Hard Rock posted six-month sales of $200.4 million, up 5% from the comparable 1999 period. Rank Group had total revenue of $1.25 billion, up 10% from the same period last year, but wound up with profits of $61.9 million, down from $118.36 million in the first half of 1999.
Rank feels its profit picture will improve in the next quarter because it no longer has a 50% stake in Universal Studios Orlando which is in the red. Rank sold its stock in Universal in June.
Hard Rock has restaurants in 38 countries. The company owns 55 cafes; 48 are franchised. The chain's flagship unit is the 140,000-sf Orlando location.
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