Katz’s Delicatessen partners with Square to modernize operations

NEW YORK - Katz’s Delicatessen, a Lower East Side institution since 1888, has implemented Square’s commerce platform to modernize its operations while maintaining its traditional culinary offerings. Square, with a market capitalization of $46.81 billion and impressive annual revenue of $23.83 billion, has established itself as a leading financial technology provider. According to InvestingPro data, the company maintains a strong financial position with a healthy current ratio of 1.96.

The 137-year-old Jewish deli, known for its hand-carved pastrami and corned beef, will use Square’s technology across both its physical locations and digital sales channels. According to a press release statement, Katz’s serves approximately 30,000 pounds of pastrami and 12,000 pounds of corned beef weekly. Square’s robust technology platform, backed by a gross profit margin of 39.64%, enables seamless integration for businesses of all sizes.

The implementation includes Square Register for counter service operations, Square Terminals and Square Handhelds for special events, and integration with Magento for e-commerce operations to support nationwide shipping.

"Katz’s has been serving New Yorkers and visitors from around the world for generations, and while our pastrami recipe hasn’t changed since 1888, the way our customers want to order and pay has," said Jake Dell, Owner at Katz’s Delicatessen.

The deli operates two physical locations - the original restaurant on the Lower East Side and an outpost at Brooklyn’s DeKalb Market Hall. Its nationwide shipping service, which began during World War II with the "Send a Salami to your Boy in the Army" campaign, now delivers to customers across the country.

As part of the partnership, Square and Katz’s plan to collaborate on national activations celebrating neighborhood commerce and culinary heritage, including pop-up experiences in cities across America.

The technology implementation aims to help the historic establishment manage its high-volume environment while integrating in-person and online sales channels. InvestingPro analysis suggests Square is currently undervalued, with additional insights available through their comprehensive Pro Research Report, one of 1,400+ detailed company analyses available to subscribers. For investors seeking deeper insights into fintech leaders like Square, InvestingPro’s detailed metrics and analysis provide valuable investment guidance.

In other recent news, Block Inc. has seen a variety of updates from different analyst firms. Canaccord Genuity reiterated its Buy rating for Block, citing the company’s raised full-year guidance with expectations for a gross profit of $10.17 billion and adjusted operating income of $2.03 billion, reflecting growth rates of 14.4% and 20% respectively. Keefe, Bruyette & Woods also maintained an Outperform rating, expressing confidence in Block’s growth trajectory and potential upside in the second half of the year. Meanwhile, Truist Securities raised its price target for Block to $70, emphasizing the significant role of Cash App Borrow in driving recent growth.

Jefferies adjusted its price target to $90 from $95, while maintaining a Buy rating, noting positive momentum in Square’s U.S. gross payment volume but acknowledging cautious investor sentiment. Bernstein SocGen Group reiterated an Outperform rating, highlighting Block’s expanding lending business, which now accounts for approximately 22% of the company’s gross profit and drove over 50% of its gross profit growth in the second quarter. These developments indicate a range of perspectives on Block’s performance and potential, reflecting the company’s diverse business strategies and market conditions.

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