McDonald’s is expanding delivery
Oh how the world is changing. McDonald’s is expanding delivery via UberEats to about 1000 restaurants nationwide, a move aimed at winning back younger consumers willing to pay more for food brought to their doors. McDelivery, is now available at about 300 restaurants in Los Angeles, 144 in Phoenix and 59 in Columbus, Ohio and 300 in Chicago. Nearly 75 percent of the U.S. population lives within three 3 miles of a McDonald’s. (Chicago Tribune)
Red Robin Gourmet Burgers reported better-than-expected first-quarter earnings and sales. Red Robin had a profit of $11.6 million, or 89 cents a share, in the quarter, compared with $14.2 million, or $1.03 a share, a year ago. Sales were $418.6 million, up 4% from $402.1 million a year ago. Same store sales fell 1.2%. (Market Watch)
Jack In The Box reported quarterly profits of $33.1 million or $1.06 per share. The results surpassed Wall Street expectations. The burger chain had sales of $369.4 million. Jack In The Box shares have dropped nearly 9% since the beginning of the year.
Wal-Mart grew its e-commerce sales a whopping 63% last quarter. The majority of these sales were organic through Walmart.com. (CNBC)
The S&P 500 is down 1 and the NASDAQ is down 4. The MSCI international index is down.
Oil is down 61 cents at $48.43 a barrel.
Gold is up $2 at $1261 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.