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McDonald's to open 1,000 stores | |
US fast-food chain McDonald's says it plans to open 1,000 new restaurants this year. The world's largest hamburger chain also said fourth-quarter net income fell 23% to $985.3m (£710m), from $1.27bn a year before. Revenue fell to $5.57bn from $5.75bn, even though global same-store sales rose 7.2%, as the firm was hit by the strong dollar. In the US, the firm raised the price of its Double Cheeseburger in November. Announcing the results, chief executive Jim Skinner said: "For 2009 we plan to invest $2.1bn in capital to open about 1,000 new restaurants and reinvest in our existing locations." Despite beef, cheese, and other ingredients rising in price, the company reported an 8% fall in total operating costs and expenses. McDonald's has seen sales rise in the economic downturn, helped by its low prices and ubiquity of its outlets. In the quarter, its same-store sales in the US rose 5% on the year before. International same-store sales were also ahead, rising 7.6% in Europe and 10% in the Asia-Pacific, Middle East and Africa division. sourced from The BBC |
McDonald's to open 1,000 new stores
Despite falling short of Wall Street expectations, the burger chain experiences better-than-expected profit and will open 1,000 new restaurants.
NEW YORK (Reuters) -- McDonald's Corp. reported a better-than-expected quarterly profit on Monday though revenue fell short of Wall Street expectations due to a stronger U.S. dollar, and its shares fell more than 2%.
The world's largest hamburger chain also said it would open 1,000 restaurants this year.
Fourth-quarter net income fell about 23% to $985.3 million, or 87 cents per share, from $1.27 billion, or $1.06 per share, a year earlier, when results included a large tax-related benefit.
Analysts on average were expecting earnings of 83 cents per share, according to Reuters Estimates.
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dear sir/madaam,
ReplyDeleteam so glad of mcdonalds openig new stores in africa.it will crate jobs here in kenya especially for the youths.infact we have plenty
of land in kenya for investment.my company can get for you suitable area of doing busines.e.g
malls,high streets and high ways all over kenya.thanks so much for considering africa and hope to here from you soon.
yours sincerly,
peter okach.