OAK BROOK, Ill., Oct. 13, 2016 /PRNewswire/ -- Today, McDonald's
announced that for the quarter ended September 30, 2016, the Company expects to incur
approximately $130 million in pretax
charges, or about $0.12 per share on
an after-tax basis, consisting of restructuring and non-cash
impairment charges related to its global G&A and refranchising
initiatives. These initiatives were outlined in November 2015, including plans to refranchise
4,000 restaurants by the end of 2018 and a net G&A savings
target of $500 million, the vast
majority of which is expected to be realized by the end of 2017.
Going forward, the Company expects to incur additional strategic
charges in connection with these ongoing initiatives.
Further details regarding the charges for the third quarter and
an update on our refranchising activities will be provided during
the Company's regularly scheduled earnings conference call later
this month.
Upcoming Communications
McDonald's plans to release third quarter results before the
market opens on October 21, 2016 and
will host an investor webcast. This webcast will be broadcast live
and available for replay for a limited time thereafter at
www.investor.mcdonalds.com.
About McDonald's
McDonald's is the world's leading global foodservice retailer
with over 36,000 locations in over 100 countries. More than 80% of
McDonald's restaurants worldwide are owned and operated by
independent local business men and women.
Forward-Looking Statements
This release contains certain forward-looking statements, which
reflect management's expectations regarding future events and
operating performance and speak only as of the date hereof.
These forward-looking statements involve a number of risks and
uncertainties. The factors that could cause actual results to
differ materially from our expectations are detailed in the
Company's filings with the Securities and Exchange Commission, such
as its annual and quarterly reports and current reports on Form
8-K. The Company undertakes no obligation to update such
forward-looking statements, except as may otherwise be required by
law.
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SOURCE McDonald's Corporation