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Domino's tops revenue forecasts; supply chain shines
Domino's Pizza reported second-quarter revenue that narrowly exceeded Wall Street expectations on Monday, as strong growth in its supply chain business helped offset weaker restaurant demand amid cautious consumer spending. Shares of the pizza chain, which had fallen about 23% so far this year, closed 2.1% higher following the results. Quarterly revenue increased 4.3% from a year earlier to US$1.19 billion, edging above analysts' expectations of $1.18 billion. The result was supported by a 6.5% rise in supply-chain revenue to $731.7 million. Diluted earnings per share came in at $4.07, below expectations of $4.17, but up from $3.81 in the corresponding quarter of 2025, representing an increase of $0.26, or 6.8%. The company said the improvement in diluted earnings per share was driven by higher net income and a lower weighted average diluted share count following share repurchases completed over the previous four quarters. “In the second quarter, Domino’s drove meaningful order count growth,” said Russell Weiner, Domino’s Chief Executive Officer. “I believe order growth is the most important driver of long-term success in our business. In a quarter where the broader U.S. QSR industry continued to face pressure on
Food
Coca-Cola unit stops US production after cyber attack
The Coca-Cola Company has temporarily suspended production at its fairlife dairy business in the United States after a ransomware attack compromised parts of the company's production-related computer systems. The global beverages company said the wholly-owned subsidiary identified unauthorised access by a third party to some of its systems, including those related to production, in connection with a ransomware event. After detecting the issue, the company promptly activated its incident response and business continuity protocols. “The company’s investigation and assessment of the impact of the incident is ongoing, with the assistance of outside advisors and cybersecurity experts,” Coca-Cola said in a press release. “The company has also notified law enforcement. The full scope, nature and impacts of the incident are not yet known.” Coca-Cola said although product quality and food safety had not been affected, production at fairlife's U.S. facilities have been temporarily suspended while systems were restored. Production in Canada continues unaffected. Coca-Cola fully acquired Chicago-based fairlife from Select Milk Producers in 2020 for about US$7 billion, broadening its portfolio with a high-protein offering.
Food
Yum! sells Pizza Hut for US$2.7bn
Yum! Brands has lost its taste for Pizza Hut, agreeing to sell the chain for US$2.7 billion (A$3.8 billion) as the growth of food delivery services slices demand for its restaurants. The fast food restaurant operator said it would sell Pizza Hut to a United States private equity firm, LongRange Capital, for $1.5 billion, except for the operations in mainland China business, which would be purchased by Yum China Holdings for $1.2 billion. “These transactions enable Yum! to be a more focused company that continues to leverage scale, technology and talent to accelerate our raising the B.A.R. priorities and deliver sustained value for our stakeholders,” Chief Executive Chris Turner said in a news release. BAR stands for Boldly Act, Relentlessly Improve, and Raise the Bar internal operating framework. Yum! said it expected to receive $2.3 billion in net proceeds after taxes, fees and closing adjustments and possibly also an earn-out payment of up to $75 million from LongRange by 2030. The transactions are expected to be completed in the third quarter of 2026, subject to regulatory approvals and other conditions. The decision to sell followed a strategic review of Pizza Hut, precipitated by falling sales at a time when
Food
GYG US exit leaves sour taste as fast food workers sue
A group of United States employees has launched legal action against Guzman Y Gomez (GYG) over the sudden closure of its American operations as the potential cost of this failed expansion attempt starts to mount. The lawsuit filed in an Illinois federal court alleges the ASX-listed Mexican-themed chain failed to give adequate notice to staff before shutting all of its Chicago-area restaurants last week. “GYG is aware of legal action filed in the United States, and we are confident we have met all of our legal obligations to our U.S. employees," a GYG spokesperson was quoted saying in this Reuters story. “We are not in a position to provide further comment on this matter.” The class action claim could reportedly affect more than 500 employees who are seeking up to 60 days’ wages and benefits under U.S. laws requiring employers to provide advance notice of mass layoffs. Chicago law firm Haseeb Legal claimed workers first heard about the closures on 21 May via an internal message posted on the company’s message platform, according to this article in The Guardian. The message allegedly read: “After careful consideration, we have made the difficult decision to exit the US market. This means we will be closing all
Food
The Founders: Making Indigenous ingredients viable
