Darden completes Yard House acquisition

Casual-dining operator closes on $585 million all-cash deal

Source: NRN

By Lisa Jennings

August 30, 2012

Darden Restaurants Inc. said Wednesday it has completed the acquisition of Yard House USA Inc. for $585 million in an all-cash transaction, as previously revealed in July.

Irvine, Calif.-based Yard House, with about 40 restaurants in 13 states, will join Darden's Specialty Restaurant Group, which also includes The Capital Grille, Bahama Breeze, Seasons 52 and Eddie V's.

Orlando, Fla.-based Darden is the nation's largest casual-dining restaurant chain operator, and parent to the Red Lobster, Olive Garden and LongHorn Steakhouse brands. The company's nearly 2,000 restaurants generate about $8 billion in annual sales, the company said.

Wall Street analysts have praised Darden's move, saying Yard House would benefit from the company's support, operational strengths and access to real estate. The beer-focused Yard House also brings a new generation of casual-dining to Darden's portfolio.

Yard House was sold by private-equity firm TSG Consumer Partners LLC, which had taken a 70-percent stake in the chain in 2007, when it had only 16 locations.

Darden said the transaction price includes about $30 million of cash tax benefits that are expected to be realized in fiscal 2013 and 2014.

Read more: http://nrn.com/article/darden-completes-yard-house-acquisition#ixzz256WzXjas

Dave & Buster's: New stores boosted 2Q revenue

Source: NRN

By Ron Ruggless

August 30, 2012

Dave & Buster's Inc. said Thursday that new-store performance, especially with a midsize format model, helped drive strong second-quarter results at the 59-unit high-volume entertainment-dining chain.

Dallas-based Dave & Buster's swung to a profit of $687,000 in the second quarter ended July 29, from a loss of $3.1 million in the same quarter a year ago. Latest-quarter revenue increased 15 percent to $147.9 million in the second quarter compared with $128.7 million a year ago.

Steve King, chief executive of Dave & Busters, said on a conference call with analysts that it was the largest quarterly growth he'd seen at the company. "We attribute this milestone to strong comparable-store sales growth, outstanding new-store performance and ongoing cost controls," King said.

The company said the revenue increase included a 5.4-percent increase in same-store sales. Same-store walk-in sales rose 5.6 percent in the quarter, and special-events business increased 4 percent. Across all stores, food and beverage revenue rose 11.8 percent, while amusements and other revenue increased 18.1 percent.

King said newer stores in Braintree, Mass.; Nashville, Tenn.; Oklahoma City, Okla.; and Orlando, Fla., helped boost the most recent quarter's revenues.

"I'm especially excited about Oklahoma City," said King, adding that it's the first of the new 25,000-square-foot format stores.

Prior to the Oklahoma City store, Dave & Buster's small-store format had been in the range of 15,000 to 17,000 square feet, he explained.

"It's very clear to us at this point that a 25,000-square-foot store is much more able to accommodate the volume that we see and the peak loads that we see in our business," King said. Those stores with less square footage saw huge openings and then business backed off more rapidly than in larger stores, he noted.

A second 25,000-square-foot format will open in September in Orland Park, Ill., and another smaller format store is planned for Idaho. That compares to a new 40,000-square-foot store scheduled to open this fall in Dallas, King said, adding that Dave & Buster's portfolio will still include the large-format stores in its future-store growth.

Dave & Buster's has been planning an initial public offering, but King said the company was watching market conditions. He added that the company would continue to update its Securities and Exchange Commission filings with quarterly earnings information.

Dave & Buster's has 59 stores in 25 states and Canada.

AUCTION ALERT - CHRISTIE'S HONG KONG SEPTEMBER 2012 WINE SALES

Source: Christie's

Aug 31st

Featuring a superlative assortment of wines to perfectly compliment the Chinese Mid-Autumn festivities, including a selection of vintages given a 100-point rating by Robert Parker

Sale2902, Lot 379 - 396, Château Mouton Rothschild, 1986

Sale2902, Lot 404 - 418, Château Mouton Rothschild, 1982

Both series of lots were given a perfect score by Robert Parker

Date: Saturday, 8 September 2012

Venue: Christie's Hong Kong,

22/F Alexandra House,

18 Chater Road, Central, Hong Kong

Time: 10:30am Fine and Rare Wine: Pristine Rarities from the Cellar, Sale 2950

1:00pm Fine and Rare Wines: Vintage European Treasures, Sale 2902

Key Highlights:

