December 25, 2002 |
McDonald's Corp. is tinkering with its primary product -- the hamburger -- in its effort to stimulate sales. Beef patties will get a reformulated seasoning mix and new sandwich buns will be rolled out next year, a memorandum sent to franchisees disclosed. The memo also indicated that, despite some misgivings among franchisees as well as on Wall Street, the chain's Dollar Menu will be maintained -- and will get a big slice of the company's 2003 advertising budget. McDonald's declined to comment.
December 6, 2002 |
McDonald's Corp. Chief Executive Jack Greenberg said Thursday that he would retire at year's end. The restaurant chain named Jim Cantalupo, former vice chairman and president of the firm, to succeed Greenberg, 60. The company eight months ago said Greenberg, once a Wall Street favorite whose star faded, had agreed to stay at his post for three more years.
October 23, 2002 |
McDonald's Corp. on Tuesday posted lower earnings for the seventh time in eight quarters, but its stock rose on plans to cut new restaurant openings and increase spending on existing outlets. With the help of a 1-cent dividend increase, McDonald's stock moved up as much as 9% in its biggest one-day gain on the New York Stock Exchange in at least two years. McDonald's said that next year it would open about 600 hamburger restaurants worldwide, down from a high of about 2,000 in 1996.
September 6, 2002 |
McDonald's Corp. and Diageo's Burger King Corp. hid that the oil used to cook their French fries may contain a chemical suspected of causing cancer, an environmental group alleged in a lawsuit. The nation's largest sellers of French fries are violating California's Proposition 65, which requires manufacturers to warn consumers of dangerous chemicals, the Council for Education and Research on Toxics said in a suit filed in Los Angeles.
June 18, 2002 |
McDonald's Corp., the world's largest restaurant chain, said second-quarter profit will rise after six quarterly declines as European sales rose and the euro gained against the dollar. Profit will be 38 cents or 39 cents a share, compared with 34 cents a year earlier, McDonald's said. The average estimate of analysts surveyed by Thomson First Call was 37 cents.
March 27, 2002 |
McDonald's Corp.'s decision to extend the tenure of its chief executive for three more years is a signal that management continuity is more important to the company than concerns about its weak near-term outlook, analysts said. The extension of Jack Greenberg's position comes as the world's biggest chain restaurant operator faces growing impatience from Wall Street and investors to deliver improved results this year, after reporting five straight quarters of earnings declines.
December 16, 2001 |
An explosion ripped through a McDonald's restaurant during the busy dinner hour in China's central city of Xian, killing one person and injuring as many as 30, witnesses and hospital officials said. Local reporters quoted a police statement as saying the blast was deliberately set off, calling it sabotage, but they gave no motive for the attack, which left two of the injured in critical condition.
November 2, 2001 |
McDonald's Corp., the largest U.S. hamburger chain, said two top marketing executives resigned. Officials declined to say whether the resignations were related to a controversy surrounding the company's promotional games. R.J. Milano, senior vice president of U.S. marketing, and Kim Poston, senior director of U.S. marketing, resigned "to seek other opportunities," spokesman Walt Riker said. Riker wouldn't say when the executives left. The executives couldn't be reached for comment.
October 30, 2001 |
McDonald's Corp., the largest fast-food chain, will open 200 fewer restaurants next year and buy back as much as $5 billion of its stock to help boost sales and profit. The company also expects to take a fourth-quarter charge of $175 million to $200 million as it cuts jobs and consolidates plants. McDonald's said it expects per-share earnings growth of 5% to 10% in fiscal 2002, excluding the charge and the effect of currency exchange rates.
September 20, 2001 |
McDonald's Corp. said it expects third-quarter earnings to exceed Wall Street estimates and maintained its forecast for "relatively flat" full-year earnings. Chairman Jack Greenberg said McDonald's expects to earn 41 cents to 42 cents a share in its third quarter after adjusting for one-time items including foreign currency translation. The company earned 41 cents a year ago.