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Search resuls for: "Chris Kemp"


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☆ McDonald's profit grows as inflation-weary customers flock to its restaurants
  + stars: | 2023-01-31 | by ( Amelia Lucas | ) www.cnbc.com   time to read: +4 min
McDonald's on Tuesday reported that U.S. customers are visiting its restaurants more, helping the fast-food giant top Wall Street's estimates for its fourth-quarter earnings and revenue. Globally, same-store sales climbed 12.6% in the quarter, fueled by strong demand in the U.S. and its largest European markets. In McDonald's home market, higher menu prices and increased demand drove same-store sales growth of 10.3%, topping StreetAccount estimates of 8.1%. Its international developmental licensed markets division saw same-store sales climb 16.5%, driven by Japan and Brazil. Looking to 2023, McDonald's is forecasting that it will open 1,900 new restaurants.
☆ Here are the companies that have laid off employees this year
  + stars: | 2023-01-21 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +7 min
Tech firms went on a hiring spree. “Over the past two years we’ve seen periods of dramatic growth,” CEO Sundar Pichai said in an email to employees. The crypto brokerage announced in early January that it’s cutting 950 people – almost one in five employees in its workforce. Departments from human resources to the company’s Amazon (AMZN) Stores will be affected. They’re not in heavy people expansion mode every year,” CEO Andy Jassy said in a memo to employees.
☆ McDonald's to boost restaurant growth, streamline some programs
  + stars: | 2023-01-06 | by ( Hilary Russ | ) www.reuters.com   time to read: +2 min
McDonald's beat sales and profit estimates in its last quarterly earnings results in October, helped by higher menu prices and increased foot traffic from inflation-weary customers looking for value meals. Its global same-store sales increased 9.5% in the third quarter. read moreLike other fast-food chains, McDonald's has hiked menu prices to keep up with surging commodity and labor costs. McDonald's strong sales and profits also mean that it - like several other restaurant chains including Starbucks Corp (SBUX.O) and Chipotle Mexican Grill Inc (CMG.N) - can embark on big expansion plans. It now also plans to streamline technology - including its loyalty programs - and menu development in order to get new products into use globally more quickly.
☆ McDonald’s CEO says layoffs are coming
  + stars: | 2023-01-06 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +2 min
New York CNN —McDonald’s is planning to cut some of its corporate staff, CEO Chris Kempczinski said in a memo to employees Friday. In an interview with the Wall Street Journal Friday, Kempczinski said that means company will announce layoffs. McDonald’s had around 200,000 corporate staff and workers at company-owned restaurants at the end of 2021, according to its latest annual report. More than two million people work at McDonald’s franchised locations around the world. Some of America’s largest companies have announced layoffs in recent weeks, including Amazon (AMZN), Salesforce (CRM) and Goldman Sachs (GS).
☆ McDonald's plans reorganization, job cuts as it accelerates restaurant openings
  + stars: | 2023-01-06 | by ( Amelia Lucas | ) www.cnbc.com   time to read: +2 min
McDonald's is planning job cuts and a reorganization as the company refocuses its priorities to accelerate restaurant expansion, CEO Chris Kempczinski told employees Friday. As part of the reorganization, the company will be deprioritizing and halting certain initiatives, according to a company-wide memo from Kempczinski viewed by CNBC. "Today, we're divided into silos with a center, segments, and markets," Kempczinski wrote. Currently, McDonald's organization is divided into three segments: the U.S., international operated markets and international developmental licensed markets. Additionally, McDonald's said Friday it will speed up its development plans for new restaurants.
☆ McDonald's CEO warns of possible 2023 layoffs as chain leans into fast service, innovation, and operational efficiencies
  + stars: | 2023-01-06 | by ( Nancy Luna | ) www.businessinsider.com   time to read: +3 min
Despite a strong year, McDonald's CEO said the chain may have layoffs this spring. His 2023 business plan calls for the fast-food giant to move faster and push innovation. "As part of this work, we will evaluate roles and staffing levels in parts of the organization," the CEO said. The executive said he plans to build on the company's Accelerating the Arches growth strategy, first introduced in late 2020. This will help us move faster as an organization, while reducing our global costs and freeing up resources to invest in our growth," Kempczinski said.
