News from National Restaurant Association
Excerpted from the National Restaurant Association newsletter. For the full newsletter, click here.
Operators endure weaker business conditions
The costs of goods restaurateurs need most have continued to accelerate, and according to a new survey released today by the National Restaurant Association, 46% of operators say business conditions are worse now than they were 3 months ago. More than 80% of operators say the cost of food, labor and occupancy are higher than 2019; 94% say operating costs in general are higher. 85% report profits are down.
See full survey results and share the press release.
The 2022 DEI Report: Diversity matters to your employees. Does it matter to you?
The Association’s landmark 2022 report on diversity, equity and inclusion in the hospitality industry reveals a major gap between how diverse and inclusive enterprises think they are and what their employees actually experience. It’s clear a genuine DEI culture enhances retention. Join us Tues., Aug. 30 at 2 p.m. ET, as Susan Crystal-Mansour, PhD, talks through the DEI disconnect and its impact. Register
Beware of how you report tips post-COVID-19, tax experts say
Tips and service charges are treated differently from a tax standpoint, but the pandemic changed tipping patterns, so operators need to carefully review their tip reporting policies. Marianna Dyson and Michael Chittenden of Covington & Burling LLP, explained the changes during a presentation at the Association’s Finance, Tax & Internal Audit Expert Exchange conference. Read more.
Operators search for ways to battle inflation
Supply chain issues have caused wholesale food prices to increase 16.3%, employment shortages abound, the war in Ukraine spiked gas prices, and an Avian flu outbreak cut supplies of eggs and poultry. Operators combine strategies in the fight to slow shrinking margins. Read the first of our 5-part series.
Excerpted from the National Restaurant Association newsletter. For the full newsletter, click here.
