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sales and profits

Financing

Fewer NYC restaurants were able to pay full rent in August

About a third could not pay any rent at all, according to a study by the New York City Hospitality Alliance.

Financing

J. Alexander’s sales surge in September

Sales have recovered to more than 90% of pre-COVID levels. Management says August was the turning point.

The National Restaurant Association said industry sales plunged 34% last month, and 100,000 locations could close in 2020.

The fast-casual franchise, struggling before the pandemic, said steep declines in sales and royalty income made matters worse.

The chain’s revenues fell nearly 50%.

Smaller-cap operators have found the pandemic to be a mixed challenge.

Restaurant Brands International is working with operators of its brands, including Popeyes and Tim Hortons, to close underperforming restaurants.

The chain’s same-store sales rose 8.2% during the month, and the company is now planning to spend big to market the daypart later this year.

The coffee giant is banking on a new store strategy, its growing loyalty program and plant-based food to recover sales lost due to COVID-19.

Restaurants that kept dining rooms open in June saw year-over-year improvement.

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