News

Oak Brook, Ill. -- McDonald's Corp. reported Monday that net income for the quarter ended June 30 dipped 4% to $1.3 billion, from $1.4 billion in the same period last year.

Revenue was essentially flat at $6.915 billion, compared with $6.905 billion in 2011.
   
Global same-store sales increased 3.7%, led by Europe at 3.8% growth and the United States with 3.6% growth.
 

MINNEAPOLIS — Target is in the final stages of its remodeling plan that will bring an expanded assortment of fresh food to 30 general merchandise stores in the United States. The remodels are expected to be completed by October and will span markets from Cincinnati, Ohio to Jacksonville, Fla. and Nashville, Tenn. T

Washington, D.C. -- The National Retail Federation reiterated its call on Congress to address a loophole that allows most online sellers to avoid sales tax collection to the detriment of local retailers and communities.

BURNABY, B.C. — Best Buy Canada and its subsidiary Future Shop are taking the issue of online competition head on with revised price match and return policies in response to the changing nature of retail in Canada and commitment to customer service.

PAWTUCKET, R.I. — Hasbro reported that net revenues for the quarter were $811.5 million, a decrease of 11%, compared with $908.5 million in 2011. Second quarter 2012 net revenues declined 7% excluding a negative $34.4 million impact of foreign exchange.

Net earnings for the second quarter 2012 were $43.4 million, or 33 cents per diluted share, versus $58.1 million, or 42 cents per diluted share, in 2011.

Roseville, Calif. -- End-to-end merchandise optimization solution-provider Revionics said that beverage retailer BevMo! has selected Revionics as the provider of its price and promotions optimization system.
 
In a three-year agreement, Revionics will be providing BevMo! Revionics Price Optimization for base price management and optimization and Revionics Promotion Optimization for promotion planning and optimization.

PITTSBURGH — GNC Holdings on Friday elected company president and CEO Joseph Fortunato to serve as chairman. The board also has appointed Michael Hines to serve as lead independent director.

Fortunato succeeds Norman Axelrod, who has resigned as chairman. Axelrod had been a member of the GNC board since March 2007.

By Dr. Melody King, [email protected]