? Offering over 750 lots, these sales will present both new and experienced collectors with the opportunity to purchase some of the finest wines to come to market in Asia

? The sale of Pristine Rarities from the Cellar offers an exquisite ensemble of rare Burgundies and mature Bordeaux, superb vintages that are always so versatile with Chinese food. Of particular note are three pristine vertical collections of Château Mouton Rothschild, Château Latour and Château Lafite, each vertical spanning from 1945 to 2008, meticulously assembled by a dedicated European collector

? The sale of Vintage European Treasures offers an impressive selection of delicious Burgundies from Domaine de la Romanée-Conti, and the finest wines from Pomerol and St. Emilion. 100-point scores were given by Robert Parker to rare large formats, such as Château Mouton-Rothschild, from 1982 and 1986

1855.com increasingly embattled as protesters gather

Source: Decanter

by Jim Budd

Thursday 30 August 2012

The future of French internet wine company 1855.com is looking increasingly perilous as its detractors become more and more vociferous.

In the last few months 1855.com has been accused of fraud by French TV and named in a series of unfavourable court judgments; its site has been threatened with closure and its share price has dropped as low as ?0.03.

This month an anti-1855 protest association has been formed.

At the beginning of August TV channel France2 ran a news item about 1855.com under the headline 'arnaque' (fraud).

Reporting on the growing number of legal complaints against 1855.com, it said one disgruntled customer has asked the courts to close down the site. The hearing takes place in Paris on 27 September.

In mid-July a Bordeaux court ordered 1855 to pay ?50 a day to a client who in 2009 had ordered Chateau Lafite and Chateau Latour, both 2008s, expecting delivery last year but receiving nothing.

This month Abus 1855.com was officially recognised as an association. It has been set up by dissatisfied customers of 1855.com and its associated companies Cave Privée and Chateauonline, which were acquired by1855.com in 2010 and 2011.

The object of the association is to assist clients of 1855 to pursue the company as well as dissuade new customers.

The French government agency Brigade Interrégionale d'Enquête Vins et Spiritueux (BIEV) is actively pressurising 1855.com to reimburse customers who have not received wine they have ordered.

1855.com's troubles have hit its share price. Shares are now trading at between ?0.03- ?0.04 on the Paris Bourse. Five years ago they hit a high of ?5.00 a share.

Modesto's Gallo makes move on rum

Source: Modesto Bee

By John Holland

Aug 30th

Modesto's big winery has partnered with a distillery in Barbados to market a new brand of rum.

E.&J. Gallo Winery is launching Shellback, adding rum to a fast-growing spirits portfolio that already features brandy, gin, vodka and tequila.

The rum comes in two versions - Silver, which has no added flavors, and Spiced, which has plenty of them. It is priced at a suggested $17 for a 750-milliliter bottle.

"Our opportunity in the marketplace is focused on consumers who wish to progress in the rum category to a modern, premium, progressive rum," Gerard Thoukis, Gallo's senior director of marketing, said Wednesday.

The liquor is made from cane sugar at West Indies Rum Distillery, founded in 1893 on the Caribbean island. It is bottled at Gallo's headquarters plant off Yosemite Boulevard.

Gallo, founded in Modesto in 1933, has become the world's largest winemaker and still deals mostly in that business.

It started distilling E.&J. brandy in 1977 and launched the New Amsterdam brand of gin in 2008. It later added vodka to the New Amsterdam line and started distributing Familia Camarena tequila from Mexico.

Rum ranks third among spirits in U.S. sales, after No. 1 vodka and whiskey, according to the Distilled Spirits Council of the United States.

Sales of rum rose from $1.4 billion in 2002 to $2.2 billion in 2010, the Washington, D.C.-based industry group reported. In that time, flavored rum rose to 51 percent of the category.

A variety of natural flavors go into Shellback Spiced, including cinnamon bark oil from Sri Lanka, ginger oil from China and Africa, clove oil from Madagascar and India, nutmeg from Indonesia, cassia from Vietnam and China, vanilla from Madagascar and allspice from the Caribbean.

