Hard Rock International Releases 2005 Yearend Earnings Report
Hard Rock International today announced its earnings for 2005 as part of a report issued by its parent company, The Rank Group Plc.
Hard Rock´s total revenues for the year were $452.6 million compared to $426.1 million in 2004, a growth of 6.2 percent. Operating profit increased 23.0 percent to $63.0 million in 2005 compared to $51.2 million in 2004. Hard Rock´s hotel and gaming interests and continued improvement at company-owned cafes drove overall performance.
“Hard Rock Cafe´s like-for-like sales continue to improve and this was supported by exceptional performance in the hotel and casino division with revenue continuing to exceed projections,” said Hamish Dodds, president and
CEO of Hard Rock International.
In the company-owned cafes, like-for-like sales for the year were up 4.1 percent, driven by improved performances in food and beverage and merchandise, as well as strong performances in Europe and North America, up 6.5 percent and 3.3 percent, respectively.
Hotel and casino income increased 65 percent from the prior year, as a full-year contribution of fees from the two Hard Rock Hotel and Casinos operated by the Seminole Tribe of Florida have helped drive an improvement in operating profit for Hard Rock´s hotel and casino division.
With 121 high-energy Hard Rock Cafes, 11 Hotel & Casinos and two stand-alone Casinos in more than 41 countries, Hard Rock International is one of the world´s most globally-recognized brands. Hard Rock international, Inc. is owned by The Rank Group Plc.