Japanese fastfood company McDonald’s Japan has reported a second consecutive full-year loss, but targeted a return to profit in 2004.
McDonald’s Japan, which is 50% owned by US fastfood giant McDonald’s, posted a consolidated net loss of ¥7.12bn (US$67.5m) for the year to 31 December, compared to a net loss of ¥2.34bn in 2002. Revenues fell 6.5% to ¥299.82bn.
The company booked special losses of ¥13.5bn to end a consulting contract, pay for a voluntary retirement scheme, withdraw from its Pret A Manger joint venture and end its McVISION in-store information business, reported Reuters.
McDonald’s Japan said same-store sales fell 4.4% in 2003, but targeted a 3.5% rise in same-store sales in 2004.
Part of its strategy for 2004 will focus on boosting same-store sales by remodelling stores and introducing new products, rather than focusing on expansion.
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The company forecast a net profit of ¥2.87bn for 2004, on revenues of ¥305.1bn.