OPERATIONS

Two more executives exit J.C. Penney

BY Katherine Boccaccio

New York — J.C. Penney announced Thursday that its COO Michael Kramer has resigned, along with chief talent officer Daniel Walker – bringing Penney’s April executive casualty number to five. Both resignations had been previously reported.

Kramer’s resignation was disclosed via a Securities and Exchange filing. He walked away with a $2+ million cash payment.

The two latest resignations follow CEO Ron Johnson’s departure last week, along with product development lead Nick Wooster and marketing VP Sissie Twiggs.

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Apr-20-2013 03:47 am

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M.Dai says:
Apr-20-2013 03:47 am

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FINANCE

McDonald’s comps slip in Q1, profit inches up

BY Katherine Boccaccio

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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Apr-21-2013 09:13 pm

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FINANCE

Restoration Hardware swings to loss in Q4, but edges forecasts

BY Katherine Boccaccio

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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