While the headline, “McDonald’s Posts Its 2nd-Ever Loss“, might lead some people to speculate on the economy, others will read the article to find out that this was expected.
McDonald’s Corp. (MCD) said Tuesday that it posted its second-ever loss – its first in nearly five years – losing $711.7 million in the second quarter because of a hefty one-time charge.
For the quarter ending June 30, the world’s largest restaurant chain said its net income swung to a loss of 60 cents per share. That’s compared to a second-quarter profit of $834.1 million or 67 cents per share, a year earlier.
Tuesday’s report mirrored McDonald’s pre-announced earnings results.
McDonald’s only other quarterly loss, caused by a drawn-out sales slump, was during the fourth quarter of 2002.
There is no shocking information here. McDonald’s took a $1.31 charge for their “ceding control” of 1,600 restaurants in Latin America and the Caribbean. As the announcement says, the report mirrored their pre-announced earnings results.
I bet we hear a lot more about this 2nd loss a lot over the next few days.
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