After ending his AFL career, Daniel Motlop entered the business world with his Indigenous food brand, Seven Seasons. While it was quite the career transition, Motlop tells Azzet his childhood in Darwin inspired him. “One thing I did do a lot when I was growing up was go out and obviously get a lot of bush tucker and native ingredients,” he says. While the native food industry has an A$80 million output, only 1% is Indigenous-owned, and Indigenous people make up fewer than 1% of growers, farm managers and exporters. Motlop said being Indigenous-owned helps his business stand out from the competition. “Being Indigenous-owned, and having that knowledge of where ingredients come from, is key to selling native ingredients,” he says. “We also do the wild harvest as well, so we’re out foraging it and collecting it during the season and make sure it's sustainable as well.”Credit: Candid CommsThe company itself is named after local Indigenous seasonal calendars. Seasons in Aboriginal culture are marked by environmental factors of a local area, including changes in weather, plants, animals, and celestial patterns. Motlop says his company was particularly inspired by the seasons in Darwin. “Obviously, the seven sea

Food
McDonald’s earnings beat; warns on weaker spending
McDonald’s reported earnings and revenue ahead of market expectations, but warned that consumer spending conditions may be deteriorating further as higher fuel prices linked to the Iran conflict place additional pressure on lower-income households. Adjusted earnings per share (EPS) came in at US$2.83, ahead of analyst estimates of $2.74, while revenue rose 9% to $6.52 billion, surpassing expectations of $6.47 billion. “McDonald's delivered this quarter. Our 6% global Systemwide sales growth shows how we executed with discipline, proving that we can drive results even in a challenging environment," said Chairman and CEO Chris Kempczinski in the company's earnings release. "And it’s our commitment to going three-for-three that sets McDonald’s apart. Our value leadership, breakthrough marketing, and menu innovation continue to serve up what customers want.” However, executives raised concerns about the current consumer environment. Kempczinski said rising fuel costs caused by the ongoing U.S. conflict with Iran were disproportionately affecting lower-income consumers, a key customer base for McDonald’s and other fast-food chains. Kempczinski noted during the company’s earnings conference call, “I think probably it’s
Food
Coca-Cola beats estimates, sales rise across regions
Coca-Cola beat earnings and revenue estimates last quarter as sales grew across regions, and has raised its full year guidance. Revenue was up 12% year-over-year to US$12.47 billion, above LSEG-compiled estimates of $12.24 billion. Earnings per share increased 18% to $0.86, above estimates of $0.81. “We’ve had a strong start to the year,” said CEO Henrique Braun. “Our performance this quarter reflects our unwavering focus on staying close to the consumer, executing locally and managing complexity.” “Yet there’s so much more we can do as we navigate a dynamic environment. Our team is motivated by the opportunity to build on the company’s great foundation.” Revenue climbed across all regions, with North America leading at 12% growth. Unit case volume also rose in all regions, and the Asia Pacific saw the largest percentage increase at 5%. Coca-Cola Zero Sugar posted 13% volume growth, the most of any product type, while juice, dairy, and plant-based beverages declined by 1%. Operating income was up 19% to $4.36 billion. The Asia Pacific was the only region to report a drop in operating income, with the company crediting the 17% decline to higher input costs, marketing investments, and currency tailwinds. Coca-Co
Food
Starbucks beats estimates, lifts outlook amid turnaround
Starbucks beat earnings and revenue estimates last quarter amid its turnaround efforts, and has raised its full-year guidance. Earnings per share were up 22% year-over-year to US$0.50, above LSEG-compiled estimates of $0.43. Revenue increased 9% to $9.53 billion, passing estimates of $9.16 billion. “Our second quarter marked the turn in our turnaround as our Back to Starbucks plan drove both top and bottom line growth,” said chair and CEO Brian Niccol. “This is the Starbucks our customers deserve and the Starbucks we believe will deliver long-term growth and value for our partners and shareholders as we execute consistently, at-scale.” Comparable store sales rose 6.2%, surpassing StreetAccount estimates of 4%. This is its third consecutive quarterly increase in comparable sales. The quarter’s growth was spurred by 3.8% growth in comparable transactions and a 2.3% increase in average ticket. North American comparable store sales were up 7.1%, while international sales climbed 2.6% amid slow growth in China. Starbucks raised its fiscal 2026 guidance to include global and United States comparable store sales growth of at least 5.0%, flat net revenue, and earnings per share of $2.25-2.45. It had projected sales growt
Food
Domino's shares fall on weaker earnings
Domino’s Pizza shares tumbled following weaker-than-expected earnings and same-store sales growth in the United States. Same-store sales for the pizza chain increased by only 0.9%, lower than the 2.3% expected by Wall Street analysts. Earnings per share came in at $4.13, down from $4.33 the same time last year and below expectations of $4.27. “We’re not happy with it,” CEO Russell Weiner told CNBC. The pizza chain also lowered its full-year U.S. same-store sales forecast to low-single digit growth, down from its prior projection that U.S. same-store sales would increase 3%. Domino’s kicked off the earnings season for restaurant chains, and Weiner said he expects more fast-food chains to report similar headwinds. He said this would likely be caused by winter weather and weak consumer sentiment, which took a dive last month due to spiking fuel prices caused by the U.S.-Israeli war with Iran. “One of the bad things about reporting first is you don’t get to hear about anybody else,” Weiner said. Dominos also faced tougher competition this quarter from rival pizza chains like Papa John’s and Pizza Hut, which both matched Dominos US$9.999 “Best Deal Ever” with promotions at the same price point. And Little Cae