Seven & i raises FY'21 earnings outlook; Chipotle to add 15,000 US jobs

TOP NEWS IN FOOD, BEVERAGE AND TOBACCO

* Seven & i Holdings Co. Ltd. raised its earnings forecast for fiscal 2021, noting signs of recovery from the coronavirus pandemic, despite posting a 22.9% drop in net income for the first three quarters of the year. For the nine-month period ended Nov. 30, 2020, the Japanese convenience store operator reported that net income attributable to owners of the parent fell to ¥130.99 billion from ¥169.97 billion a year ago.

* Chipotle Mexican Grill Inc. plans to fill 15,000 new positions during its Jan. 14 national hiring event as the burrito chain expands its U.S. operations.

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FOOD RETAIL & DISTRIBUTION

* Seven & i Holdings Co. Ltd. said total sales at its convenience store unit Seven-Eleven Japan Co. Ltd. decreased 1.7% year over year in December 2020, with same-store sales down 1.8%.

* Food retailer ICA Gruppen AB (publ) reported that December 2020 total sales rose 6.7% year over year to 12.3 billion Swedish kronor, with like-for-like sales up 6.6%. Full-year sales increased 7.2%.

* German food delivery company Delivery Hero SE launched an early-stage venture capital fund, dubbed DX Ventures, with initial capital of €50 million.

* Roofoods Ltd., doing business as Deliveroo, aims to reach almost two-thirds of the U.K. population by expanding its food delivery operations across 100 additional towns and cities in 2021, Sky News reported, citing Carlo Mocci, Deliveroo's chief business officer for the U.K. and Ireland.

* Russian food retailer PJSC Magnit said revenue for the Dec. 17 to Dec. 31 holiday period grew 11.9% year over year, while like-for-like sales rose 8.9%.

BEVERAGES

* Molson Coors Beverage Co. said it will launch a lemonade Vizzy Hard Seltzer line and a second variety pack, which will be available across retailers in March. The brewer also announced a distribution deal with a team including actor Dwayne Johnson to launch its nonalcoholic energy drink ZOA.

* A former auditor of Carlsberg A/S' Indian unit has accused the brewer of "potential improper payments" to local government officials and other regulatory lapses, Reuters reported. Another report by a global consultancy revealed unlawful practices including child labor at Carlsberg India Pvt. Ltd. in 2018, the news wire added.

PACKAGED FOODS

* Pilgrim's Pride Corp. and Tyson Foods Inc. have settled a price-fixing case brought by a group of poultry buyers that accused the meatpackers of antitrust violation, Reuters reported. JBS SA-owned Pilgrim's said it will pay $75 million to settle the claims, and the amount will be reflected in its financial statements for the fourth quarter of 2020.

* U.K.-based Nomad Foods Ltd. said it is in talks to acquire Croatian conglomerate Fortenova Group dd's frozen food business, which includes Ledo, Frikom and other frozen brands. Through the acquisition, Nomad Foods plans to tap into new and developing European markets.

* Potato chips producer Utz Brands Inc. agreed to acquire Chicago-based snack food brand Vitner's and related assets from Snak King Corp. for $25 million. The transaction, set to close Feb. 8, is expected to be accretive to Utz's earnings in 2021 and beyond.

* Danish dairy company Arla Foods said it aims to double its online sales to €600 million by 2025 by increasing investments in the e-commerce space after the pandemic spurred online food demand. In line with its plan, Arla is seeking to expand its e-commerce team by ramping up hiring across sales and marketing in the U.K., Denmark, Sweden, Germany, the Netherlands and Finland.

* Norwegian packaged food company Orkla ASA said its subsidiary acquired a 100% stake in sports nutrition company Proteinfabrikken AS. Orkla took a 16.7% stake in the dietary supplements producer in 2014.

RESTAURANTS

* Dallas-based Dave & Buster's Entertainment Inc. posted preliminary revenue of $69.4 million for the first nine weeks of its fiscal fourth quarter, representing a 75% drop in comparable store sales due to the impact of the pandemic. The casual dining chain operator expects revenue for the full quarter ending Jan. 31 to be between $98 million and $102 million.

INDUSTRY NEWS

* Various food and beverage companies, including The Coca-Cola Co., Archer-Daniels-Midland Co. and Smithfield Foods Inc., have suspended new political donations as a result of the U.S. Capitol riot, according to media reports.

MARKETS

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