Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from the line of Arnold Ursaner - CJS Securities.
Arnold Ursaner - CJS Securities
Embedded in your guidance for Q2, can you give us a sense for what view you have about foodservice revenue trends in Q2?
John Meier
We don’t Arnie; as I said in my prepared comments in terms of how we look at the year, we’re not looking for anything other than a modest uptick very late in the year. Those are the kinds of numbers that we have baked in. So I would think a very conservative outlook.
Arnold Ursaner - CJS Securities
I am trying to get a feel, but down 12, I have known your company for 10 years, I think that’s as bad a single quarter as I can remember John other than 9/11.
John Meier
Yes, that’s probably a fair assessment. At the same time we’re absolutely convinced that this is not a market share issue at all. You don’t get named the Vender of the Year at all these companies in the last 8 weeks if you are loosing share.
Secondly, let’s all remember that late January and early February in the upper Midwest and then in Northeast corridor we all got snowed out. This was a difficult weather quarter which contributed to some of the issues, but underlying it all is the restaurant industry is having a tough year.
We are encouraged by what we have seen in April as I commented in my comments. What we saw an April is frankly north of what we have budged and/or forecasted.
Arnold Ursaner - CJS Securities
And John, you’ve talked before about the impact tourists have when they come to the United States, they tend to consume or spend more going out to hotels and restaurants typically than Americans. Given where the weak dollar is right now, is that embedded into your thinking in the back half of this year, that we’ll have a strong summer season from tourism?
John Meier
It goes through our thinking Arnie. But we are believing, I can’t imagine it’s going to be any less than what it was last year where it was up 11% over the prior year because the currency thing has continued to move in a positive direction for an overseas visitor.
And you’re right. There are industry statistics that say that particularly European visitors will on a per diem basis spend 40% more on food and drink than what domestic U.S. citizens do when we go off to Las Vegas or where ever.
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