McDonald's says cutting off its Russian business has actually improved its operating profitability | Businessinsider

Ozan, the company's CFO, said that Russian had previously represented roughly 2% of system-wide sales, 7% of revenues, and 2% of operating income. Based on its annual report, this would have been around $2.2 billion in total sales across both franchised and company-owned restaurants, $1.6 billion in revenues, and $207 million in operating income in 2021.

McDonald's said it incurred about $1.2 billion of charges related to its exit from Russia. Overall the chain reported a 3% drop in revenues and a 36% drop in net income in the quarter to June 30 compared to the same period in 2021. McDonald's attributed this to the closure of its Russian and Ukrainian restaurants, as well as rising labour, packaging, and ingredients costs.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The metaverse won't kill business travel in SA – but high fuel costs may, say experts | BusinessinsiderSouth African companies are unlikely to ditch business travel in favour of metaverse meetings, but rising fuel costs, making flights more expensive, will suppress the recovery of work-related trips.
Source: BISouthAfrica - 🏆 34. / 51 Read more »