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Editor's
Note: Stagnito's Daily Update
will not be on published February 20.
Industry News
Wholesale food prices advanced
0.1% in January over December but were 1.9% higher
than January 2006, according to just-released government
data. Full
Story
Target will incorporate larger food sections into
most of its discount stores. When the renovations
are complete, its stores will have as much as 50% more
space for food. The company will also add a wider assortment
of ready-to-eat food at its SuperTargets, which have
expansive grocery departments, reported The Star
Tribune. Full
Story (Free Registration Required)
Interstate Bakeries Corp., makers of Wonder Bread,
acknowledged that while packages say the bread now contains
a dairy product, they have yet to actually change the
recipe. The company plans to make the change by
the end of the year, but began selling bread with the
updated ingredient list to give customers with milk
allergies plenty of advance warning, reported The
Kansas City Star. Full
Story (Free Registration Required)
Demand for low-linolenic acid soybeans that has
less trans fat than traditional soybeans has increased
significantly, reported The New York Times on
the Web. Typical soybeans contain about 7% linolenic
acid while the new varieties contain 1% or 3%. Full
Story (Free Registration Required)
 Burger King's parent company expects to raise
up to $400 million in an initial public offering and
said it will use the proceeds to pay down debt, according
to regulatory documents. SEC
Filing
Latest
sales & earnings for food related companies
(Updated Daily)
Swift and Co. is eliminating one of its two meatpacking
shifts at its packing plant in Greeley, CO, and
cutting about 300 workers, reported The Denver Post.
Some of the jobs will be replaced by new processing
equipment that Swift is adding to become more efficient.
Also, a Japanese ban on U.S. beef exports has driven
down price margins and accelerated an industry downturn,
according to a company spokesman. Full
Story
The Pantry, Inc. completed the acquisition of 39
convenience stores in Mississippi and Louisiana
from Waring Oil Company, LLC, which has been operating
the stores under the Interstate Food Stops banner. Full
Story
Coca-Cola, is set to benefit from strong international
sales growth this year, particularly in Japan, Russia,
China and Turkey. This is despite its shares being 20%
below their mid-2004 level, according to a Forbes.com
analysis. Full
Story
Wild Oats has 16 leases or letters of intent signed
for new stores opening in 2006 and 2007, and plans
to open 10 new stores in 2006. Full
Story
 Meanwhile,
a new Wild Oats store set to debut late this year or
early next year in Boulder, CO, will be the company's
latest prototype, highlighting produce and perishables.
It will be the model for new stores opening afterward.
Wild Oats has not release details of the new store,
but it will also include a high-end wine and liquor
store, reported Rocky Mountain News. Full
Story
Rosina Food Products Inc. opened a new
cash-and-carry 1,000-sq. ft. outlet that will carry
items not available through regular retail channels,
as well as overstock and items in packaging that has
been changed to meet ever-changing government guidelines.
The company is also looking to another expansion, likely
in 2007, to accommodate growing manufacturing needs,
according to Buffalo Business First. Full
Story (Free Registration Required)
Peet's Coffee and Tea Inc. expects to open
23 to 28 new stores this year, and plans to move its
roasting operations to a new $24 million facility in
Alameda, CA. The design-build project could be finished
this year and will be large enough to supply all of
Peet's West Coast stores for the next 10 years, reported
InsideBayArea.com. Full
Story
Checkers Drive-In Restaurants, Inc. entered
into a definitive agreement with Taxi Holdings Corp.,
whereby Taxi Holdings will acquire all of Checkers'
outstanding shares, in a deal valued at approximately
$188 million, including the assumption of Checkers'
debt. Taxi Holdings is an affiliate of Wellspring Capital
Management LLC, a private equity firm. Full
Story
CNNMoney.com
examines how Aldi is using its proximity to Wal-Mart
stores to spur business by offering competing products.
Full
Story
Swiss Farm Stores, a Pennsylvania drive-through
convenience chain, plans to open 10 new locations by
2008. The openings will give the convenience store
20 locations in the region that has long been the territory
of the Wawa chain, reported The Daily Times.
