Page 24 - aruba-today-20170107

Saturday 7 January 2017 BUSINESS
A24

Apple CEO Tim Cook’s pay

slumps along with iPhone sales

The Limited to

close all brick-and-

mortar shops

WASHINGTON (AP) — More grim news for malls came
Friday as apparel retailer The Limited said it will close all
its brick-and-mortar stores at the end of this weekend.
The company says it will continue to operate online only
after the Jan. 8 closures. A spokesman said the New
Albany, Ohio-based chain operated about 250 retail In this Dec. 14, 2016 file photo, Apple CEO Tim Cook listens as President-elect Donald Trump
stores in 2016 and that about 4,000 jobs, including sea- speaks during a meeting with technology industry leaders at Trump Tower in New York.
sonal and temporary ones, would be lost. Associated Press
The announcement came just two days after Macy’s
said it would move forward with plans to close 68 retail MICHAEL LIEDTKE that Apple’s annual reve- other breakthrough prod-
stores and would cut more than 10,000 jobs. Sears also AP Technology Writer nue decreased since 2001, uct since Jobs’ death in
announced Thursday that it would close another 150 SAN FRANCISCO (AP) — which was just before the 2011.
stores as clothing retailers continue to struggle to com- Apple penalized CEO Tim company’s late co-found- Cook, Jobs’ anointed suc-
pete as consumers increasingly buy online. Cook for the iPhone mak- er and CEO Steve Jobs un- cessor, had hoped Apple
Limited Stores, founded in 1963, says it has already er’s first sales slump in 15 veiled the iPod. That digital would have another huge
ceased operations at several stores in recent weeks and years with a 15 percent music player set the stage hit with a smartwatch un-
would be offering “highly discounted prices” on mer- pay cut. for the iPhone and iPad. veiled in 2014, but that de-
chandise until all its doors close for good Sunday. Cook still did extremely well, The iPhone triggered a vice has only had moder-
Private equity firm Sun Capital Partners purchased The with a compensation pack- revolution in mobile com- ate success.
Limited outright in 2010 after owning a majority stake in age valued at $8.7 million puting and became Ap-
the retailer since 2007. for Apple’s fiscal year that ple’s biggest moneymaker, Apple’s regulatory filing re-
Happy hour at home? ended Sept. 24, according even as a wide range of vealed that the company
to a regulatory filing made device makers released was bracing for a sales
drop last year, although
Friday. But the amount was competing products pri-
Keurig, AB InBev to down from nearly $10.3 mil- marily running on Google’s not quite as steep as what
free Android software. Most occurred. The compensa-
lion in the prior year.
of the world’s smartphones tion committee for Apple’s
build booze maker The Cupertino, California, are powered by Android, board of directors had es-
company cited a down- but the iPhone remains a tablished a revenue goal
NEW YORK (AP) — Keurig, the maker of single-cup coffee turn in Apple’s revenue popular high-priced status of $224 billion for last year,
machines, says it is teaming up with beer giant Anheuser- and operating profit as the symbol. which would have been a
Busch InBev to build an at-home booze maker. main reason it cut the pay Even so, consumers are 4 percent decline from the
The companies said Friday that they hope to create a of Cook and its other top holding on to their existing previous year.
product that could whip up beer, cocktails and spirits. executives. iPhones for longer periods The company expected
AB InBev, based in Belgium, makes Budweiser, Stella Ar- Apple’s revenue dropped instead of upgrading to a sales to rebound during the
tois and other beers. 8 percent to $216 billion, newer model every year or holiday shopping season
Waterbury, Vermont-based Keurig Green Mountain tried while its operating profit two. That has raised inves- on hopes that consumers
to grow beyond coffee makers before, but its Keurig Kold declined 16 percent to $60 tor concerns that Apple has would be snapping up its
at-home soda makers sold poorly and were discontinued billion. That was mainly be- become too dependent latest iPhones, the 7 and
in June after less than a year on the market. Keurig says cause it sold fewer iPhones on the iPhone, a nagging 7 Plus. Apple will release
it will use technology from the Kold machine to develop for the first time since the worry that has been aggra- its quarterly results that in-
the alcohol maker with AB InBev. device came out in 2007. vated by the company’s clude the holidays later this
It also marked the first time inability to introduce an- month.