Slumping industry sales have taken their toll on Uno Restaurant Holdings Corp, which filed for bankruptcy on Wednesday. The Massachusetts-based company is the owner of the Uno Chicago Grill restaurant and pizzeria chain.
The filing comes after a tough year for the casual dining sector. As several companies slashed prices to draw in customers, a corresponding sales slump dampened profits. DineEquity's ( din - news - people )Applebee’s stores saw a 4.3% drop in sales last year as it competed to give consumers the best deals and meals for their money.
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Wednesday, January 20, 2010
Starbucks Q1 FY10 Comparable Store Sales Grow 4 Percent EPS of $0.32 vs. $0.09 in Q1 FY09 Company Raises Outlook
SEATTLE, Jan 20, 2010 (BUSINESS WIRE) -- Starbucks Corporation (NASDAQ: SBUX) today reported financial results for its fiscal first quarter ended December 27, 2009 and updated FY10 targets.
Fiscal First Quarter 2010 Highlights:
- Consolidated net revenues increased 4% to $2.7 billion
- Comparable store sales increased 4% driven by 1% increase in traffic and a 4% increase in average ticket
- Consolidated operating margin improved 850 basis points to 13.0%; Non-GAAP operating margin expanded 620 basis points to 13.6%
- U.S. operating margin significantly improved to 17.3% from 5.8% in Q1 FY09; U.S. Non-GAAP operating margin increased to 17.7% from 8.6% in the prior-year period
- International operating margin expanded to 7.4% from 2.6% in Q1 FY09; International Non- - GAAP operating margin increased to 9.1% from 3.0% in the prior-year period
- EPS increased to $0.32 compared to $0.09 in Q1 FY09; Non-GAAP EPS was $0.33 compared to $0.15 in Q1 FY09
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Fiscal First Quarter 2010 Highlights:
- Consolidated net revenues increased 4% to $2.7 billion
- Comparable store sales increased 4% driven by 1% increase in traffic and a 4% increase in average ticket
- Consolidated operating margin improved 850 basis points to 13.0%; Non-GAAP operating margin expanded 620 basis points to 13.6%
- U.S. operating margin significantly improved to 17.3% from 5.8% in Q1 FY09; U.S. Non-GAAP operating margin increased to 17.7% from 8.6% in the prior-year period
- International operating margin expanded to 7.4% from 2.6% in Q1 FY09; International Non- - GAAP operating margin increased to 9.1% from 3.0% in the prior-year period
- EPS increased to $0.32 compared to $0.09 in Q1 FY09; Non-GAAP EPS was $0.33 compared to $0.15 in Q1 FY09
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Icahn set to win Fontainebleau Las Vegas as rivals disqualified
Carl Icahn is poised to take over the bankrupt and unfinished Fontainebleau Las Vegas casino resort after two competing bidders were ruled unqualified.
Icahn Nevada Gaming Acquisition LLC made the only qualified bid, an attorney for the bankruptcy examiner said in court papers in Miami. Thursday's auction was canceled, according to the papers. A hearing on the sale is set for Jan. 27.
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Icahn Nevada Gaming Acquisition LLC made the only qualified bid, an attorney for the bankruptcy examiner said in court papers in Miami. Thursday's auction was canceled, according to the papers. A hearing on the sale is set for Jan. 27.
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Brinker International Reports Second Quarter Fiscal 2010 EPS
DALLAS, Jan 20, 2010 /PRNewswire via COMTEX/ -- Brinker International, Inc. (NYSE: EAT) announced second quarter fiscal 2010 earnings per diluted share of $0.29 compared to $0.27 for the second quarter of fiscal 2009, before special items and excluding Romano's Macaroni Grill(R) (reconciliation included in Table 2). On a GAAP basis, earnings per diluted share increased to $0.18 from a loss per diluted share of $0.21 for the second quarter in the prior year.
In the second quarter of fiscal 2009, the company completed the sale of Macaroni Grill while retaining a minority ownership interest.
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In the second quarter of fiscal 2009, the company completed the sale of Macaroni Grill while retaining a minority ownership interest.
