The National Restaurant Association projects that the restaurant-industry sales will reach $798.7 billion in 2017, or gain a 4.3 percent over the industry's estimated sales of $766 billion in 2016. A gradually improving economy will help the restaurant market sales to grow further in 2017, even as restaurant operators face continued margin pressures, a tightening labor market and some lingering consumer uncertainty. The Association also projects that the restaurant industry's workforce will grow slightly to 14.7 million in 2017. Restaurants will remain the nation's second-largest private-sector employer, providing jobs and careers for about one in 10 working Americans. Italian Food & Beverage Corp. (OTC: IFBC), Ruby Tuesday, Inc. (NYSE: RT), Diversified Restaurant Holdings, Inc. (NASDAQ: SAUC), TerraVia Holdings, Inc. (NASDAQ: TVIA), Rave Restaurant Group Inc. (NASDAQ: RAVE).
Table service remains the largest segment in the industry, but quick service sales growth rate will be higher. Food and beverage sales in the table service-restaurant segment are projected to reach $263.0 billion in 2017, or up 3.5 percent from 2016. Quick service and fast-casual sales are expected to total $233.7 billion in 2017, or a 5.3 percent gain over 2016's sales volume.
Italian Food & Beverage Corp. (OTC: IFBC) today has released the financial results for both the quarter ended March 31, 2017 and the year ended December 31 2016. The company announced, "Gross revenues for the first quarter of 2017 have exceeded expectations, and, consequently may be predictive of an over-all increase in gross revenues for the year ended December 31, 2017 over the prior year. Accompanying these top-line increases were reductions in over-all operating expenses.
The March 31, 2017 quarterly financials reflect gross revenues of $584,347, while the gross revenues for the year ended December 31, 2016 equaled $1,440,359, which amounts to an increase over the prior year end gross revenues of $575,743.
Moreover, IFBC is seeking to expand its Vinosity presence in Italy by opening a second location in the heart of Rome this year. In addition, IFBC is intending to expand its Mio Café business in the US and Asia where we have pursued, and continue to pursue the possibilities for expansion.
It is our goal to continue to increase revenue while significantly reducing their related costs. This cost reduction program will extend to the significant cutting of central overheads."
Our CFO Vincenzo Ventola stated the following, "IFBC has come a long way since its reverse merger in 2015. The company has now digested the complexities of the reverse merger to the extent that the inventory is spare, the gross profits have favorably settled, and the expenses are under control. We have bolstered revenue and it is our firm intention to persist in our efforts to achieve consistent profitability."
Ruby Tuesday, Inc. (NYSE: RT) owns and franchises Ruby Tuesday brand restaurants. As of February 28, 2017, there were 607 Ruby Tuesday restaurants in 41 states, 14 foreign countries, and Guam. On May 2, 2017, the company announced it has signed a development agreement with Al Bairaq Trading Import & Export Co. W.L.L. to expand the brand's presence into Qatar. The Qatari-based franchise group, owned and operated by Alaa Subhi Abbas, will open five restaurants in Qatar over the next five years. Al Bairaq Trading Import & Export Co. W.L.L. has significant franchise experience as the exclusive franchisee for Aston Martin and MG cars in the State of Qatar. The group is also the owner of Aloosh Iraqi restaurant.
Diversified Restaurant Holdings, Inc. (NASDAQ: SAUC) is the largest franchisee for Buffalo Wild Wings Grill & Bar with 64 BWW franchised restaurants in key markets in Florida, Illinois, Indiana, Michigan and Missouri. Recently, the company announced that it will unveil its newest Buffalo Wild Wings restaurant in South Tampa (4015 S. Dale Mabry Hwy.) at 11 a.m. ET on Monday, June 12, 2017. David G. Burke, CEO of Diversified Restaurant Holdings, Inc, said: "This design goes beyond meeting the needs of our guests, who like to socialize, gather with friends and watch sporting events. It offers a very high-energy stadium experience. The South Tampa location is dynamic, and we expect our new restaurant to quickly become the place for lunch, after-work drinks with friends, and also a gathering spot on the weekends to catch the big game."
TerraVia Holdings, Inc. (NASDAQ: TVIA) is a plant-based food, nutrition and specialty ingredients company that harnesses the power of algae, the mother of all plants and earth's original superfood. With a portfolio of breakthrough ingredients and manufacturing, the Company is well positioned to help meet the growing need of consumer-packaged goods and established and emerging food manufacturers to improve the nutritional profile of foods without sacrificing taste, and to develop select consumer brands. On May 1st, the company announced that Thrive® Algae Oil has received the 2017 Best New Product Award, the leading consumer-voted CPG award from market research firm, BrandSpark International.
Rave Restaurant Group Inc. (NASDAQ: RAVE) owns, franchises and supplies more than 300 Pie Five and Pizza Inn restaurants operating domestically and internationally. Pie Five Pizza Co. is the leading brand in the rapidly growing fast-casual pizza space, offering individual handcrafted pizzas with fresh ingredients made to order in less than five minutes. Earlier in May the company announced that Pie Five Pizza is making its Springfield debut. "There's no restaurant in Springfield that can deliver a handcrafted, personalized pie in just five minutes like we can," said Joe Rheem, with 3Pointe Restaurant Group. "Our speedy service, fresh selection of quality toppings and friendly atmosphere are a winning combination for every pizza lover. We're looking forward to serving up some delicious pies and becoming an integral part of the community."
Logos, product and company names mentioned are the property of their respective owners.