Industry News | March 12, 2003
McDonald’s Releases February Results
McDonald’s Corporation (NYSE: MCD) today announced that worldwide February 2003 comparable store sales for its McDonald’s brand fell 4.7% over February 2002, marking the 12th consecutive month of declining worldwide comparable sales. Total systemwide sales were up 4% to $3.1 billion over February 2002 but down 1% in constant currencies.
U.S systemwide sales declined 2% in February. Comparable store sales fell 4.4% in constant currencies. Chairman and CEO Jim Cantalupo blamed “the sluggish U.S. economy and severe winter weather” for the negative performance.
In Europe, systemwide sales were down 1% in constant currencies (excluding effects of foreign currency translation) and comps were down 3.9%. Asia/Pacific/Middle East/Africa systemwide sales were down 3% and comps down 7.5%.
Cantalupo promised detail behind the numbers in the first quarter earnings release.
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