According to the report, aggregate profits will increase from anestimated $16.7 billion in 2001 to 17.2 billion this year.

The cost-cutting measures that saved the industry from whatPricewaterhouseCoopers says would have been a decrease of $1.3billion in 2002 profits includes: cutting jobs; reducing employees'hours; limiting serving hours in restaurants and reducing thenumber of restaurants; cutting back on service-oriented jobs suchas spa attendants, doormen and concierges; and forming employeeteams to brainstorm cost-saving strategies.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.