MCD McDonalds Corp

By Josh Beckerman 

McDonald's Corp. said Thursday that it expected to book pretax charges of about $130 million in its September quarter related to the company's previously announced restructuring and refranchising efforts.

Last November, among other moves, McDonald's announced plans to increase the number of restaurants it would to sell to franchisees to 4,000 by the end of 2018, from its earlier target of 3,500.

McDonald's said Thursday that the charges total 12 cents a share after taxes and that it expected to incur more such costs in the future. The company will provide more details on the charges and its refranchising moves when it reports earnings on Oct. 21.

Under Chief Executive Steve Easterbrook, the fast-food icon has sought to revamp its structure as well as its food as it contends with many fast-casual players like Panera Bread Co. and burger upstarts like Five Guys Holdings LLC and Shake Shack Inc.

The company's big moves have included offering all-day breakfast. It has announced several personnel changes in recent months, including the retirement of U.S. President Mike Andres and Chief Administrative Officer Pete Bensen. David Hoffmann, a 22-year McDonald's veteran, left to join Dunkin' Donuts.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

October 13, 2016 17:13 ET (21:13 GMT)

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