Word: quarters
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Dates: during 2000-2009
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...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...
...India, every major national economy in the world now readily admits that it is in the midst of GDP contraction. The resulting slowdown in global trade will certainly affect China seriously, as well, and sooner than most analysts think. A deep recession in China may be only a quarter away...
...bank dealer of last resort. And the rising cost of failures puts ever more pressure on the FDIC's insurance fund. In the first nine months of 2008, the fund had to pay out nearly $18 billion to depositors of failed institutions. At the end of the third quarter, the fund stood at $34.6 billion, down 34% from the end of 2007 to its lowest level since...