Steak ’n Shake closes 57 locations
AutoNation on Monday reported that it lost $232 million in the first quarter, compared with a profit of $92 million in the same period a year earlier.
Quarterly earnings reports continue to roll out, providing a look damages inflicted early in the pandemic.
• Under Armour’s sales fell 23 percent in the first quarter, with 15 percent of that decline related to the impact of the virus outbreak. The report Monday dragged down a bunch of other clothing makers including Hanesbrands, PVH, Tapestry and Capri.
• Steak ’n Shake permanently closed 57 restaurants in the first quarter because of the coronavirus pandemic, the company’s parent, Biglari Holdings, said in its quarterly earnings report. Biglari, whose properties include Western Sizzlin restaurants, Maxim magazine and First Guard Insurance, reported that revenue fell to $136 million in the first quarter, from $182 million the same quarter a year earlier. • Marriott International reported a 92 percent drop in profits in the first quarter as the coronavirus pandemic closed many of its hotels. The hotel giant said its net income for the first quarter fell to $31 million, down from $375 million a year ago. Marriott, like other lodging companies with operations in China, said Monday that business there is starting to come back. Still, Marriott’s revenue per available room dropped 22.5 percent and it slashed its expectations for this quarter.