TOP STORIES

Ruth's Hospitality Saw Impact of Covid-19 Restrictions in 4Q

Ruth's Hospitality Group Inc. reported a steep sales drop as the company struggled with restrictions associated with the pandemic in the later part of the quarter.

Ruth's reported $1.4 million in net income, or earnings of 4 cents a share. That fell from a year ago's $14.5 million, or 50 cents a share. Adjusted earnings were 3 cents a share.

STORIES OF INTEREST

Ruth's Keeping Dining Restrictions -- Market Talk

0917 ET - Fine-dining chain Ruth's Hospitality Group says it's leaving many of its coronavirus-related safety protocols in place despite states moving to loosen restrictions. The Florida-based chain said it's kept occupancy in that state at 50% despite Florida removing seating limits in the fall. "We believe it's driving trust and frequency," CEO Cheryl Henry said about maintaining restrictions. Adding back two or three tables isn't necessarily worth it for sales, as Ruth's customers want to feel safe, Henry says in 4Q earnings. Shares slip 0.6% premarket. (heather.haddon@wsj.com; @heatherhaddon)

FUTURES MARKETS

Cattle Futures Finish Week Higher -- Market Talk

1512 ET - Live cattle futures finished trading on the CME higher, with the most-active contract ending up 0.4% to $1.19025 per pound. The uptick in cattle futures comes as a joint report with the USDA/Statistics Canada show that Canada's beef cattle herd is at its lowest point in 30 years, suggesting that US exports of cattle to Canada will grow in the coming year, says Steiner Consulting. "The Canadian beef and pork industry has been shrinking in the last 10-15 years and the latest statistics show that little has changed in that regard," says the firm. Meanwhile, lean hog futures finished trading Friday down 0.1%, to 87.175 cents per pound. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS 


 
Estimated U.S. Pork Packer Margin Index - Mar 5 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Mar  5       +$ 16.15            +$ 67.50 
 
Mar  4       +$  7.37            +$ 65.27 
 
Mar  3       +$  5.01            +$ 59.38 
 
 
* Based on Iowa State University's latest estimated cost of production. 
A positive number indicates a processing margin above the cost of production of the animals. 
 
Beef-O-Meter 
This report compares the USDA's latest beef carcass composite 
values as a percentage of their respective year-ago prices. 
 
                                  Beef 
          For Today              Choice  111.9 
      (Percent of Year-Ago)      Select  109.6 
 
USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Friday fell $2.55 per hundred pounds, to $231.33, according to the USDA. Select-grade prices fell 83 cents per hundred pounds, to $220.85. The total load count was 112. Wholesale pork prices rose $1.04, to $93.80 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

03-05-21 1745ET