dined on wart hog encrusted with sand, fur and fecal bacteria in the African country of Namibia.
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Read Article Browse All News | Source: Associated Press |
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| Boiling Point? The restaurant industry is feeling the heat. |
Across the country, restaurateurs are cooking up a storm, but the industry might be facing its own storm of sorts.
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Read Article Browse All News | Source: Entrepreneur.com |
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| High Fructose Corn Syrup: The Next Trans Fats? |
Some public health advocates are trying to position high fructose corn syrup (HFCS) as the next trans fats, an ingredient to be shunned by the foodservice industry and consumers alike.
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Read Article Browse All News | Source: QSR Magazine |
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| Sysco's fourth quarter profits jumped 19.4% |
On Monday, the Houston-based food distributor announced it managed to offset soaring food costs in the fourth quarter by increasing sales and slashing costs.
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Read Article Browse All News | Source: Forbes |
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Basic Wine Cost Control
By Joe Dunbar
At the heart of wine cost control, a bottle accountability system provides the information needed to properly evaluate results. Too much energy is replicated by top wine professionals. They frequently classify wines by region, color, grape, vintage, vintner, ratings and other critical evaluation criteria. These are the essential elements required to select and categorize the wines.
Once you have chosen a base wine list and send it to food and beverage control, I'd allow a different view. The highest volume of wine sales is found in pouring wines and house wine by the bottle. These wines compete directly with beer and cocktails for profits. Wines sold by the glass should be consistently drinkable and profitable. If you buy a 1.5 liter bottle of wine for $12 and pour 10-five ounce glasses at $6 each, you'd expect a 20% cost percentage.
To the opposite side of the wine spectrum, we find low volume, top vintage boutique bottles purchased in limited quantity and priced to yield a decent dollar markup. Some of my successful clients simply double the price they pay for these bottles. This would imply a 50% cost of goods sold.
Should these two wine classes be mixed on your books?
The pouring wines will turn many times in one year and many of the premier wines won't sell for over a year (sometimes never). Restaurants may store wine for favored clientele. Some restaurants will buy young wine at auction and let it age over many years. These wines do not belong in the same category as the pouring wines.
I recommend four categories: pouring wines, popular bottle wines, premier wines and investment wines. The popular bottles and pouring wines need to be priced to hit a good cost percentage. A $12 dollar bottle should be sold for at least $30 (40%). I recently enjoyed a well paired wine for $30 at my favorite restaurant. The next week, I found the bottle for $9 at the local wine shop (30%). If you help your customers with the pairings, you can charge more per bottle.
Don't fall into the trap of required wine purchases. Let's say you sell a phenomenal cabernet sauvignon for $200 per bottle. If the boutique vintner wants a minimum order of 5 cases per year at...
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"A great leader never sets himself above his followers except in carrying responsibility."
- Jules Ormont
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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 production last week rose .6% but was 1.1% less than the same week a year ago. Beef packer margins remain strained by the deflated beef price levels and elevated live cattle market. Beef producers could slow production during the next week which would be bullish for beef prices. Spot beef market interest remains lethargic but forward beef buying is reported to be solid. The beef markets may continue to trade sideways for the near term. Still, cyclical charts indicate that the current price levels for most beef markets may be the lowest that we experience over the next few months. Prices per pound FOB from USDA.
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Dairy |
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US dry whey exports during June were 17% larger than 2006 as world dairy protein supplies were tight. Due to exports there has been roughly 33.7 million pounds less of whey available on the US market this year through June leading to elevated milk and cheese prices. World dairy protein supplies will begin to improve next month as Oceania milk output increases. Modestly lower cheese and whey prices may be impending. Still, the cheese and whey markets should remain above 2006 levels. Prices per pound, except Class I Cream (hundred weight), from USDA.
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Poultry |
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Chicken exports in June surged 23.9% higher than the previous year due to considerable increases in trade with Russia (89.5%) and China (83.3%). 2007 US chicken exports through June were 4.7% larger than last year accounting for 14.5% of chicken output compared to 13.4% in 2006. With generally lower chicken prices anticipated in the coming months, US chicken exports could be robust which would likely temper any forthcoming chicken leg quarter market decreases. The chicken wing markets are fairly steady. Inflated chicken wing prices are likely to endure into September. Prices per pound except eggs (dozen) FOB from USDA.
