Americans to Spend $6.8 Billion on Food This Fourth of July

Americans are projected to spend $6.8 billion on food this July 4th weekend, a 7% increase from last year, CNBC's Mary Thompson reported on Friday.
By Lindsay Rittenhouse ,

NEW YORK (TheStreet) -- This Fourth of July weekend Americans will spend $6.8 billion on food, averaging more than $370 per household, a rise of 7% from last year, CNBC's Mary Thompson reported on "Squawk Box" Friday.

"We've got a long weekend this year, lower gas prices, so spending for Fourth of July is on the rise," Thompson said, explaining that two thirds of Americans will have a barbecue this weekend.

In addition, July 4th is the number one holiday for beer. This weekend $1.7 billion worth of beer, malt beverages and cider is expected to be sold, according to Thompson. Americans will also spend $1.1 billion on soda.

"The reason? We need all those drinks to wash down the 150 million hot dogs," Thompson said.

"That seems low," CNBC's Becky Quick commented, joking that Nathan's Famous (NATH) - Get Report may sell that itself in "hot dog eating contests."

Meanwhile, U.S. citizens will eat 190 million pounds of beef and 700 million pounds of chicken this July 4th, Thompson continued.

"If your stomach doesn't hurt yet, Americans also buy $133 million worth of hot dog and hamburger buns, $52 million worth of ketchup and mustard and $318 million worth of chips," she concluded.

Shares of Nathan's are lower by 1.76% to $43.72 this morning.

Separately, TheStreet Ratings rated Nathan's as a "hold" with a score of C.

The primary factors that have impacted our rating are mixed. The company's strengths can be seen in multiple areas, such as its expanding profit margins and solid stock price performance.

However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including feeble growth in the company's earnings per share, deteriorating net income and weak operating cash flow.

You can view the full analysis from the report here: NATH

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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