McDonald’s comps slip in Q1, profit inches up
Oak Brook, Ill. — McDonald’s Corp. reported Friday that net income for the quarter ended March 31 rose about 1% to $1.27 billion, from $1.26 billion last year. Total revenue also rose 1%, to $6.6 billion from $6.5 billion.
Same-store sales dipped, however, impacted said McDonald’s by a tightened eating-out environment during the quarter.
At home, same-store sales dipped 1.2%.
"While the Company’s results for the quarter reflected difficult prior year comparisons and the ongoing impact of global economic headwinds, we continue our efforts to build market share and deliver sustained profitable growth for all stakeholders," said Don Thompson, president and CEO.
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Restoration Hardware swings to loss in Q4, but edges forecasts
Corte Madera, Calif. — Restoration Hardware Holdings Inc. reported Friday a loss of $28.4 million for the quarter ended Feb. 2, compared with a profit of $24 million in the year-ago period. Results, impacted by costs associated with the company’s November 2012 IPO, edged analysts’ expectations.
Revenue surged 30% to $398.1 million from $305.2 million last year, beating Wall Street’s forecast of $390.5 million. Same-store sales advanced a hefty 26%.
The company has rebranded itself as RH and has moved its focus from Americana goods to high-end furnishings – a move the retailer says will pay off.
"We are well positioned to continue to gain market share and further disrupt the highly fragmented home furnishings marketplace," said Carlos Alberini, CEO.
For the year, net loss totaled $12.8 million, compared with a profit of $20.6 million in the prior year. Revenue rose 25% to $1.19 billion.
Looking forward, the company expects a loss in the first quarter, but is forecasting a profit for the fiscal year.
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Kramer out as JCP COO
J.C. Penney late Thursday announced that chief operating officer Michael W. Kramer had left the company.
His departure was disclosed in an 8-K filing with the Securities and Exchange Commission. In connection with Kramer’s departure, he received a lump sum cash payment of $2,143,414. In addition, the company also disclosed that Daniel Walker had resigned as the company’s chief talent officer.
Their departures follow the resignation CEO Ron Johnson just two weeks ago and the appointment of former J.C. Penney CEO Myron Ullman as his replacement.
Kramer joined the company in the fall of 2011 as COO with responsibility for finance, investor relations, corporate strategy, and information technology and he reported directly to Johnson.
Prior to J.C. Penney, Kramer had served as president and CEO of fashion house Kellwood Company.
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