EXHIBIT 99
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INVESTOR RELEASE
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FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT:
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04/19/01 Investors: ▇▇▇▇ ▇▇▇▇▇, ▇▇▇-▇▇▇-▇▇▇▇
Media: ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇-▇▇▇-▇▇▇▇
FOR ACCESS TO CONFERENCE CALL:
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When: 10:00 a.m. Central Time,
Thursday, April 19, 2001
Where: ▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇.▇▇▇
McDONALD'S REPORTS GLOBAL RESULTS
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OAK BROOK, IL -- ▇▇▇▇▇▇▇▇'▇ Corporation today announced global results for the
quarter ended March 31, 2001.
. Systemwide sales increased 6% for the quarter in constant currencies.
. Sales increased in all segments: 4% in the U.S. and, in constant currencies,
11% in Latin America, 4% in Asia/Pacific and 2% in Europe.
. Revenues increased 10% in constant currencies.
. Diluted net income per common share was 29 cents for the quarter, 30 cents in
constant currencies.
. The Company repurchased $452 million of stock during the quarter.
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Key highlights - Consolidated
Dollars in millions, except per common Percent
share data Increase/(Decrease)
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As Constant
Quarters ended March 31 2001 2000 Reported Currency*
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Systemwide sales $9,649.7 $9,506.7 2 6
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Total revenues 3,511.7 3,343.8 5 10
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Operating income 695.2 768.6 (10) (6)
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Net income 378.3 450.9 (16) (12)
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Net income per common share - diluted .29 .33 (12) (9)
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* Information on a constant currency basis excludes the effect of foreign
currency translation on reported results, except for hyperinflationary
economies, such as Russia, whose functional currency is the U.S. Dollar.
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SUMMARY COMMENTARY
Chairman and Chief Executive Officer ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ said, "McDonald's
reported earnings per share of 29 cents for the quarter, or 30 cents in constant
currencies. Given the extremely challenging circumstances we faced during the
quarter, we were pleased to report a 6% increase in Systemwide sales and a 10%
increase in revenues in constant currencies. Challenges included difficult
comparisons due to strong marketing promotions last year in the U.S., Europe and
Asia/Pacific, the extra day in 2000 due to leap year, consumer concerns
regarding European beef in certain markets and weak economies in certain areas
of the world.
"Yet, our recent business trends are encouraging. We are cautiously
optimistic that results will continue to improve as more and more customers
respond to our quality, value and variety messages and when weak economies
strengthen. Based on our expectation for improved business trends, particularly
in the second half of the year, we expect 2001 annual earnings per share growth
in constant currencies to be within our previously stated 6% to 10% range. If
exchange rates remain where they are today, 2001 reported annual earnings per
share will be about 4 cents lower than constant currency earnings per share.
"In the U.S., expansion and positive comparable sales contributed to a
Systemwide sales increase of 4%, on top of a 5% increase last year. We continued
to emphasize food taste and variety with the successful national rollout of the
Big N' Tasty Sandwich and our New Tastes Menu, which offers customers more
choice and complements our core menu.
"In Europe, we are optimistic that lingering concerns about beef will
continue to lessen as the year progresses. We continue to proactively educate
our European customers about McDonald's high food safety and quality standards,
which lead the industry and provide the benchmark for safe food around the
world. We are also promoting menu variety and value and the results have been
encouraging. In March, comparable sales trends improved in several key European
markets. And in France, our beef sales as a percent of our total product sales
have increased throughout the quarter.
"In Asia/Pacific, Systemwide sales increased 4% in constant currencies,
driven by expansion. Tough comparisons with successful promotions in 2000 and
weak economies in several markets negatively impacted the quarter. However,
China continued to deliver strong results, and we are pleased that despite
weakness in Japan's economy, we posted positive comparable sales there for the
past two months.
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"We remain confident in our business fundamentals and core growth
opportunities. We will continue to focus on building comparable sales through
effective marketing, operations and menu development around the world. And we
expect to add approximately 1,500 to 1,600 ▇▇▇▇▇▇▇▇'▇ restaurants in 2001.
