Market research developments
This article was originally published in The Rose Sheet
Executive Summary
In a blow to market researcher Information Resources, Inc., Procter & Gamble announced Dec. 13 it will use ACNielsen as its market share data provider, ending a nine-year relationship with IRI. Announcement followed news that IRI plans to cut about 5% of its workforce in the U.S. and Europe through layoffs and elimination of open positions. Move will result in $7.8 mil. pre-tax charge in the fourth quarter, which will cause the company to miss 2002 earnings target, IRI says. Layoffs are intended to reduce costs related to company's retail tracking business and allow for greater investment in opportunities including expanded channel coverage, according to firm. IRI third quarter revenues increased 2% to $140.6 mil., as a 5% decline in retail tracking revenues was offset by an 18% gain in panel and analytic products and services. Net income was $900,000, compared to a $500,000 loss in prior-year period...