Full Story
The Children's Advertising Review Unit, the ad industry's
self-regulatory arm, issued a decision telling Kellogg
Co. the reference to "bad" in ads for Apple
Jacks cereals should be halted. Kellogg, though
questioning the decision, agreed to alter the ad campaign,
reported Advertising Age. Full
Story (Free Registration Required)
Where
Is Food Retailing Headed Over The
Next Five Years?
Purchase
a rebroadcast of the recent Food Institute webinar
featuring Willard Bishop, where industry experts
explained how food will be retailed through 2009.
Find out the types of food stores that will be gaining
and losing market shares through 2009, the driving
forces behind these changes and how suppliers and
retailers can react. For details, click
here.
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The 12 Tops stores now owned by C&S Wholesale Grocers
Inc. in the Adirondacks are being renamed GU Family
Market, reported The Albany Times Union. Full
Story
The Cincinnati Enquirer details the wine
parties leading up to the Cincinnati International Wine
Festival this month. Full
Story
International News
Beijing
Jingkelong Supermarket Chain Group expects to raise
$500 million through an initial public offering
in Hong Kong in April, taking advantage of increased
investor interest for mainland consumer retailers, reported
NamNews. Full
Story
 Captain
D's LLC, opened its first international operation in
Trinidad. The restaurant marks the first of a three-restaurant
commitment planned for Trinidad by Pizza Boys Group
of Companies, which has options for a total of 20 Captain
D's restaurants in the area, reported QSR Magazine.
Full
Story
BBC News examines how the spread of avian
flu is impacting European business. Full
Story
A deadly strain of bird flu was reported to have
infected birds in two more countries - Romania and
Slovenia, reported USA Today. Full
Story
The UN Food and Agriculture Organization
expressed growing concern that bird flu could spread
beyond Nigeria to other West African countries,
and proposed incentives for farmers to report possible
outbreaks early, reported Forbes.com. Full
Story
Health News
Early lunches and
single-food sales could contribute to bad eating habits,
according to researchers at Penn State University. In
a survey of schools, they found that those with lunch
periods starting at 10:30 a.m. or earlier have higher
a la carte sales than those that have later lunches.
The biggest sellers typically include pizza, burgers,
cookies and pastries, reported ABC News. Full
Story
Washington News
USDA issued a 475-page report as part
of its investigation into the ineligible shipment of
veal that was sent to Japan last month. The report
lays out the unique circumstances surrounding this shipment:
it was the first shipment of veal sent to Japan; only
two plants were certified to ship veal to Japan; and
both of them were delisted before any other shipments
were sent to Japan. Full
Story
The
SEC accused two KPMG auditors who had overseen the audit
of Royal Ahold NV's U.S. Foodservice unit of failing
to act upon numerous "red flags" amid the unit's
accounting fraud, reported Seattle Post-Intelligencer.
Full
Story
Are
You Prepared To Deal With Avian Influenza
Concerns?
Find
Out With A New Primer From Olsson, Frank & Weeda,
PC, and FI
Learn
about the various regulations and policies in the
U.S., as well as worldwide, that have been
adopted to prevent the spread of avian influenza
and, hopefully, its mutation to a human-transmittable
form. A new primer on Avian Influenza from The
Food Institute and Olsson, Frank & Weeda, PC provides
information that will enable the food industry
to be better equipped to respond to consumer and
customer inquiries regarding the disease and its
impact, if any, on food safety. Click
here for details.
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A misconduct lawsuit arising from the 1998 bankruptcy
of Boston Chicken Inc. is being resolved
with a final $180 million settlement from three investment
banks and a New York law firm. The complaint by a bankruptcy
trustee alleged the defendants ignored early signs of
trouble and withheld critical accounting information
from investors, lenders and securities regulators to
keep the company afloat, reported Rocky Mountain
News. Full
Story
Houston, TX-based Chung's Gourmet Foods is voluntarily
recalling approximately 6,426 pounds of frozen chicken
egg rolls due to mislabeling, according to the USDA's
Food Safety and Inspection Service. Full
Story
Market News
An unusually widespread cold wave around the central
San Joaquin Valley, CA probably caused some damage
in blossoming fruit and nut crops, but it appears to
have pretty much left citrus unscathed. The extent
of damage to almonds and tree fruit could not immediately
be determined, reported The Fresno Bee. Full
Story (Free Registration Required)
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