☆ A top McDonald's security exec said the CEO repeatedly undermined him — and even barred him from riding with him on the corporate jet — in a new racial-discrimination lawsuit
  + stars: | 2022-12-20 | by ( Nancy Luna | ) www.businessinsider.com   time to read: +6 min
Michael Peaster, a Black McDonald's security executive, is suing the chain and its CEO. Yet according to a racial-discrimination lawsuit that Peaster filed this month, the CEO ignored the 35-year McDonald's veteran for the better part of a year. "It was retaliatory against Michael Peaster based on his respectful but legitimate contradiction of Kempczinski on the subject of race." A representative for Peaster told Insider via email: "Michael Peaster had the same job since 2010. In January 2020, two Black McDonald's executives, Vicki Guster-Hines and Domineca Neal, filed a discrimination lawsuit against McDonald's.
☆ McDonald's hopes deals like 50-cent double cheeseburgers beef up sales on its mobile app
  + stars: | 2022-12-07 | by ( Amelia Lucas | ) www.cnbc.com   time to read: +1 min
Last holiday season, McDonald's leaned on singer Mariah Carey's starpower and discounts to drive customers to their mobile app. The chain is also offering exclusive access to branded merch releases and deals on food, like a 50-cent double cheeseburger. The three-week-long promotion, which began Monday, is part of the company's broader digital strategy to drive traffic to its mobile app through seasonal promotions and create recurring revenue without sacrificing profitability. In recent years, restaurant companies have turned to loyalty programs to drive downloads of their mobile app and convince customers to keep coming back. For comparison, Starbucks , which has had a loyalty program for more than a decade, reported 28.7 million active U.S. members during its latest quarter.
☆ McDonald's CEO takes a 'saucy' bite of the messy McRib during a video review of iconic sandwich before it leaves the menu for good
  + stars: | 2022-11-30 | by ( Nancy Luna | ) www.businessinsider.com   time to read: +2 min
McDonald's brought back the McRib nationally for a farewell tour on October 31. Today, CEO Chris Kempczinski hinted it was exiting the menu soon during a video review of the item. It was his mother's favorite McDonald's item. To mark the sandwich's purported final exit, McDonald's CEO Chris Kempczinski released a video review Wednesday of his mother's favorite McDonald's menu item. McDonald's did not return an immediate request for comment when asked if the McRib would leave menus for good this year.
☆ McDonald's CEO takes a "saucy" bite of the messy McRib during a video review of iconic sandwich before it leaves the menu for good
  + stars: | 2022-11-30 | by ( Nancy Luna | ) www.businessinsider.com   time to read: +2 min
McDonald's brought back the McRib nationally for a farewell tour on October 31. Today, CEO Chris Kempczinski hinted it was exiting the menu soon during a video review of the item. It was his mother's favorite McDonald's item. To mark the sandwich's purported final exit, McDonald's CEO Chris Kempczinski released a video review Wednesday of his mother's favorite McDonald's menu item. McDonald's did not return an immediate request for comment when asked if the McRib would leave menus for good this year.
☆ Chick-fil-A is selling merchandise for the first time ever
  + stars: | 2022-11-30 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +2 min
New York CNN Business —If your holiday wish list includes a Chick-fil-A sauce-themed blanket or a chicken nugget pillow, look no further. The chicken chain has launched its first-ever online store, and it’s filled with quirky merchandise that pays homage to cult-favorite items. Chick-fil-A said it expects the products, which range from $15 to $75, to “sell out quickly” — and the chain is already planning for more merchandise next year. Chick-fil-A is selling merchandise for the first-time ever. “Our studies show that one-third of consumers in the 18-44 age range are likely to buy products from collaborations,” Jensen told CNN Business earlier this year.
