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Q3 beef prices up 65% over last year, CFO Kristy Chipman says, and brand plans another menu hike in mid-November
Ruth’s Hospitality Group Inc. in the third quarter experienced “historically high” beef costs and inflation in other commodities, leading it to raise menu prices and plan for another hike in mid-November, executives said Friday.
The Winter Park, Fla.-based steakhouse brand, which released third-quarter earnings Friday, said beef prices were up 65% over last year and 47% when compared to the same period in 2019. Food and beverage costs in the quarter were 34.2% of sales, said Kristy Chipman, Ruth’s chief financial officer.
“Our market basket experienced inflation of approximately 29% compared to Q3 2019 with most of this increase being in proteins, particularly beef, crab and lobster,” Chipman said, adding that “this inflation is historical...
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