Restaurants struggling to stay profitable as costs squeeze already slim margins
Newsy
New industry reports show 42% of restaurants weren't profitable last year as rising food, labor and other costs squeeze already slim margins.
Many restaurant owners are working to keep menu prices down even as rising costs eat into already slim profit margins, according to two new industry reports.
Americans are dining out less as affordability concerns grow. Combined with rising costs across food, labor, rent and technology, restaurants are feeling the impact.
New reports from the National Restaurant Association and the James Beard Foundation show restaurant owners say managing margins is a constant challenge as prices of multiple products have increased.
Restaurant owner John Simmons is among those who have seen profits slip.
"It added a couple points to my food costs which, that equates to tens of thousands of dollars," he said.
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New industry reports show 42% of restaurants weren't profitable last year as rising food, labor and other costs squeeze already slim margins.
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