IFRS FAQs

Want to easily and quickly find out what has been happening with International Financial Reporting Standards and what could be on the horizon? Read the completely updated IFRS FAQs, formatted so you can select the questions and answers you're interested in

Read more:
http://www.ifrs.com/ifrs_faqs.html

Hilton launches mobile booking tool

Hilton Hotels is launching a mobile web application that will offer customers full booking capabilities, initially in the UK and Germany with a view to a global roll-out.
The solution, created by Mobile Travel Technologies, enables travellers to search and select a hotel, view hotel information and images, plus make and change bookings. It will be launched this Friday and also includes a dedicated version for the iPhone.

Read more:
http://www.breakingtravelnews.com/news/article/hilton-launches-mobile-booking-tool/

Washington's Watergate Hotel fails to get bids

The famous Watergate Hotel in the US capital of Washington has failed to attract any bids at auction.The hotel was up for auction priced at $25 million (£15.2 million) but there were no takers.

Read more:
http://www.viewlondon.co.uk/news/washingtons-watergate-hotel-fails-to-get-bids-19276419.html

Lenders take control of Chez Gerard owner

The Chez Gerard and Bertorelli restaurant chains came under new ownership on Monday when lenders to Paramount Restaurants took control of the company.
Bankers to Paramount Restaurants, the owner of Chez Gerard and Bertorelli, acquired the controlling stake from Silverfleet Capital, the private equity company, for an undisclosed sum.

Read more:
http://business.timesonline.co.uk/tol/business/industry_sectors/leisure/article6721216.ece

Restaurants' Biggest Drop in 3 Decades

The U.S. Restaurant Industry is facing its toughest times in 3 decades and the outlook appears to be grim unless the economy shows signs of rebound. With lower disposable income, consumers are spending less and dining out seldom.
Moreover, rising unemployment is making things worse. Most of the companies have either scaled back or postponed further unit development. Famous Dave’s of America , Cosi Inc. (NasdaqGM: COSI - News), BJ’s Restaurants (NasdaqGS: BJRI - News), California Pizza Kitchen (NasdaqGS: CPKI - News) and Red Robin Gourmet Burgers (NasdaqGS: RRGB - News), which operate in the casual dining segment, are experiencing declining same-store sales and traffic counts.

Read more:
http://finance.yahoo.com/news/Restaurants-Biggest-Drop-in-3-zacks-2989138941.html?x=0&.v=1

HOST HOTELS & RESORTS, INC. REPORTS RESULTS OF OPERATIONS FOR THE SECOND QUARTER OF 2009

BETHESDA, MD; July 22, 2009 – Host Hotels & Resorts, Inc. (NYSE: HST), the nation’s largest lodging real estate investment trust (REIT), today announced its results of operations for the second quarter ended June 19, 2009.
􀂃 Total revenue decreased $324 million, or 23.3%, to $1,064 million for the second quarter and $494 million, or 20.3%, to $1,936 million for year-to-date 2009 as compared to last year.
􀂃 Net loss was $69 million for the second quarter of 2009 compared to net income of $193 million for the second quarter of 2008. For year-to-date 2009, net loss was $129 million compared to net income of $256 million for year-to-date 2008. Loss per diluted share was $.12 for the second quarter of 2009 compared to earnings per diluted share of $.34 in 2008. For year-to-date 2009, loss per diluted share was $.24 compared to earnings per diluted share of $.45 for year-to-date 2008.

Read more:
http://www.hosthotels.com/pressReleases/7_22_2009.pdf

US full-service hotels operating expense trends

HENDERSONVILLE, Tennessee—Smith Travel Research recently released its 2009 Hotel Operating Statistics (HOST) report. While reviewing a 10-year history of full-service hotels’ expenditures and revenues, several questions come to mind: How effectively has this segment of the hospitality industry been managing profitability during poor and strong economic cycles? During market downturns, how were expenses managed while revenues declined? Was profitability maximized during robust economic periods?

Read more:
http://www.hotelnewsnow.com/articles.aspx?ArticleId=1570

Rate of pub closures accelerates to record 52 a week

The rate of pub closures has now risen to a record 52 per week, as the number of industry job losses in the past year reaches 24,000.
Latest figures released by the British Beer and Pub Association (BBPA) show that the rate of pub closures has increased by a third in the first half of 2009, up from 39 pubs a week in the last six months of 2008.

Read more;
http://www.bighospitality.co.uk/item/3692

Landry's Restaurants, Inc. ('LNY'/NYSE) Reports Second Quarter 2009 Results; Net Income of $8.3 Million Compared to $13.9 Million in the Prior Year

HOUSTON, July 22 /PRNewswire-FirstCall/ -- Landry's Restaurants, Inc. (NYSE: LNY - News; the "Company"), today announced its results for the second quarter ended June 30, 2009. The Company's income from continuing operations for the quarter was $0.51 per share-diluted as compared to $0.86 reported last year.

Read more:
http://finance.yahoo.com/news/Landrys-Restaurants-Inc-prnews-1985617068.html?x=0&.v=1

China's Upscale Hotels Struggling

The Olympic Games didn't bring in the expected turnover for the hotel industry. According to statistics, during the 2008 Beijing Olympics, 5-star hotels in Beijing witnessed a 2.3% decline in occupancy over the same period last year, while Shanghai saw a 10.4% decline. Due to the financial crisis, hotels nationwide suffered further occupancy drop and drastically reduced prices in 2009.