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Pizza Inn, Amegy Bank Announce New Financing Agreement
THE COLONY, Texas, Jan. 19, 2010 (GLOBE NEWSWIRE) -- Pizza Inn (Nasdaq:PZZI - News), an international pizza chain with more than 310 restaurants in 10 countries, announced today a new financing agreement with Amegy Bank of Texas. The agreement provides Pizza Inn with improved financial flexibility to execute its long-term strategic plan to develop new Company-owned restaurants.
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Chesapeake Lodging cuts size of IPO by 40 pct
NEW YORK, Jan 19 (Reuters) - High end hotel company Chesapeake Lodging Trust Corp said on Tuesday it cut the size of its initial public offering by 40 percent after postponing the deal in December.
The New Jersey-based real estate investment trust plans to sell 7.5 million shares for $20 a share, raising about $150 million. It had originally planned to sell 12.5 million shares but postponed the offering due to difficult market conditions.
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The New Jersey-based real estate investment trust plans to sell 7.5 million shares for $20 a share, raising about $150 million. It had originally planned to sell 12.5 million shares but postponed the offering due to difficult market conditions.
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Accor 2009 Revenue Down 7.9% Like-for-Like
Hotels revenue declined by 10.1% over the year and 8.3% in the fourth quarter, which
showed a slight improvement compared with previous quarters, mainly due to the
first signs of stabilization in occupancy rates in December in Europe
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showed a slight improvement compared with previous quarters, mainly due to the
first signs of stabilization in occupancy rates in December in Europe
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‘Tranche Warfare’ Erupts as Property Owners Slide Into Default
Jan. 20 (Bloomberg) -- When Lightstone Group bought Extended Stay Hotels Inc. in June 2007, it relied on more than $7 billion in debt financing to complete the $8 billion deal just weeks before the leveraged-buyout market imploded.
Today, Extended Stay’s creditors are battling each other after the company filed the largest bankruptcy case by a U.S. hotel owner. A company reorganization plan, which includes financing from Centerbridge Partners LP and Paulson & Co., may be challenged by a proposal from Starwood Capital Group LLC that is backed by some so-called mezzanine lenders
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Today, Extended Stay’s creditors are battling each other after the company filed the largest bankruptcy case by a U.S. hotel owner. A company reorganization plan, which includes financing from Centerbridge Partners LP and Paulson & Co., may be challenged by a proposal from Starwood Capital Group LLC that is backed by some so-called mezzanine lenders
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Tuesday, January 19, 2010
Premier Inn opens at Dubai airport
Premier Inn has now opened its third site within the Gulf region at Premier Inn Dubai International Airport.
This development follows two openings in Dubai over the last 18 months, and also the first Premier Inn site in Bangalore, India which opened towards the end of 2009.
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This development follows two openings in Dubai over the last 18 months, and also the first Premier Inn site in Bangalore, India which opened towards the end of 2009.
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Sbarro already a hit in Japan
Sbarro, the world's leading quick-service Italian restaurant concept, announced in a statement its aggressive expansion into the Japanese market, which will include the opening of 1,250 units.
Sbarro has partnered with JCI Inc. in a joint venture/franchise agreement that will see the expansion plan executed over a 20-year period. As part of the agreement, Sbarro and JCI Inc. announced the opening of the first restaurant at the AEON Mall in Hinode-Machi, Tokyo. The AEON Mall location, which opened on Dec. 29, is the first of three Sbarro restaurant openings planned for Tokyo, with two units slated to launch during the first quarter of 2010.
"In Tokyo, we've seen an immediate and powerful response from consumers who have already very warmly embraced the Sbarro brand," said Peter Beaudrault, president and CEO of Sbarro. "Working in tandem with the great team at JCI Inc., we are poised to aggressively expand the Sbarro footprint throughout all of Japan."
Sbarro has partnered with JCI Inc. in a joint venture/franchise agreement that will see the expansion plan executed over a 20-year period. As part of the agreement, Sbarro and JCI Inc. announced the opening of the first restaurant at the AEON Mall in Hinode-Machi, Tokyo. The AEON Mall location, which opened on Dec. 29, is the first of three Sbarro restaurant openings planned for Tokyo, with two units slated to launch during the first quarter of 2010.
