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Ark Restaurants Corp. latest news:
GrubHub reports revenue beat, better-than-expected outlook
Shares of GrubHub Inc. gained 0.4% in premarket trading after the company reported better-than-expected revenue and announced a partnership with Yum Brands Inc , while earnings missed expectations. Net income rose to $53.5 million for the fourth quarter from $13.6 million a year ago, while earnings per share increased to 60 cents from 16 cents. On an adjusted basis, GrubHub reported net income of $33.3 million or 37 cents a share, up from $19.8 million and 23 cents per share, respectively. Those adjusted metrics came up short of analysts expectations for net income of $27.6 million and per-share earnings of 31 cents, according to FactSet. Revenue of $205.1 million for the quarter rose $137.5 million and came in ahead of estimates for $201.7 million. Active diners totaled 14.5 million, up from 8.2 million a year earlier. The company expects revenue for the first quarter to be between $224 million and $232 million; analysts had been expecting $226.7 million. "Over the past two years we have taken incredible strides in expanding the breadth and depth of our restaurant network, growing the number of local restaurants we work with from 40,000 to over 80,000 today," CEO Matt Maloney said in a release. "The partnership with Yum! which we announced this morning will accelerate the expansion of our delivery network and amplify our diner acquisition efforts, raising consumer awareness of online ordering and driving more volume for all restaurants across our platform." GrubHub also has a partnership with Yelp Inc. Shares of the food-delivery platform are up 75% over the past 12 months, while the S&P 500 Index has gained 17%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Square stock gains after company announces restaurant-delivery acquisition
Square Inc. shares rose 1.3% in premarket trading Thursday after the company said that it had acquired assets from Entrees On-Trays, a restaurant-delivery service with a presence in the Dallas area. Square said the Entrees On-Trays works with "dozens of the region's most popular restaurants," including Chick-fil-A. Signing on chain restaurants is considered by analysts to be a key growth catalyst for restaurant-delivery firms, as Mizuho's Jeremy Scott wrote in a note about GrubHub Inc. late Wednesday. The Entrees On-Trays acquisition is expected to help Square enhance its Caviar food-delivery offering, which is housed within the company's rapidly growing subscription and services segment. The company hopes to generate traction for the Caviar platform in Dallas by working with some restaurants there to offer "secret off-menu" items that can only be purchased through Caviar. A price for the Entrees On-Trays deal wasn't disclosed. Square shares are up 204% over the past 12 months, while the S&P 500 has gained 23%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
GrubHub to benefit from delivery interest among big restaurant chains: analyst
GrubHub Inc. shares are little changed in premarket trading Thursday after analysts at Mizuho began coverage of the firm with a buy rating and a $81 price target. "We expect GrubHub to emerge as the primary winner in online delivery over the next decade," wrote the analysts, led by Jeremy Scott, in a note to clients late Wednesday. He believes that the company will benefit from more chain restaurants choosing to get serious about food-delivery efforts. Scott argues that GrubHub's current share price doesn't reflect the firm's strong position in the market, the impacts of the company's acquisition of Yelp Inc.'s Eat24, or the "the accelerated pace of consolidation" in the industry. He sees less private money available for smaller players. Scott also likes that GrubHub has a "singular focus" on restaurant delivery, whereas competitions like Postmates aren't exclusively committed to that vertical. GrubHub shares have gained 70% over the past 12 months, while the S&P 500 is up 23%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Arby's owner Roark gobbles up Buffalo Wild Wings for $2.4 billion
(Reuters) - Arby's owner Roark Capital Group said on Tuesday it would buy Buffalo Wild Wings Inc for $2.4 billion, adding to its growing portfolio of U.S. restaurants after a bruising proxy fight over the direction of the chicken wing chain.
Restaurant traffic turns positive, driven by quick-service burgers and gourmet coffee
Quick-service burger restaurants and gourmet coffee chains pushed restaurant traffic into positive territory in the third quarter, according to The NPD Group. Up 1%, this is the first time restaurant traffic has been positive after six consecutive quarters of flat or negative numbers. Marketing initiatives at burger and coffee restaurants, including delivery and value-priced menu items. Deal-related traffic for these two categories was up 7% during the quarter, "the strongest seen in quite some time," NPD wrote. The fast-casual category, which includes Chipotle Mexican Grill Inc. and Panera Bread, was up 8% year-over-year. Full-service restaurants, which includes casual dining and family dining, recorded a decline in visits. And retail foodservice, led by food and drug stores, posted the only traffic decline of any quick-service sub-category. Consumer spending at restaurants and other foodservice businesses increased 2% from last year, due primarily to higher menu prices. The PowerShares Dynamic Food & Beverage Portfolio is up 2.8% for the last three months, but down 2.7% for the year so far. The S&P 500 index is up 16.5% for the year to date.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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