☆ Chicken prices are finally falling and it's triggering a resurgence of fast-food chicken sandwich wars
  + stars: | 2022-11-29 | by ( Mary Meisenzahl | ) www.businessinsider.com   time to read: +3 min
Executives at Burger King and McDonald's praised sales growth driven by chicken menu items. On November 15, Popeyes released its new Blackened Chicken Sandwich, which is not breaded and is seasoned with Cajun and Creole spices. The sandwich chain is explicitly promoting the new sandwich as "reigniting the chicken sandwich wars," which started with the 2019 release of the Popeyes spicy chicken sandwich. The chain further took advantage of reduced chicken prices with a BOGO chicken sandwich deal over Black Friday weekend. Chicken, including the spicy chicken sandwich and McNuggets, has been a "strong growth driver" for McDonald's, CEO Chris Kempczinski told investors in October.
☆ Fast-food chains like Taco Bell, McDonald's, and Chipotle keep introducing more expensive menu items — customers are eating it up
  + stars: | 2022-11-18 | by ( Mary Meisenzahl | ) www.businessinsider.com   time to read: +3 min
Executives at Taco Bell, McDonald's, and Chipotle each noted success from pricier menu items recently. The more expensive meal promotion successfully brought customers in, and "drove the highest weekly digital transactions ever in the US business," Kempczinski said in the October earnings call. Taco Bell is seeing similar success with pricier menu items like the grilled cheese burrito, YUM Brands CEO David Gibbs said in a November earnings call. In New York City, a Mexican Pizza costs $6.49, and a double steak grilled cheese burrito goes for $6.79, about double the cost of lower-priced burritos on the menu. Analysts have praised both the grilled cheese burrito and adult Happy Meal as smart strategies driving sales.
☆ Restaurant sales are going up. But dining out is on the decline
  + stars: | 2022-11-15 | by ( Danielle Wiener-Bronner | ) edition.cnn.com   time to read: +6 min
Restaurant traffic is dipping as consumers make food at home. In that month, traffic at fast food restaurants fell 1.2%, dipped 1.7% for fast casual and dropped 4.7% in full service eateries. Fast food traffic bounced back slightly in September and October, but fast casual and full service traffic remained negative. Restaurant prices increased by 8.6%. But groceries are generally cheaper than restaurant meals.
☆ Space company Astra lays off 16% of workforce as it faces rocket development delay, quarterly losses
  + stars: | 2022-11-08 | by ( Michael Sheetz | ) www.cnbc.com   time to read: +1 min
Astra CEO Chris Kemp speaks inside the company's headquarters during the company's "Spacetech Day" on May 12, 2022. Astra announced Tuesday it would lay off about 16% of its employees as the space company faces a pivot in its rocket development program. The company pivoted on its rocket system over the summer, ending development and flights of its Rocket 3.3 vehicle, in favor of a larger, upgraded Rocket 4.0 vehicle that Astra hopes to debut in late 2023. Astra is now building out its production facility and conducting testing an development of Rocket 4.0. Astra stock is down 94% this year as of Tuesday's close of $0.58 a share.
☆ Robots? Some Companies Find Only Humans Can Do the Job
  + stars: | 2022-11-03 | by ( Katie Deighton | Matt Beane | University Of California | ) www.wsj.com   time to read: +12 min
Others have ground to a halt, sending companies back to technology that is less sci-fi, but can be deployed more quickly and cost-effectively. Some companies are satisfied their robots are doing the job. The perils of the outdoors are a big problem for delivery robots, in particular. Some people have also raised concerns that delivery robots could block wheelchair access on sidewalks or otherwise get in the way of humans, leading local authorities to limit or prohibit their use. Toronto, for example, last December banned delivery robots.
☆ McDonald's is taking the McRib on a farewell tour. Here's why it will probably be back.
  + stars: | 2022-10-29 | by ( Mary Meisenzahl | ) www.businessinsider.com   time to read: +3 min
McDonald's is taking the McRib on its fourth farewell tour. A farewell tour is more of a "call to action" than a sign the McRib will actually leave menus, an analyst said. McDonald's has held three other farewell tours for the sandwich, in 2005, 2006, and 2007. Taco Bell famously removed potatoes and the Mexican Pizza from menus only to return both within a year, saying demand for the Mexican Pizza was seven times higher after its return. When dishes like Mexican pizza or the McRib return, they already have a built-in fanbase among customers.