Shellback Silver is just rum, but a news release tells of "floral overtones layered with the suggestion of vanilla and tropical fruit, followed by a smooth, clean finish."

"Shellback" is an old naval term bestowed on sailors who crossed the equator for the first time. Also on the label is the motto "Rum Found Worthy."

Shellback could find favor with the "younger cocktail crowd," said Lexy McCallum, general manager of Bistro 234 in Turlock.

"We love to support local vendors," she said.

Her bar already stocks four other rum brands and offers a Bistro Hemingway cocktail with rum, maraschino liqueur, grapefruit juice and lime.

With its new rum, Gallo now has a role in all of the main spirits except for whiskey.

"We are actively looking at all of the major spirits categories," Thoukis said, "and as opportunities arise, we will take advantage of them."

US retailers beat sales forecasts

Source: FT

By Barney Jopson in New York

Aug 30th

Gap and the owners of Victoria's Secret and TJ Maxx reported sharp sales growth in August as US retailers reported another strong month in spite of economic uncertainty.

Sales rose by 5.4 per cent among the 20 or so retailers that report monthly figures, beating expectations for the second consecutive month, according to Retail Metrics.

August is the crux of the back-to-school shopping season, the second-most important part of the year for many clothing retailers after the end-of-year holidays.

"The US consumer continues to surprise everyone with their ability to dig deep," said Chris Donnelly, head of the retail practice at Accenture.

"There's no fundamental reason why spending should be so high," he said, alluding to stubbornly high US unemployment and meagre economic growth. "It has to be psychological."

Roughly 90 per cent of retailers reported sales that beat market forecasts. Clothes sales at both department stores and speciality chains were especially strong.

Like-for-like sales at Gap climbed 9 per cent from the same month last year following a 10 per cent rise in July, as its newest clothes click with consumers after a long period of criticism for uninspiring fashions.

Sales at Limited Brands, which owns the lingerie store Victoria's Secret and Bath & Body Works, were up 8 per cent.

While Victoria's Secret does not see the same back-to-school peak as other retailers, its Pink brand for college students - which includes backpacks as well as underwear - does get a new-term kick.

The TJX Companies, which include the discount clothes and homeware chain TJ Maxx, posted an 8 per cent rise in sales. Costco, the supermarket warehouse club, reported a 6 per cent rise in August sales.

Retailers continued to rely on coupons and discounts to woo shoppers as many consumers justify spending only when they see a bargain, said retail analysts, a trend that is cutting into profitability.

Nancy Liu, retail strategist at Kurt Salmon, said: "Back-to-school is a time when people need to go back and spend. But we're still a little bit touch and go with the economy."

Sales had been flat in June but rose 4.3 per cent in July.

New Zealand: Liquor law vote disappoints minister

 

Source: NZ Newswire

August 31, 2012

Parliament's decision to keep the alcohol purchase age at 18 has removed an effective way to curb problem drinking, Justice Minister Judith Collins says.

Ms Collins, who sponsors the Alcohol Reform Bill, wanted the age to be split, keeping it at 18 in bars and raising it to 20 in supermarkets and liquor stores.

The split age option was one of three which MPs were given the choice to cast conscience votes on, but it was the least favoured option and thus the first eliminated.

In a subsequent run-off vote there were 68 in favour of keeping the age at 18 and 53 in favour of raising it to 20.

"Keeping the purchase age at 18 across the board denies one effective way of curbing problem drinking but it is not the only tool available," Ms Collins said.

Prime Minister John Key supported the split age and said before the votes were taken he was confident it would be passed.

Ms Collins says her bill still has a wide range of measures to reduce alcohol-related harm.

"This is the first time in more than two decades that any government is acting to restrict rather than relax our drinking laws."

Measures in the bill include:

    Giving communities a stronger say on when and where alcohol can be sold

    Strengthening the rules around the types of stores that can sell alcohol

    Forcing supermarkets and grocery stores to display alcohol in a single area

    Requiring express parental consent for private supply of alcohol to people under 18

    Changing the rules so it is more difficult to get a licence and introducing maximum trading hours for licensed premises.

Now the age has been dealt with, parliament will go through the rest of the bill in a week's time.