McDonald's Japan sees wider losses this year after food scandals
Reuters
Published Apr 16, 2015 03:07AM ET
McDonald's Japan sees wider losses this year after food scandals
TOKYO (Reuters) - The Japanese unit of McDonald's Corp (N:MCD) said on Thursday it expects its losses to widen this year as it struggles to bring back customers after a series of food safety scandals.
The company also announced turnaround measures including plans to renovate stores, close underperforming outlets and cut costs.
McDonald's Holdings Co (Japan) Ltd (T:2702) forecast an operating loss of 25 billion yen ($210 million) in 2015, following a loss of 6.71 billion yen last year. The average estimate of two analysts was a loss of 7.95 billion yen, according to a Thomson Reuters I/B/E/S poll.
The fast-food chain expects revenue to slide 10 percent to 200 billion yen and a net loss of 38 billion yen, compared with a 21.84 billion yen net loss last year.
McDonald's Japan reported its 2014 results in February but did not give its customary earnings guidance at the time.
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Written By: Reuters
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