Robust September PMI readings and forecasts of strong U.S. economic growth weren't enough to keep shares in the consumer sector afloat, as rising tensions in the Middle East pushed oil prices --and inflation fears-- higher.
McDonald's said it would spend around $8.5 billion to provide franchisees with rent assistance and help with capital improvements through 2036 as part of a new corporate strategy. The financial commitment, the company said, is in addition to its typical capital-spending plans.
General Mills says its turnaround is progressing, slowly but surely. The Cheerios and Pillsbury dough maker is launching new products-as well as retooling its existing portfolio-to address shoppers' interest in trends such as healthy ingredients and bold flavors. The company reported lower profit and sales in the latest quarter; however, the declines weren't as steep as the company and Wall Street expected.
Cracker Barrel recorded higher quarterly profit and guided for sales to grow in the year ahead, pointing to continued improvements in underlying traffic trends and some guest metrics. This comes after the chief executive who oversaw a controversial rebranding campaign at the restaurant chain stepped down last month, succeeded by industry veteran David Deno. Cracker Barrel's underlying traffic trends and key guest metrics have continued to improve, Deno said. "The company is focused on the right areas and has a strong plan."
