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January 6, 2009

Frugality takes bite out of restaurants' profits

  • “Casual dining” or sit-down chains were hardest hit in 2008, while fast-food chains fared better.
    • By LAUREN SHEPHERD
    AP Business Writer

    NEW YORK (AP) — Declining consumer confidence took a bite out of restaurants' sales and profits in 2008, leading to bankruptcy filings at casual-dining chain's like Bennigan's and the closure of more than 600 Starbucks locations.

    Like most companies that depend on consumers for their survival, a restaurant's performance is largely measured by its sales. For most restaurants — particularly the “casual dining” or sit-down chains — that meant a tough year.


     
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