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As CFO of the company, Stan will oversee all financial activities, actively participate in the execution of the company's business plan and expand the scope of shareholder communication. Stan will be starting with the company on Monday, June 11, 2007.
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"Substantially lower traffic levels at all of the company's retail stores, in both the United States and Canada, for the month of December drove weaker than planned comparable store sales results. The company anticipates continued weak traffic trends for January. Excluding occupancy costs, gross profit as a percentage of total sales is estimated to be in line with initial plans for the quarter. Deleverage of occupancy, selling, general and administrative expenses resulted from the weaker than anticipated comparable store sales."
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BusinessWeek's November 26 issue says Harrah's is the "most generous cash giver as a percent of pre-tax profits" among the 500 companies that comprise the Standard & Poor's stock index. In 2006, Harrah's and its affiliates paid out an average of $1.5 million weekly to various organizations, or 9.2 percent of the company's pre-tax profits, the magazine says. The figure includes required donations or payments to charitable or governmental entities that are part of the company's operating agreements in certain jurisdictions.
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The networking company's shares fall 7% after it says it expects slowing growth in Europe and the United States. Inflation worries and economic uncertainty gut a morning rally, with the Dow losing 65 points. Disney's earnings push shares up 4.8%.
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