Lean time at Planet Hollywood

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The Independent Online
THE movie-themed restaurants group, Planet Hollywood International, yesterday reported a loss for the second quarter when analysts had expected a profit, but said it expected to break even for the rest of 1998.

The restaurant owner and franchiser said it was evaluating business to cut costs and improve performance, and the company should return to profits in 1999.

Planet Hollywood reported a second-quarter net loss of $1.4m (pounds 860,000), compared with a profit $16.3m in the quarter last year. Sales were $105.1m in the quarter, down from $121.9m.

There were 87 Planet Hollywood venues in operation.