$LOW announced appointment of Jocelyn Wong as Chief Marketing Officer, effective immediately. Wong most recently served as SVP and General Merchandising Manager for the seasonal business. Jocelyn Wong will report to Michael McDermott, Chief Customer Officer, and succeeds Marci Grebstein who has left the company.
$MCD expects the food at home deflation in 2017 to not be as
favorable as it was in 2016. The Informal Eating Out industry is projected to
be relatively muted in 2017. If grocery store prices continue to rise, the
company views this as a positive for some of its traffic.
$PEG's subsidiary PSEG Solar Source said it has acquired two North Carolina solar facilities from BayWa r.e., representing a total investment of $74.6MM. The PSEG Cork Oak Solar Energy Center and the PSEG Sunflower Solar Energy Center are under construction and scheduled to begin operation later this year.
In the International Lead markets, as part of refranchising, $MCD
is selling lower volume restaurants with potentially lower margins. In the near
term, this slightly impacts the franchise margin percent. The margins were also
pressured by lease costs. $MCD said positive comparable sales will help drive
By mid-2017, $MCD expects to refranchise over 3,500 restaurants
towards its goal of refranchising 4,000 by the end of 2018. The China/Hong Kong
transaction, which is expected to close mid-2017, is the most significant
transaction of the company’s refranchising efforts resulting in the sale of
more than 1,750 company-owned stores.