JAPAN: McDonald's Japan posts first annual loss since 1973
Fastfood company McDonald's Japan has posted its first annual loss since 1973 but said it would turn a profit in 2003 after closures of underperforming stores. The company reported a 2002 net loss of ¥2.34bn (US$19.4m) on revenue of ¥320.71bn, hit by a slumping Japanese economy and an outbreak of mad cow disease, as well as a special loss of ¥4.9bn for the closure of 176 stores this year.
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