"In Tokyo, we've seen an immediate and powerful response from consumers who have already very warmly embraced the Sbarro brand," said Peter Beaudrault, president and CEO of Sbarro. "Working in tandem with the great team at JCI Inc., we are poised to aggressively expand the Sbarro footprint throughout all of Japan."
Viceroy Hotel Group Selected as Operator of “L’Ermitage Beverly Hills” Hotel
Viceroy Hotel Group announced today that it has been selected as operator of the renowned Los Angeles luxury hotel, L’Ermitage Beverly Hills. The announcement was made by Viceroy Hotel Group (VHG) Founder & CEO, Brad Korzen.
The 119-room luxury property, managed by Raffles Hotels & Resorts since 2000 as Raffles L'Ermitage, was recently acquired by a private investor for an undisclosed sum from Fairmont Raffles Hotels International. VHG will assume management of the property today, operating it for the interim as L’Ermitage Beverly Hills, as part of the company’s luxury Viceroy Hotel Group hotel and resort portfolio
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The 119-room luxury property, managed by Raffles Hotels & Resorts since 2000 as Raffles L'Ermitage, was recently acquired by a private investor for an undisclosed sum from Fairmont Raffles Hotels International. VHG will assume management of the property today, operating it for the interim as L’Ermitage Beverly Hills, as part of the company’s luxury Viceroy Hotel Group hotel and resort portfolio
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McDonald's Up; Burger King Down
McDonald's was lifted to outperform from neutral by Credit Suisse analyst Keith Siegner, citing potential earnings drivers like its international business.
"We do not believe estimates or valuation fairly reflect McDonald's ability to build upon already substantial 2008 and 2009 share gains through a several-year recovery period," he wrote in a note. "McDonald's will benefit from its unique ability to simultaneously appeal to both 'depressed' and 'recovering' consumers."
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"We do not believe estimates or valuation fairly reflect McDonald's ability to build upon already substantial 2008 and 2009 share gains through a several-year recovery period," he wrote in a note. "McDonald's will benefit from its unique ability to simultaneously appeal to both 'depressed' and 'recovering' consumers."
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Orient-Express Hotels raises $138 million in gross proceeds from offering of 12 million shares
NEW YORK (AP) — Orient-Express Hotels Ltd. said Tuesday that it raised gross proceeds of $138 million from a public offering of 12 million shares of its Class A stock.
Net proceeds total about $131 million after underwriting discounts and estimated offering expenses, the Bermuda-based hotel owner and manager said.
The underwriters fully exercised their overallotment option, buying an additional 1.8 million shares. In total, 13.8 million shares were sold at $10 a piece
Net proceeds total about $131 million after underwriting discounts and estimated offering expenses, the Bermuda-based hotel owner and manager said.
The underwriters fully exercised their overallotment option, buying an additional 1.8 million shares. In total, 13.8 million shares were sold at $10 a piece
London Japanese-Style Capsule Pod Hotel Wins Go-Ahead
A Japanese-style 'pod' hotel to be built in London has won the go-ahead from the local council.
Planning permission has been secured from Westminster City Council for the scheme, which is inspired by capsule hotels in Japan.
The hotel will occupy the second to seventh floors in the grade II-listed Troacadero building as part of a larger 53,495m² mixed-use leisure and retail scheme.
The hotel features 495 en-suite bedrooms measuring just 12m² to 17m².
The upper floors of the building previously housed the UK's biggest indoor theme park, Segaworld.
Planning permission has been secured from Westminster City Council for the scheme, which is inspired by capsule hotels in Japan.
The hotel will occupy the second to seventh floors in the grade II-listed Troacadero building as part of a larger 53,495m² mixed-use leisure and retail scheme.
The hotel features 495 en-suite bedrooms measuring just 12m² to 17m².
The upper floors of the building previously housed the UK's biggest indoor theme park, Segaworld.
Many fed-up time share owners are stuck trying to sell
For Stacey Udell, a Craigslist ad enticing her to own a piece of property in the Bahamas for $3,000 was too good to pass up.
The accountant from Cherry Hill, N.J., jumped on it, and became one of 6 million Americans who own a time share, shared vacation property that owners get to stay in for a week or so each year for life.
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The accountant from Cherry Hill, N.J., jumped on it, and became one of 6 million Americans who own a time share, shared vacation property that owners get to stay in for a week or so each year for life.
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