格隆汇1月6日｜菲律宾快餐巨头快乐蜂(Jollibee Foods Corp)宣布，计划将国际业务分拆，并于明年底前 在美国上市。快乐蜂表示，已聘请国际及当地顾问研究分拆结构及赴美上市事宜，菲律宾本土以外的业 务将会注入一间名为Jollibee Foods Corporation International的公司，而原有的菲律宾业务将继续在当地 挂牌。截至去年9月，快乐蜂旗下共有10,304间门店，当中6,859间位于海外，遍布中国、加拿大及越南 等30多个国家。在去年首三季的约38亿美元的收入中，国际业务贡献约43%。 ...

Core Insights - Wendy's reported Q3 CY2025 results that exceeded market revenue expectations, with revenue of $549.5 million, a 3% decline year on year, but a 3.1% beat against analyst estimates [1][6] - The non-GAAP profit was $0.24 per share, which was 22.9% above analysts' consensus estimates of $0.20 [1][6] Financial Performance - Adjusted EBITDA was $138 million, representing a 25.1% margin and an 11.7% beat against analyst expectations of $123.6 million [6] - Operating margin remained stable at 16.8%, consistent with the same quarter last year [6] - Same-store sales fell by 3.7% year on year, compared to a decline of 0.2% in the same quarter last year [6] - The company maintained its full-year Adjusted EPS guidance at $0.86 at the midpoint and EBITDA guidance of $515 million, aligning with analyst expectations [6] Strategic Initiatives - Management highlighted ongoing challenges in the U.S. market, including lower guest traffic and increased competition, prompting the launch of Project Fresh as a turnaround strategy [3][4] - Project Fresh aims to improve operational efficiency, revitalize the brand, and optimize the system, with a focus on enhancing average unit volumes rather than rapid U.S. expansion [4] - International operations showed strong performance, contributing to system-wide sales growth and new market openings [3][4] Management Commentary - Interim CEO Ken Cook emphasized the urgency of returning U.S. same-restaurant sales to growth and the importance of digital initiatives and streamlined operations [3][4][5] - CFO Suzanne Thuerk noted that the company's efforts are designed to drive sustainable and profitable growth across the system [4]

Core Insights - Japan's convenience store industry, particularly 7-11, is undergoing significant changes, marking the first comprehensive adjustment of franchise contracts in 50 years, signaling a crisis in the sector [2][3][12] Industry Overview - Japan has experienced a prolonged economic downturn since the 1990s, leading to the emergence of innovative retail giants like 7-11, FamilyMart, and Lawson [1][2] - The convenience store model, particularly 7-11, has been pivotal in shaping the industry, focusing on consumer convenience and food offerings [2][4] Market Dynamics - The sales distribution in Japan's food retail sector for 2023 shows that convenience stores generated ¥12.732 trillion, a 4.4% increase year-on-year, but are facing stiff competition from drugstores and discount stores [11][12] - Drugstores have seen a remarkable 23.1% growth in food sales, indicating a shift in consumer preference towards lower-priced options [12] Consumer Behavior - The concept of "in-home dining" and "convenience food" has gained traction, with convenience stores becoming a significant part of the dining landscape due to their cost-effectiveness [9][10] - The price advantage of convenience stores is being challenged, leading to a new wave of competition in the market [10][12] Franchise System Challenges - The franchise model that has fueled 7-11's growth is now under scrutiny, as rigid operational rules are becoming burdensome for franchisees, particularly in light of Japan's aging population [13][14] - Franchisees face high profit-sharing rates with the headquarters, which has led to dissatisfaction and calls for reform [17] Financial Performance - 7-11's domestic business reported a revenue decline of 0.7% and an 11.0% drop in operating profit for the first quarter of fiscal 2025, highlighting challenges in maintaining consumer interest and innovation [20][21] Innovation and Future Outlook - The convenience store sector is at a crossroads, with 7-11's struggles reflecting a broader need for innovation to meet changing consumer expectations [21][22] - The success of Japanese convenience stores in the global market is attributed to their ability to innovate and adapt, but current trends suggest a potential stagnation in this area [20][21]

Core Points - Cristeta Comerford, the longest-serving White House executive chef, recently retired after nearly 30 years, having served five U.S. presidents [1][2] - Comerford was the first woman and person of color to hold the position, originally from the Philippines and became a U.S. citizen [1] - Each presidential family had distinct dietary preferences, with Bill Clinton favoring healthy eating and Michelle Obama promoting a vegetable garden [2][3] Summary by Sections - **Background and Career** - Cristeta Comerford was born in 1962 in the Philippines and began her career as a salad bar attendant in a Chicago airport hotel before moving to a restaurant in Washington [1] - She was hired as an assistant chef in 1995 and became the executive chef in 2005, serving under presidents Clinton, Bush, Obama, Trump, and Biden [1][2] - **Presidential Dietary Preferences** - Bill Clinton and Hillary preferred healthy meals, avoiding heavy sauces and creams [1][2] - George W. Bush introduced Comerford to Southwestern cuisine, reflecting his Texas roots [2] - Michelle Obama’s initiative for healthy eating led to the establishment of a vegetable garden, which inspired Comerford's menu designs [2] - Donald Trump and Melania favored traditional meals, with a focus on light Italian dishes, while Joe Biden's family also enjoyed Italian cuisine [2] - **Culinary Philosophy** - Comerford emphasized the importance of serving the family rather than showcasing culinary skills, highlighting the need for versatility in cooking [3] - The role of White House chefs has also provided a unique perspective on Asian culture through the contributions of several Asian chefs [3]