☆ McDonald's CEO says the McRib is the 'GOAT of sandwiches' for driving huge sales
  + stars: | 2022-10-27 | by ( Mary Meisenzahl | ) www.businessinsider.com   time to read: +2 min
McDonald's praised the McRib for driving sales during an earnings call. The McRib returns to menus on October 31 for a limited time. CEO Chris Kempczinski called the sandwich, which returns to menus periodically, "the GOAT of sandwiches on our menu" in an October 27 earnings call. The chain didn't share specific McRib sales numbers from previous runs. The McRib returns to menus on October 31 for a "limited period."
☆ Investing in Space: Rockets are only the beginning
  + stars: | 2022-10-27 | by ( Michael Sheetz | ) www.cnbc.com   time to read: +3 min
CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. But the CEOs of these companies will tell you that tapping into the global launch market isn't enough. "The big space companies of the future are not just a launch company on its own or a spacecraft manufacturer on its own. Breaking into the launch market may seem hard (and expensive) enough on its own. Virgin Orbit is similarly developing a satellite business, which CEO Dan Hart told CNBC he hopes can "unlock" space-based services.
☆ As prices soar, consumers turn to McDonald’s
  + stars: | 2022-10-27 | by ( Danielle Wiener-Bronner | ) edition.cnn.com   time to read: +4 min
New York CNN Business —Inflation is relentlessly high and food prices in particular are soaring. In the third quarter, McDonald’s US prices were up about 10% year-over-year on average. McDonald's prices were up about 10% year-over-year in the third quarter. Some might also be trading down to McDonald’s from more expensive chains or restaurants as menu prices increase at a slower clip than prices in grocery stores. “We feel very good about … McDonald’s value proposition,” said CEO Chris Kempczinski during the call.
☆ Rocket builder Astra Space gets delisting warning from Nasdaq
  + stars: | 2022-10-07 | by ( Sara Salinas | ) www.cnbc.com   time to read: +1 min
Embattled small rocket-builder Astra revealed Friday that it received a delisting warning from the Nasdaq after its stock spent 30 consecutive days below $1 per share, a violation of the exchange's requirements. The company has 180 days to lift its share price or face delisting, according to a regulatory filing. The company debuted on the Nasdaq in July 2021 via a merger with a special purpose acquisition company. Astra did not immediately return request for comment Friday on the delisting warning. The rocket builder has been saddled with quarterly losses and in August said it was pausing flights for the remainder of the year.
☆ McDonald's owners group says company rejected request to delay big changes to franchise system
  + stars: | 2022-09-28 | by ( Kate Rogers | ) www.cnbc.com   time to read: +4 min
A customer places an order September 24, 2022 at a McDonald's Restaurant along the New York State Thruway in Hannacroix, New York. A group representing McDonald's owners said the company rejected its request to delay changes to franchising policies, including updated standards and adjustments to how the company evaluates potential new restaurant operators, according to a letter seen by CNBC. The leadership group represents McDonald's owners across the country. As of the end of last year, according to the company, there there were more than 2,400 franchise owners. The company declined to comment on the changes or the NFLA's letter and its request to delay the adjustments.
☆ Here's what it costs to open a McDonald's restaurant
  + stars: | 2016-08-04 | by ( Hayley Peterson | Nancy Luna | ) www.businessinsider.com   time to read: +4 min
McDonald's restaurants posted average domestic sales of $4 million in 2021, according to the chain's franchise disclosure report for 2022. Initial investment costs for running a McDonald's range from $1.4 million and $2.5 million — including a $45,000 franchise fee. Total costs to launch a franchised Chick-fil-A restaurant range from $219,055 to $2,912,697, according to the chain's 2022 franchise disclosure report. Chick-fil-A restaurants, which are only open six days a week, average more than $8 million in sales annually among non-mall locations. But by mid-December 2022, McDonald's had grown to 13,666 US restaurants, according to preliminary store count data obtained from market research firm Datassential.
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