Fall Issue of Specialty Food Magazine Out Now

The fall issue of Specialty Food profiles the young entrepreneurs named to the 12 Under 35: Breakout Talent to Watch list. These enterprising individuals tout new product innovations and have seized opportunities during the pandemic to help the greater good. Also named in this issue are the winners of the 2020 sofi Awards. More than 150 winners across 49 categories were selected in the Gold, Silver, Bronze, and New Product categories. These products are recognized for their culinary excellence and creativity. More highlights from the fall issue: Specialty Food Maker: This…

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College Dining Downsizes for Fall Semester

Foodservice operations on college and university campuses around the country have changed dramatically as some students return to campus for a new school year. Many foodservice providers spent the summer planning how to navigate the new requirements wrought by the pandemic, from delivering meals to students in quarantine to implementing new processes and technologies to protect the health of both students and workers. Grab-and-go meals and snacks have become a priority, and operators have accelerated the implementation of mobile ordering and payment tools. “As students return to campus, being quick…

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US Grocery Delivery, Pickup Sales Fall in August

U.S. grocery delivery and pickup sales in August totaled $5.7 billion, a 20 percent drop compared to June, according to research from Brick Meets Click. However, average order value increased to a record high of $95 and intent to make a repeat purchase in the next month reached 75 percent. “There is a common belief that the rapid and dramatic surge in sales caused by COVID-19, starting in mid-March, would recede at some point as stay-at-home orders and in-store shopping restrictions like occupancy limits, shortened hours and one-way aisles were…

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Brunello Cucinelli Expects Sales to Fall 10 Percent in 2020 as it Writes Down $34 Million in Excess Inventory | News & Analysis

MILAN, Italy — Italy’s Brunello Cucinelli expects to limit its drop in sales this year caused by the coronavirus crisis to 10 percent and said it would writedown €30 million ($34 million) of unsold garments, which would be donated to humanitarian causes. Cucinelli, the first Italian luxury group to update the market on its second-quarter performance, said sales fell 30 percent in the first six months but were expected to recover in the second half. “Already today, we can envisage a positive third and fourth quarters that should result in…

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Capri Forecasts 70% Fall in Current-Quarter Revenue | News & Analysis

NEW YORK, United States — Michael Kors owner Capri Holdings Ltd on Wednesday forecast a larger-than-expected 70 percent drop in current-quarter revenue and “significant” losses, as the COVID-19 pandemic hammers demand for its luxury handbags and dresses. Analysts had forecast a 46.7 percent fall in current quarter revenue, according to IBES data from Refinitiv. In delayed fourth-quarter results, Capri said total revenue fell 11.3 percent to $1.19 billion in the three months ended March 28, slightly above analysts’ average estimate of $1.12 billion. By Uday Sampath; editor: Krishna Chandra Eluri.…

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Cyprus to cover medical bills if travellers fall sick | News

Tourism officials in Cyprus have said they will cover the costs of any traveller who becomes sick with Covid-19 while on holiday there. The move comes as the country prepares to reopen its tourism sector next month in the wake of the coronavirus pandemic. In a letter made public on Wednesday, the government said it would pay for accommodation, medicine and food for patients and their families. Tourists themselves “will only need to bear the cost of their airport transfer and repatriation flight,” authorities added. According to Johns Hopkins University…

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Burberry’s Sales Fall 27% in Last Quarter | News & Analysis

LONDON, United Kingdom — Britain’s Burberry said the luxury industry could take some time to recover from the Covid-19 pandemic as it reported a 27 percent drop in comparable sales in the final quarter of its year, which ended with about 60 percent of its retail stores closed. The company said given the uncertain outlook it had pulled its final dividend and would review future payouts at the end of its 2021 financial year. Burberry, like other high-end fashion labels, saw the early impact of the coronavirus crisis in late…

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Amadeus sees revenue fall in first quarter | News

Amadeus has seen revenue contract by 27 per cent during the first quarter of financial 2020, to €1,021 million. Adjusted profit contracted by 58 per cent, to €141.8 million. EBITDA at the tech giant, however, increased by 41.3 per cent, to €349 million. Luis Maroto, chief executive of Amadeus, commented: “In the first quarter of the year, as the Covid-19 pandemic spread worldwide, the travel industry virtually came to a halt, impacting negatively our air bookings and passenger boarded. “Consequently, our revenue, EBITDA and adjusted profit decreased considerably during the…

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Heathrow expects passenger numbers to fall by 97 per cent in April | News

Heathrow airport has seen passenger numbers decline by 18 per cent during quarter one, with 14.6 million guests arriving over the period. As the toll from the coronavirus grows, numbers are expected to be down by around 97 per cent in April. Overall revenue fell 12.7 per cent, to £593 million, while adjusted EBITDA fell by 22.4 per cent to £315 million However, the airport said it has £3.2 billion in liquidity, “sufficient to maintain the business at least over the next 12 months, even with no passengers”. Officials took…

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InterContinental Hotels Group saw global RevPAR fall by half in March | News

InterContinental Hotels Group has sought to reassure markets with news it has secured new financing arrangements to strengthen its liquidity position. Moves include amending its syndicated revolving credit facility to include a waiver of existing covenants until December 31st next year. The amendment introduces a minimum liquidity covenant of $400 million, tested at half- and full-year, up to and including June 30th, 2021. The Bank of England has also confirmed IHG is as an eligible issuer for the UK government’s Covid Corporate Financing Facility. IHG has thus issued £600 million…

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