Restaurants Showing Signs of Revival, Food Suppliers Say
April 30 2020 - 1:51PM
Dow Jones News
By Jacob Bunge
Major restaurant suppliers say the industry is getting ready to
resume more normal operations, based on orders for deep-fryer oil
and chicken.
Archer Daniels Midland Co., one of the world's biggest sellers
of vegetable oil and sweeteners like high fructose corn syrup, said
sales to restaurant operators are picking up over the last two
weeks. "Probably we saw the trough in late April," Chief Executive
Juan Luciano said Thursday on the company's quarterly conference
call. "There is more energy in the foodservice markets."
U.S. fast-food restaurants are ramping up chicken orders,
according to Pilgrim's Pride Corp., the second-largest U.S. poultry
supplier by sales. "We are seeing those coming back today to very
close to pre-Covid-19 levels," said CEO Jayson Penn on the
Pilgrim's quarterly call Thursday.
The restaurant industry has been hard hit by stay-at-home orders
and state governments calling for dining room closures. Even
McDonald's, which estimates nearly 90% of its U.S. sales currently
are being made through drive-throughs, said Thursday that the
trajectory of its recovery is unclear.
Write to Jacob Bunge at jacob.bunge@wsj.com
(END) Dow Jones Newswires
April 30, 2020 13:36 ET (17:36 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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