"As we have done with previous challenges in our history, we are intent on
managing through this difficult set of short-term, external challenges and
emerging stronger than ever. Our leading competitive position, globally
recognized brand, experienced local management and worldwide infrastructure
position us to benefit from the enduring needs and desires of people for great-
tasting food, value, friendly interaction and convenience. I am confident that
McDonald's can deliver solid earnings growth and outstanding returns far into
the future."
OPERATING RESULTS
The Company operates in the food service industry and primarily operates quick-
service restaurant businesses under the McDonald's brand. To capture additional
meal occasions, the Company also operates other restaurant concepts: Aroma
Cafe, Boston Market, Chipotle Mexican Grill and Donatos Pizza. Collectively
these four businesses are referred to as "Other Brands."
Impact of Foreign Currencies on Reported Results
While changing foreign currencies affect reported results, McDonald's
lessens exposures, where practical, by financing in local currencies, hedging
certain foreign-denominated cash flows and by purchasing goods and services in
local currencies.
Reported results for the quarter were negatively affected by foreign
currency translation primarily due to the weaker Euro, British Pound, Australian
Dollar and Japanese Yen.
Systemwide Sales and Revenues
Systemwide sales represent sales by Company-operated, franchised and
affiliated restaurants. Total revenues include sales by Company-operated
restaurants and fees from restaurants operated by franchisees and affiliates.
These fees include rent, service fees and royalties that are based on a percent
of sales, with specified minimum payments along with initial fees.
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Systemwide sales
Percent
Dollars in millions Increase/(Decrease)
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As Constant
Quarters ended March 31 2001 2000 Reported Currency*
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U.S. $4,676.5 $4,505.0 4 n/a
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Europe 2,178.2 2,305.7 (6) 2
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Asia/Pacific 1,687.5 1,785.6 (5) 4
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Latin America 455.3 434.1 5 11
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Other** 652.2 476.3 37 42
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Total Systemwide sales $9,649.7 $9,506.7 2 6
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* Excluding the effect of foreign currency translation on reported results.
** Includes Systemwide sales for Other Brands of $225.6 million and $47.4
million for first quarter 2001 and 2000, respectively.
n/a Not applicable
On a global basis, the increases in sales and revenues for the quarter were
primarily due to restaurant expansion and the acquisition of Boston Market in
the second quarter 2000. Foreign currency translation had a negative effect on
the growth rates for both Systemwide sales and revenues for the quarter. On a
constant currency basis, revenues increased at a higher rate than sales for the
quarter, primarily due to the acquisition of Boston Market restaurants, which
are all Company-operated, and an increase in the royalty percent received from
our Japanese affiliate, effective January 1, 2001.
U.S. sales increased 4% for the quarter due to expansion and positive
comparable sales, despite the extra day in 2000 due to leap year. The comparable
sales increase was driven by the introduction of the New Tastes Menu, which
offers customers more variety, the national rollout of the Big N' Tasty sandwich
and local market initiatives.
In Europe, constant currency sales increased due to expansion and strong
performance in the Netherlands and Russia, substantially offset by negative
comparable sales. Comparable sales were affected by the decline in consumer
confidence regarding the European beef supply in certain markets, as well as
difficult comparisons with strong promotions last year. Sales trends are
improving in several markets including France, which had positive comparable
sales in March. We are optimistic that the impact from the concerns regarding
European beef will continue to lessen as the year progresses.
-4-
Expansion, partly offset by negative comparable sales, drove the constant
currency sales increase in Asia/Pacific. This segment continued to benefit from
strong positive comparable sales in China. However, Asia/Pacific's comparable
sales growth was negatively affected by a difficult comparison with last year's
very successful Hello Kitty promotion in several markets and weak consumer
spending in Australia, due to the goods and services tax introduced in July
2000. We expect comparable sales in Australia to improve in the second half of
the year as we pass the anniversary of the introduction of the tax.
