CRANBURY, NJ. — Innophos has provided a new solution to help manufacturers and consumers have a more consistent texture for plant-based chicken nuggets with tetrasodium pyrophosphate anhydrous (TSPP).
TSPP is a solution that may help provide a firmer nugget texture in plant-based nuggets, according to the company. The solution may provide a greater binding in breaded nugget applications and features a texturized pea protein, according to the company. TSPP also may improve the ability of the product to hold its shape when cut, according to the company.
TSPP is used as a buffer for processed foods and puddings, according to the company.
Innophos manufactures ingredients, chelated minerals and phosphates for the food and beverage, health and nutrition, and industrial specialties industries.
Pedestrians walk past a Foot Locker store in New York.
Michael Nagle | Bloomberg | Getty Images
Foot Locker reported another quarter of falling sales and slashed its outlook for the second time this year on Wednesday as inflation-weary consumers think twice before shelling out for footwear and apparel.
The sneaker giant’s adjusted fiscal second-quarter earnings were in line with Wall Street’s expectations, but fell short of analysts estimates on sales and saw another quarter of slimmer margins due to promotions and higher shrink.
Shares plunged 26% in pre-market trading.
Here’s how Foot Locker did in the three-month period that ended July 29 compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
Earnings per share: 4 cents adjusted vs. 4 cents expected
Revenue: $1.86 billion vs. $1.88 billion expected
The company swung to a loss of $5 million, or 5 cents per share, compared to a profit of $94 million, or 99 cents a share, a year earlier. Excluding one-time items, the company reported earnings of 4 cents per share.
Sales declined to $1.86 billion, down 9.9% from $2.07 billion a year earlier.
The dismal quarter prompted Foot Locker to lower its forecast again – just five months after introducing it. The company also paused its quarterly cash dividend beyond its board’s recently-approved October payout of 40 cents per share.
The athletic apparel retailer now expects sales to drop 8% to 9% for the year, compared to a previously issued forecast of down 6.5% to 8%. It is projecting a drop in same store sales of 9% to 10%, compared to its previous guidance of down 7.5% to 9%.
The company cut its adjusted earnings guidance to $1.30 to $1.50 per share, down from $2.00 to $2.25 a share.
“We did see a softening in trends in July and are adjusting our 2023 outlook to allow us to best compete for price-sensitive consumers, while still leaning into the strategic investments that drive our Lace Up plan,” CEO Mary Dillon said in a news release.
For the last two quarters, Foot Locker has been forced to rely on promotions to drive sales because its primary customer, which skews lower to middle-income, has pulled back on spending for discretionary goods like shoes and clothes.
Those heavy markdowns have weighed on Foot Locker’s margins, which dropped 4.6 percentage points compared to the year-ago period.
Shrink, a retail industry term that refers to merchandise lost by theft, damage or other means, also weighed on profits, Foot Locker said. It didn’t disclose how much shrink cut into its margins compared to promotions.
Comparable-store sales dropped by 9.4% during the quarter, which the retailer attributed to “ongoing consumer softness” and changes to its vendor mix. It’s unclear which vendors, or athletic apparel brands, are changing. But Foot Locker has been trying to reduce its reliance on Nike and balance its vendor mix.
Nike, which has long been the largest driver of sales at Foot Locker, has been in the midst of its own strategy shift towards a direct-to-consumer model and has been pulling back from wholesalers for several years.
Foot Locker’s inventories are still high – they rose 11% year over year to $1.8 billion – but levels have sequentially improved compared to the first quarter of 2023, the company said.
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Further Reading
Danny Lipford is a home improvement expert and television personality who started his remodeling business, Lipford Construction, at the age of 21 in Mobile, Alabama. He gained national recognition as the host of the nationally syndicated television show, Today’s Homeowner with Danny Lipford, which started as a small cable show in Mobile. Danny’s expertise in home improvement has also led him to be a contributor to popular magazines and websites and the go-to source for advice on everything related to the home. He has made over 200 national television appearances and served as the home improvement expert for CBS’s The Early Show and The Weather Channel for over a decade. Danny is also the founder of 3 Echoes Content Studio, TodaysHomeowner.com, and Checking In With Chelsea, a décor and lifestyle blog.
KANSAS CITY — A variety of new snacking options are making their way to retail locations across the United States.
Blue Diamond Growers is expanding its line of flavored almonds with the introduction of honey butter flavored almonds, which are inspired by Korean honey butter chips.
“Honey butter almonds were proudly developed by Blue Diamond’s R&D scientists to create the perfect flavor balance,” said Maya Erwin, vice president of innovation and R&D, Blue Diamond Growers. “Our goal is to ensure that our consumers never have to search outside our products to find every flavor category they crave. These snack almonds satisfy the sweet and salty flavor blend beloved by so many.”
Frozen brand Veggies Made Great expanded its line of snack offerings with the introduction of chocolate chip blondie bites, formulated with chickpeas, zucchini and butternut squash. Each bite contains 70 calories and 6 grams of sugar.
“Our new chocolate chip blondie bites take our portfolio of sweet offerings beyond breakfast,” said Elliot Huss, chief executive officer for Veggies Made Great. “As with all of our products, vegetables are the first ingredient, and they are also under 100 calories and low in sugar making them a perfect afternoon snack or dessert option that you can feel good about.”
St. Louis-based brand Crispy Edge launched its line of frozen potstickers, which are available in Buffalo chicken, cheddar and beef, chorizo date, plant-based lemongrass chicken and traditional flavors. The potstickers are fully cooked and can be heated up in a variety of ways, including the oven, microwave or air fryer.
“Crispy Edge Gourmet Potstickers were born out of a family tradition, where I used to experiment making them in the kitchen of my childhood home with my grandfather,” said David Dresner, co-founder and chief executive officer. “My continued passion to create the best gourmet potstickers, later led to the creation of the Crispy Edge restaurant in St. Louis. The positive feedback we received from diners was so strong that we decided to develop a product line for retail, which will enable us to reach as many consumers as possible. We are very excited to partner with KeHE for distribution and the growing number of retail stores we are in so far. We can’t wait for consumers to try our globally inspired flavors.”
