FINANCE

McDonald’s revenue, operating income up in Q4 and full year

BY Katherine Boccaccio

Oak Brook, Ill. — McDonald’s Corp. reported Tuesday that consolidated revenues for fiscal 2011 rose 12% to a record-high $27 billion. The restaurant chain also said that global same-store sales increased 5.6% for the year ended Dec. 31, with positive comps across all geographic segments for every quarter.

"During 2011, McDonald’s continued momentum drove higher profitability and market share gains as we fortified our leadership position around the world," said McDonald’s CEO Jim Skinner.

Consolidated operating income increased 14% for the year, and diluted earnings rose 15%.

For the fourth quarter, global same-store sales increased 7.5%, with the United States up 7.1%, Europe up 7.3% and Asia/Pacific, Middle East and Africa up 6.9%. Consolidated revenues increased 10%, and consolidated operating income increased 14%.

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FINANCE

Tuesday Morning’s profit falls 8% in Q2

BY Katherine Boccaccio

Dallas — Tuesday Morning Corp. reported Monday that net income for the quarter ended Dec. 31 fell 8% to $15.9 million.

Revenue for the quarter dipped 2.2% to $273.1 million.

Investors were prepared for the news because the company previously reported the lower revenue figures earlier this month.

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OPERATIONS

Target names John Mulligan CFO

BY Katherine Boccaccio

Minneapolis — Target Corp. announced Tuesday it has promoted current senior VP-finance John Mulligan to executive VP and CFO, effective April 1.

The announcement concludes a comprehensive search which included both internal and external candidates, said Target.

Mulligan succeeds Doug Scovanner, who announced his retirement last November.

A 16-year Target veteran, Mulligan has held leadership positions in finance, target.com and human resources.

Target said that Scovanner, following his retirement, will remain with the company in a part-time capacity until early November 2012 as part of the transition.

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