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

  • 📰 BISouthAfrica
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

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

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 34. in US

United States United States Latest News, United States United States 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 »