Arab Today, arab today mcdonalds profit slumps sales fall
Last Updated : GMT 04:33:33
Arab Today, arab today
Arab Today, arab today

McDonald's profit slumps, sales fall

Arab Today, arab today

Arab Today, arab today McDonald's profit slumps, sales fall

McDonald's
New York - AFP

McDonald's on Tuesday said profit slumped in the third quarter as global sales fell amid a food-safety scandal in China and intense competition in the United States.
Net income plunged 30 percent in the July-September quarter from a year ago to $1.07 billion, the US fast-food restaurant giant said.
Earnings per share of $1.09 were well below the Wall Street estimate of $1.37.
McDonald's president and chief executive Don Thompson was blunt about the results: "By all measures our performance fell short of our expectations."
Thompson said the company's business and financial performance was "pressured by a variety of factors -- from a higher effective tax rate, to unusual events in the operating environments in APMEA and Europe, to under-performance in the US, our largest geographic segment."
Total revenue declined 4.6 percent to $6.99 billion, missing expectations of $7.18 billion.
Operating income fell 14 percent to $2.07 billion.
Global comparable sales -- sales at restaurants open at least 13 months -- fell 3.3 percent from a year ago as the home of the "Golden Arches" attracted fewer customers in all major segments and the China meat scandal hit sales in Asia.
In the crucial US market, sales also fell 3.3 percent amid tough competition, and operating income dropped 10 percent "as initiatives to address the current market dynamics did not translate into improved financial results."
McDonald's said the US segment's recently elected president, Mike Andres, was moving quickly to implement a more locally based strategy, including a simplified menu that features "locally relevant" menu options and new customizable options.
Food-quality issues discovered at a supplier in China in July cost the company 15 cents per share, it said. Comparable sales in the Asia Pacific Middle East and Africa segment dropped 9.9 percent, in part due to China, its third-largest market, and Japan.
Europe's comparable sales fell 1.4 percent amid US sanctions against Russia for its alleged support of pro-Russia separatists in Ukraine. Russian authorities have closed a number of McDonald's outlets for alleged sanitary violations.
"The internal factors and external headwinds have proven more formidable than expected and will continue into the fourth quarter, with global comparable sales for October expected to be negative," Thompson said.
"We understand the depth of the challenges and we are responding with the sense of urgency required to improve our performance."
Shares in Dow member McDonald's were down 1.8 percent at $89.98 in pre-market trade in New York.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today mcdonalds profit slumps sales fall Arab Today, arab today mcdonalds profit slumps sales fall

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 06:25 2017 Thursday ,23 February

Bupa Arabia sponsors SMEA forum

GMT 06:11 2017 Thursday ,23 February

Football: Turkish company wins Qatar World Cup contract

GMT 05:46 2017 Thursday ,23 February

SABIC net profits fall in 2016

GMT 21:01 2017 Wednesday ,22 February

Saudi Aramco mulls offering citizens discounted shares

GMT 16:50 2017 Wednesday ,22 February

Yahoo salvages Verizon deal
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday