Financial News--McDonald's, Precision Auto Care, RadioShack, Sonic, Spherion
Oak Brook, Illinois-Shares of McDonald's Corp. rose as much as 2.1 percent last week after the fast-food chain announced it would reduce its U.S. divisions from five to three as part of broader moves to lower costs. Shares in the company were up 48 cents to $29.97 after falling about 14 percent this year from a high of more than $35 in January. -Reuters
Leesburg, Virginia-Precision Auto Care Inc. announced for the fiscal year ending June 30, 2001, a loss of $18.9 million, compared with a loss of $18.4 million for the prior year. -PRNewswire
Fort Worth, Texas-Comparable-store sales for RadioShack franchise and dealer stores declined 6 percent to $354 million from $376.2 million for the month of September. -Reuters
Oklahoma City, Oklahoma-Drive-in restaurant chain Sonic Corp. said it expects earnings to be slightly above analysts' consensus estimate for the fiscal year that ended in August. For fiscal 2001, increased advertising, introduction of new products and an expanded breakfast program are expected to drive earnings slightly ahead of the estimate of $1.39 a share. -Reuters
Fort Lauderdale, Florida-Temporary-staffing provider Spherion Corp. said it will report third quarter earnings at the low end of its previous guidance and cut 500 jobs, taking charges of up to $80 million, as part of its restructuring. Spherion, owner of 1,000 staffing outlets worldwide, said it will consolidate, franchise or sell about 150 offices. -Reuters
For reprints and licensing questions, click here.