Read more:
http://www.hotelsmag.com/article/CA6672408.html

Marshall Hotels & Resorts, Inc. Adds Five Management Contracts in Last 120 Days

Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, today announced the company has added five management contracts in the past 120 days, and expects to add as many as four more within the next 60 days. The hotels range from upper upscale to focused-service brands and include three newly opened properties. The company now operates more than 50 hotels worldwide.

Read more:
http://www.hotelchange.com/article40064.html

Domino's Pizza Announces Second Quarter 2009 Financial Results

ANN ARBOR, Mich., July 22 /PRNewswire-FirstCall/ -- Domino's Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, today announced results for the second quarter ended June 14, 2009. Domestic same store sales were down 0.7% and international same store sales grew 4.1%. The international division continued its strong performance, posting its 62nd consecutive quarter of same store sales growth. Net income as-reported was down 22.4% versus the prior year, due primarily to the negative impacts of foreign currency, gains on the sale of Company-owned stores in 2008 and expenses incurred in connection with changes made to the Company's stock option plans, offset in part by gains on the extinguishment of debt.

Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=135383&p=irol-newsArticle&ID=1309873&highlight=

Hilton is the hospitality leader in the UK business superbrands list

Hilton and Compass Group are the highest-ranked hotel and contract caterers respectively in the latest UK Business Superbrands 2009 list.The UK Business Superbrands 2009 honours the strongest business-to-business brands in the UK. Google topped the list which saw Michelin, the renowned tyre company and foodie guide, come in at number eight.

Read more:
http://www.caterersearch.com/Articles/2009/07/22/328818/hilton-is-the-hospitality-leader-in-the-uk-business-superbrands-list.html

Starbucks Returns to Store Expansion

SEATTLE-After closing hundreds of units in the last year, Starbucks Corp. is ready to expand again in 2010, executives said at the company’s third-quarter conference call.
The company now expects to open approximately 55 net new licensed stores in the United States and approximately 310 net new licensed stores internationally this year. Plans for 2010 are still being made, noted Troy Alstead, executive vice president and chief financial officer, and growth will largely be concentrated internationally. In addition, the company is testing a new store design in Seattle, Paris and Tokyo, and has opened a new concept, 15th Avenue Coffee and Tea, which removes the Starbucks logo and sells beer and wine as well, in Seattle

Read more:
http://www.globest.com/news/1457_1457/seattle/179962-1.html

CKE Restaurants, Inc. Reports Period Six Same-Store Sales

“The decline in our same-store sales remains our management team’s primary focus,” said Andrew F. Puzder, chief executive officer. “Period six was a particularly difficult period from a same-store sales perspective as both brands were rolling over strong prior year sales due, in part, to last year’s government stimulus checks. However, we are encouraged by the results of some of our recent sales-building initiatives.

Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=117249&p=irol-newsArticleInvestor&ID=1309888&highlight=

Starbucks' Earnings Bode Well for 'Restaurant' ETFs

Starbucks’ (SBUX) announcement after the close Tuesday that it walloped the Street’s earnings expectations for its fiscal third quarter (as well as strong fourth quarter and fiscal 2010 earnings guidance) sent its stock higher, as shares of SBUX jumped nearly 10% in after hours trading.
But the earnings report isn’t good news for just Starbucks: it might be an indication that the country’s restaurant business, which was stung particularly hard during the recent recession as consumers slashed discretionary spending, may be poised to continue its strong rebound.

Read more;
http://seekingalpha.com/article/150405-starbucks-earnings-bode-well-for-restaurant-etfs?source=feed

Starbucks Posts Strong Third Quarter Fiscal 2009 Results

SEATTLE--(BUSINESS WIRE)--Jul. 21, 2009-- Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its third quarter ended June 28, 2009, provided its FY09 EPS target and introduced FY10 targets. Fiscal Third Quarter 2009 Highlights include:

• EPS of $0.20 compared to $(0.01) in Q308
• Non-GAAP EPS of $0.24 compared to $0.16 in Q308, a 50% year-over-year increase
• Operating margin of 8.5% vs. negative 0.8% in Q308; Non-GAAP operating margin of 10.6% vs. 6.9% in Q308
• U.S. operating margin of 11.2% vs. negative 1.4% in Q308; Non-GAAP U.S. operating margin of 13.4% vs. 8.8% in Q308
• Net revenues of $2.4 billion, compared to $2.6 billion in Q308
• Cost savings of approximately $175 million, exceeding Q3 target of $150 million
• Comparable store sales decline of 5%, a sequential improvement from a decline of 8% in Q209

Read more:

http://investor.starbucks.com/phoenix.zhtml?c=99518&p=irol-newsArticle&ID=1309655&highlight=

P.F. Chang's Reports Second Quarter Earnings and Raises Fiscal 2009 Earnings Guidance

SCOTTSDALE, Ariz., Jul 22, 2009 (BUSINESS WIRE) -- P.F. Chang's China Bistro, Inc. (NASDAQ:PFCB) today reported consolidated income from continuing operations(1) of $12.1 million for the second quarter ended June 28, 2009 compared to $9.9 million for the second quarter of the prior year. Net income (2) for the second quarter of fiscal 2009 totaled $11.6 million compared to $9.4 million for the second quarter of the prior year.
Income from continuing operations(1) per diluted share for the second quarter of fiscal 2009 was $0.51 compared to $0.41 for the second quarter of the prior year. Net income (2) per diluted share was $0.49 compared to $0.39 in the prior year.

Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=62237&p=irol-newsArticle&ID=1309861&highlight=