“We ultimately determined . . . the vast majority of the pressure on sales and earnings was being driven by heightened interest in low-carb diets. I’ve been around a long time, almost 30 years . . . and I have never, ever seen anything that has rivaled what has occurred in the last three or four months.”


Scott Livengood, CEO
Krispy Kreme Doughnuts
May 25, 2004, analyst call

“Atkins . . . took some of the frothiness out of our same-store sales growth rate, and yet this company has continued to grow. . . . When you understand that bread is less than 5% of what [we] sell, you understand why Panera . . . has not been . . . materially impacted by the low-carb phenomenon.”

Ron Shaich, CEO, Panera Bread
June 28, 2004, CNNfn appearance

“Roughly 70% of our [bakery and food service] sales . . . are in dough and baking products, categories that have been impacted by the current low-carb focus. . . . Baking-product manufacturers have more capacity than orders right now, so we’re seeing aggressive price competition for what business there is out there.”

Jim Lawrence, CFO and EVP,
General Mills Inc.
June 30, 2004, analyst call

“I did want to address the impact we believe low-carb diets are having. . . . While the trends . . . continued in the latest quarter . . . we believe this rate will moderate later this year.”

Roger Deromedi, CEO, Kraft Foods Inc.
July 19, 2004, analyst call