Planet Hollywood Still Bleeding But Not as Profusely

ORLANDO-Planet Hollywood International’s profit and loss statement still isn’t a document the locally-based company is willing to hang on its themed-restaurant walls. The firm lost 11.9 million or $1.20 per share on revenue of $47.6 million in the third quarter ended Sept. 24.

That was an improvement from the $96 million loss or 88 cents a share on sales of $80.4 million the chain posted in the comparable 1999 period. Restaurants at least a year old continue to show a sales decline. The quarter’s drop was 17%.

Planet Hollywood continues to close unprofitable locations as it struggles to reorganize itself after emerging from Chapter 11 bankruptcy protection in May. The stock is trading in the $2.40 per share range.