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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.


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Last Updated on Thursday, 17 April 2014 07:57
 
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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IBM posts lower 1Q earnings amid hardware slump PDF  | Print |  E-mail
Written by BARBARA ORTUTAY, AP Technology Writer   
Thursday, 17 April 2014 06:49

NEW YORK (AP) — IBM's first-quarter earnings fell and revenue came in below Wall Street's expectations amid an ongoing decline in its hardware business, one that was exacerbated by weaker demand in China and emerging markets.

The world's largest technology services company has been working to expand into new areas as its hardware business falters, but the latest results show that these efforts have yet to fully pay off.

The company in the process of selling its low-end server business to China's Lenovo Group as it continues to shift its focus toward more lucrative software and services. It is also investing heavily in Internet-based computing services and in Watson, its cognitive computing operation made famous in beating a pair of "Jeopardy!" champions.

IBM Corp. said Wednesday that it earned $2.38 billion, or $2.29 per share, in the January-March period. That's down 21 percent from $3.03 billion, or $2.70 per share, a year earlier. Excluding an $870 million charge for reorganizing its work force and other one-time items, IBM's earnings were $2.54 per share in the latest quarter, matching analysts' expectations.

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