In Latin America, the constant currency sales increase was due to
expansion, partly offset by negative comparable sales. Expansion and positive
comparable sales in Mexico and Brazil were the primary contributors to the
increase; however, weak consumer spending continued to negatively affect most
markets in this segment.
In the Other segment, the constant currency sales increase was driven by
the acquisition of Boston Market and positive comparable sales and expansion for
Canada, Chipotle and Donatos.
Combined Operating Margins
The following combined operating margin information represents margins for
McDonald's restaurant business only.
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Combined operating margins Quarters ended
March 31
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2001 2000
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Dollars in millions
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Company-operated $ 359.3 $ 403.3
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Franchised 700.2 709.7
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Combined operating margins $1,059.5 $1,113.0
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Percent of sales/revenues
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Company-operated 15.0% 16.8%
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Franchised 78.1 78.6
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Combined operating margin dollars decreased by $13.0 million, or 1%, for the
quarter, in constant currencies. The U.S. and Europe segments accounted for
nearly 80% of the combined margin dollars for the quarter.
As a percent of sales, Company-operated margins decreased for the quarter.
Food & paper costs as a percent of sales were flat, while payroll costs and
occupancy & other operating expenses increased.
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In the U.S., Company-operated margins for the quarter decreased as a
percent of sales, primarily due to higher labor and energy costs, partly offset
by lower food & paper costs. In Europe and Asia/Pacific, the Company-operated
margin percent decreased primarily due to negative comparable sales and higher
labor costs. In addition, Europe experienced higher food costs. Latin America's
Company-operated margin percent was relatively flat.
Franchised margins as a percent of applicable revenues in the U.S. were
relatively flat, while margin percents in Europe and Latin America declined,
primarily due to negative comparable sales and temporary rent assistance
provided to franchisees in certain markets. The franchised margin percent in
Asia/Pacific increased primarily due to an increase in the royalty percent
received from our Japanese affiliate.
Franchised margins as a percent of revenues in all segments were also
negatively impacted by higher occupancy costs as a result of our strategy to
lease more sites. By leasing a higher proportion of new sites, we have reduced
initial capital requirements. However, as anticipated, this practice reduces
franchised margins because the financing costs implicit in the lease are
included in occupancy expense, whereas for owned sites, financing costs are
reflected in interest expense.
Selling, General & Administrative Expenses
Selling, general & administrative expenses increased 5% for the quarter,
primarily due to the acquisition of Boston Market and spending to support the
development of Other Brands, partly offset by weaker foreign currencies.
Excluding Other Brands, selling, general & administrative expenses increased 1%
for the quarter.
Other Operating Income, net
Equity in earnings of unconsolidated affiliates decreased for the quarter
primarily due to weaker results in Japan, the increase in Japan's royalty
expense and a weaker Japanese Yen. Although the increase in royalty expense
reduced McDonald's equity in earnings for Japan, it was more than offset by the
royalty benefit McDonald's received in franchised revenues. The decrease in
other expense for the quarter was primarily due to a gain on the sale of real
estate in Singapore, partly offset by the write-off of certain technology costs.
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Other operating income, net
Dollars in millions
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Quarters ended March 31 2001 2000
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Gains on sales of restaurant businesses $15.3 $ 15.6
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Equity in earnings of unconsolidated
affiliates 11.9 26.4
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Other expense (5.6) (12.7)
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Total $21.6 $ 29.3
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Operating Income
Consolidated operating income for the quarter decreased $43.1 million, or
6%, in constant currencies. The constant currency decrease for the quarter was
due to lower combined operating margin dollars and other operating income, and
higher selling, general & administrative expenses incurred primarily in
developing the Other Brands.
