Word: quarterly
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...average rent in the U.S. fell 0.4% in the last three months of 2008, according to a survey of large apartment buildings in 79 metro markets by real estate analytics firm Reis. Even though landlords often find it tough to raise rent prices in winter months, the fourth quarter's decline is significant for being the first quarterly drop since the beginning of 2003. (See who's to blame for the financial crisis...
...first time in Apple's history, it reported quarterly revenue that topped $10 billion. It sold 2.5 million Macintosh computers, a 9 percent jump over the previous quarter, even as the rest of the PC industry contracted. The company also sold over 22.7 million iPods in the quarter with most of the growth occurring in international markets, according to COO Tim Cook. Indeed, Cook said that iPod sales in the U.S. actually contracted 3 percent in the quarter...
...convenience and savings of fast food. (Yum! Brands, which owns KFC, Taco Bell and Pizza Hut, and Burger King have also seen sales growth, though at smaller levels than McDonald's.) Casual-dining joints are reeling: P.F. Chang's and the Cheesecake Factory, for example, saw their third-quarter 2008 profits fall 43% and 36%, respectively. Bennigan's went bankrupt, Ruby Tuesday will shutter 40 locations by the end of February, and more than a dozen regional chains have filed for bankruptcy. "Any time people can trade down, they're doing that," says Britt Beemer, chairman of America's Research...
...retail-consulting company. McDonald's reported global same-store-sales growth throughout 2008 - and in November, global sales rose 7.7% over 2007 (sales jumped 4.5% in the U.S.). In fact, the company's sales have increased for 55 straight months. Profits grew 11%, to $1.2 billion, in the third quarter of 2008 (the company will report its fourth-quarter results on Jan. 26). McDonald's and Walmart were the only two companies in the Dow Jones industrial average whose share prices rose during 2008. Merrill Lynch, which rates McDonald's a "buy," said in a research report that the stock...
Richard Parsons is the new face of the struggling, bailout-needy Citigroup. The former CEO of Time Warner Inc. (TIME's parent company) became Citi's Chairman just days after the company announced an $8.3 billion fourth-quarter loss - its fifth quarterly loss in a row - and revealed that it would separate its retail banking business from the risky assets dragging it down. Citi may be taking on water faster than it can dump it out, but Parsons is no stranger to financial struggle. When he took over AOL Time Warner in 2003, the media conglomerate was $27 billion...