Financial
GM 1Q global sales up two pct. to 2.42 million PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 17 April 2014 15:49

DETROIT (AP) — General Motors says it sold 2.42 million cars and trucks in the first three months of the year, keeping it slightly ahead of Volkswagen in the global sales race.

The Detroit automaker says its sales grew 2 percent worldwide from January through March. The company was led by 13 percent growth in China. But sales fell 2 percent in North America.

Sales leader Toyota has yet to release first quarter numbers but says it's on the way to selling 10.1 million vehicles this year.

Volkswagen says it sold 2.4 million vehicles in the first quarter, up almost 6 percent.

Toyota finished first last year with a record 9.98 million sales. General Motors Co. finished second and VW third.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Last Updated on Thursday, 17 April 2014 15:50
 
Weak Barbie sales weigh on Mattel 1Q PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 17 April 2014 08:36

EL SEGUNDO, Calif. (AP) — Toy maker Mattel says weak sales of Barbie and markdowns to clear out excess inventory left over from a sluggish holiday season led to an unexpected first-quarter loss.

Its shares fell almost 5 percent in premarket trading.

Toy makers are facing a weak environment globally due to the uncertain economy and popularity of electronic gadgets. The first quarter is the seasonally smallest for toy makers, coming after the key holiday quarter which can account for up to 40 percent of revenue.

In addition, Mattel Inc. has been struggling with weakness in core brands like Barbie, which had a 14 percent drop in sales, and Fisher-Price, down 6 percent.

"Revenues were consistent with our expectations as we worked through inventories in a challenging global retail environment," said CEO Bryan G. Stockton.

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Chipotle plans first price hike in three years PDF  | Print |  E-mail
Written by CANDICE CHOI, AP Business Writers MAE ANDERSON, AP Business Writers   
Thursday, 17 April 2014 13:24

NEW YORK (AP) — Chipotle is feeling confident that customers are willing to pay more for its burritos, bowls and tacos.

The Mexican food chain said Thursday that it would raise prices for the first time in three years as its popularity continues to soar. Menu boards with the new prices should start rolling out in coming weeks and be in place at all restaurants by this summer.

Executives have said in the past they were considering a hike of about 3 percent to 5 percent. That translates to an extra 24 cents to 50 cents for an $8 burrito bowl.

Steve Ells, Chipotle's co-CEO, said during a conference call with analysts that price is not the main reason customers visit its restaurants anyway.

"Most of the value comes from the experience," he said.

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Fifth Third Bancorp 1Q earnings fall 25 pct. PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 17 April 2014 07:56

CINCINNATI (AP) — Fifth Third Bancorp says its first-quarter net income fell 25 percent, mostly on a decline in its investment in its former Vantiv payment-processing subsidiary.

The Cincinnati-based company says net income fell to $309 million, or 36 cents per share, for the three months ended March 31. That is down from earnings of $413 million, or 46 cents per share, a year ago. Analysts surveyed by FactSet expected the bank to earn 42 cents per share, on average.

Earnings from deposits and loans, or net interest income, rose 1 percent to $898 million. Earnings from fees and other charges, or noninterest income, fell 24 percent, to $564 million.

Fifth Third operates more than 1,300 banking centers in 12 states.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Last Updated on Thursday, 17 April 2014 07:57
 
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