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Seafood |
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June US shrimp imports were 1.8% less than last year. 2007 US shrimp imports through June were .8% lower than 2006. Despite opposing speculation, shrimp trade with Thailand (the world?s largest exporter) is strong with imports this year up 9.7% from 2006. The shrimp markets are firm but shrimp stocks should remain traditionally adequate. Prices for fresh product, unless noted per pound from Fisheries Market News.
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Pork |
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June US pork exports were 6.5% less than the previous year despite a significant increase in trade with China. 2007 US pork exports through June were 3% lower than last year. China is poised to import significant volumes of US pork in the coming months. Increased trade with China may be needed by the industry with the ongoing disappointing exports to Mexico and the seasonal downward pressure that should occur on many of the pork markets soon. Prices per pound FOB from USDA.
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Produce |
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The avocado market has climbed to its highest price level in 2 years due to curtailed California output brought on by this past winter?s hard freeze. In addition, avocado imports from Chile are reported to be delayed which is adding to the existing tight supply situation. Relatively limited avocado stocks and inflated price levels are expected to endure into early September. The Idaho potato harvest is underway as storage inventories dwindle. History suggests that the potato markets should turn lower next month. Prices shipping point unless noted (terminal) FOB from USDA
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Oil and Grains |
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The 2007/08 US corn harvest is forecasted by the USDA at 13.034 billion bushels, 24% more than the prior crop. Volatile grain prices are anticipated to persist. 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 harvest continues with output expected to reach 5.6 million tons by the end of this week well ahead of last year?s pace. Canned tomato supplies are improving and the markets are steady. Price per case (6/10) FOB from Supply and Market Report.
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Processed Fruits and Vegetables - The 2007 US apple crop is forecasted at 9.285 billion pounds, 6.5% less than the previous year. The canned apple market is 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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I got the gig - now what?
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I need some suggestions on how to price a catering job. First, a little background. I operate a small catering business - essentially a one man operation - out of a small commercial kitchen. I purchase food and supplies as needed, keeping as small an inventory as possible since I have no regular outlet for overproduction or over-purchasing. I utilize part-time staff as needed for larger events - mostly service staff, sometimes for production.
Here's the situation. I've landed a sizable catering job with a wealthy high profile client. He is building a facility about 20 miles away that will house a semi-annual cattle sale. This isn't your average sale barn, this is the kind of sale where the buyers arrive in their Learjets. The sale facility will have, in addition to the sale arena itself, a common area with a full bar facility, a commercial kitchen and several guest rooms perched on lofts overlooking the central lobby area with its giant fireplace. There is a nice dining room that will seat 20-40, plus an adjoining shop space that can seat 150-200 at folding tables. The catering job will consist of breakfast, lunch and dinner for 30-40 people for several days leading up to the sale date. On the sale date the lunch and dinner will be more like 200+ ppl, possibly over 300. That night's dinner will be grilled steaks (they're beef people, after all).
Continued...
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Kitchen layout Help
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OK I am new to the restaurant biz. my partner is experianced but he is out of country for 2 weeks, and i am trying to get prints ready for permits. Anyway i am trying to layout the kitchen for a small (1400sqft) restaurant,we are planning on do high volume with take out, delivery, and sit in. Cooking equipment is as follows:
1- 6 top burner oven 2- 5' bain marie
1- 3' char broiler 1-4' steam table
1- 4' grill
2 - friers
2- spiners for gyros
Any ideas or where i can get a sample layout for a fast/casual restaurant?
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Green with Envy and Red with Fire
I begin green with envy but turn red with fire. Cultivated in the Veneto region of Italy dating back to the 1500’s, Italy is still my largest producer. While Southern France has also been known to fill their fields with me I am also becoming a favorite along America’s West Coast, as well as excited farmers in Central America. My wine-red leaves are striking when contrasted with my creamy white ribs. I must have cool nights to achieve my appealing color. If I am kept completely in the dark I fail to achieve my full red stature and my head of leave becomes marbled in pink. With limited light I get a patchy green or copper color. I’m really happy with warm days and cool nights, so leave me that way and I’ll glow for you, OK? People like my tight compact head, and it seems the heavier the better. My bitter flavor contrasts well in fresh green salads but it’s tough to get a whole leaf of me unless you pick from my center. I am also good as a vessel for chicken, shrimp, potato, rice or fruit salads and I can brighten up any stir-fry. When poached I become a bit softer, but the trade off is loss of color. I have also been found in pasta dishes, omelets, or halved and charred on the grill. I am known to stimulate appetite and as a diuretic, I contain folic acid, potassium, and vitamin C.
What am I?
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