Retail sales up 0.4% in April as shoppers pick up spending in solid job market
WASHINGTON (AP) — Retail sales up 0.4% in April as shoppers pick up spending in solid job market.
Stellantis recalls 219,000 Jeep Cherokee SUVs over fire risks
Automaker tells drivers to park the vehicles outside until repairs are made. About 132,000 of the vehicles were recalled in the U.S.
New EV registrations: GM, Ford, Rivian chip away at Tesla's share
In the first quarter, Chevrolet captured a 7.7 percent EV share, Ford had 5.2 percent and Rivian 2.8 percent as Tesla’s dominance slipped from a year earlier to 60 percent of the market, Experian data shows.
Red Lobster is making money again, key investor says
Red Lobster shareholder Thai Union says the Orlando-based seafood chain turned a profit again in the first quarter of this year, and the company doesn’t plan to sell the brand even as challenges remain.
The Thailand-based seafood supplier reported it had a “share of profit from operations” for Red Lobster in the first quarter of this year, improved from a loss in the same period last year.
“I want to manage your expectation,” said Thai Union group CFO Ludovic Garnier on a May 3 earnings call. “We still have a lot of work to be done.”
Thai Union is still projecting a loss for the full year from its share in Red Lobster, Garnier said. The chain is also still without a CEO after Kelli Valade resigned more than a year ago after just eight months on the job.
But the company said in its earnings presentation it has no plans to sell Red Lobster in the short term. Thai Union, whose brands include Chicken of the Sea, became a Red Lobster stakeholder in 2016 before teaming up with a group of investors in 2020 to acquire the rest of the company from San Francisco’s Golden Gate Capital.
Tesla succession planning, demand in focus ahead of shareholder meeting
Investors are set to vote on a shareholder proposal for the company to publish a report on “Key-Person Risk,” reflecting concerns that the carmaker relies too heavily on Elon Musk’s leadership.