Monday, March 9, 2009

FoodWire: McCormick & Schmick's Reports Big Losses

Posted By on Mon, Mar 9, 2009 at 11:45 AM

click to enlarge Jake the crab isn't pleased with the bottom line.
  • Jake the crab isn't pleased with the bottom line.
Interesting story from late last week: The upscale seafood chain McCormick & Schmick's, which just opened its first St. Louis-area location at West County Shopping Center in Des Peres, reported losses of $69.6 million for 2008. (Dayton Business Journal)
Revenue rose nearly 9 percent over the year but was dragged down by fourth quarter losses of $73.4 million on earning of $98.7 million.
According to the article, McCormick & Schmick's will limit new restaurant openings to the St. Louis branch and one other location. Still, the chain expects its struggles to continue through the year.

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