FINANCE

Canadian restaurant group teams with Chase Paymentech

BY Staff Writer

Toronto — The Canadian Restaurant and Foodservices Association said Thursday that it has forged an agreement Chase Paymentech to refer its payment processing solutions to more than 30,000 CRFA members across the country.

With the new agreement, Chase Paymentech will provide countertop, wireless and integrated restaurant management solutions to handle any payment type, including Pay-at-the-Table, EMV chip, online orders, contactless and gift cards.

“The restaurant industry directly employs more than 1.1 million Canadians, and is the number one source of first-time jobs,” said Garth Whyte, CRFA president and CEO. “By helping our members control their costs and increase their sales, we are helping a vital industry to grow, prosper and contribute to communities across Canada.”

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FINANCE

Dillard’s Q4 profit beats Street

BY Katherine Boccaccio

Little Rock, Ark. — Dillard’s Inc. reported Thursday that profit for the fourth quarter rose to $141.5 million from $109.6 million a year earlier, beating analysts’ expectations.

Sales edged up 2% to $1097 billion. Same-store sales rose 3%.

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FINANCE

Gap profit drops 40% in Q4, on track to open 10 net new stores in 2012

BY Katherine Boccaccio

San Francisco — Gap Inc. reported Thursday that net income for the fourth quarter plummeted 40% on higher costs and aggressive discounting during the holiday selling season.

Net income for the quarter ended Jan. 28 was $218 million, compared with $365 million a year earlier. Sales dipped to $4.28 billion in the quarter, from $4.36 billion, matching Wall Street estimates.

Same-store sales fell 4%. By division, same-store sales fell 3% at Gap North America, and 6% at Old Navy. Banana Republic’s domestic same-store sales were unchanged compared with the year-ago period. The international division had an 8% decline.

For the full year, profit declined 17% to $833 million. Sales dipped 1% to $14.5 billion for the year, and same-store sales were down 4% compared with a 2% increase last year.

“In spite of 2011 earnings being below last year, we’re pleased with the progress we made against our long-term strategic plan, including growing our online business and expanding internationally,” said Glenn Murphy, chairman and CEO of Gap Inc. “There’s no doubt that improving our performance, especially in our base businesses, is the top priority in 2012, and we’re confident this is the right time to invest wisely to win back customers.”

In fiscal year 2012, the company said it expects to open about 125 company-operated stores, net of repositions, 55 of which are international. About 115 company-owned stores are slated for closure.

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