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Operating income**
Percent
Dollars in millions Increase/(Decrease)
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As Constant
Quarters ended March 31 2001 2000 Reported Currency*
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U.S. $402.7 $388.7 4 n/a
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Europe 222.8 276.4 (19) (13)
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Asia/Pacific 115.5 118.2 (2) 8
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Latin America 22.3 31.7 (30) (27)
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Other*** 11.7 20.8 (44) (38)
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Corporate (79.8) (67.2) (19) n/a
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Total operating income $695.2 $768.6 (10) (6)
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* Excluding the effect of foreign currency translation on reported results.
** Segment operating income has been restated for 2000 to break out corporate
expenses from the other operating segments.
*** Includes operating losses for Other Brands of $14.9 million and $9.1
million for first quarter 2001 and 2000, respectively.
n/a Not applicable
U.S. operating income increased $14.0 million, or 4%, for the quarter. The
increase was driven by higher combined operating margin dollars and higher other
operating income, partly offset by higher selling, general and administrative
expenses.
Europe's operating income decreased as the decline in consumer confidence
regarding the safety of the European beef supply continued to negatively affect
results.
Operating income in Asia/Pacific increased 8% in constant currencies. This
segment benefited from a strong performance in China, an increase in the royalty
percent received from Japan and a gain on the sale of real estate in Singapore.
Latin America's operating income decreased as strong results in Mexico were
offset by lower franchised margins in countries continuing to experience
difficult economic conditions.
In the Other segment, Canada's continued strong performance was offset by
weak results in several markets in the Middle East & Africa and spending to
support restaurant development in the Other Brands.
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INTEREST, NONOPERATING EXPENSE AND INCOME TAXES
Higher interest expense for the quarter was primarily due to higher average debt
levels, partly offset by weaker foreign currencies. The higher average debt
levels were a result of the Company using its available credit capacity to
repurchase shares of common stock. We expect the rate of increase in interest
expense to moderate throughout the year.
Nonoperating expense increased for the quarter primarily due to the write-
off of a financing receivable from a Latin American supplier and minority
interest expense related to the sale of real estate in Singapore.
The effective income tax rate was 32.0% for the first quarter in both 2001
and 2000, and is expected to be about 32.0% for the year.
WEIGHTED AVERAGE SHARES
Weighted average shares outstanding for the quarter were lower compared with the
prior year due to shares repurchased. In addition, outstanding stock options had
a less dilutive effect than in the prior year. The Company repurchased $452
million or 14.4 million shares of its common stock in the first quarter.
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FORWARD-LOOKING STATEMENTS
Certain forward-looking statements are included in this release. They use such
words as "may," "will," "expect," "believe," "plan" and other similar
terminology. These statements reflect management's current expectations
regarding future events and operating performance and speak only as of the date
of this release. These forward-looking statements involve a number of risks and
uncertainties. The following are some of the factors that could cause actual
results to differ materially from those expressed in or underlying our forward-
looking statements: the effectiveness of operating initiatives and advertising
and promotional efforts, the effects of the Euro conversion, as well as changes
in: global and local business and economic conditions; currency exchange and
interest rates; food, labor and other operating costs; political or economic
instability in local markets; competition; consumer preferences, spending
patterns and demographic trends; legislation and governmental regulation; and
accounting policies and practices. The foregoing list of important factors is
not exclusive.
The Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
FIRST QUARTER CONFERENCE CALL
In conjunction with its First Quarter earnings release, ▇▇▇▇▇▇▇▇'▇ Corporation
will broadcast its conference call with members of management live over the
Internet on Thursday, April 19, 2001 at 10:00 a.m. Central Time. Interested
parties are invited to listen by logging on to
▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇▇▇/▇▇▇▇▇▇▇▇ and clicking "Investor Webcasts"
under "Latest News".
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McDONALD'S CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
Dollars and shares in millions, except per common share data
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Inc/(Dec)
Quarters ended March 31, 2001 2000 $ %
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SYSTEMWIDE SALES $9,649.7 $9,506.7 143.0 2
Revenues
Sales by Company-operated
restaurants 2,614.2 2,439.9 174.3 7
Revenues from franchised
and affiliated restaurants 897.5 903.9 (6.4) (1)
TOTAL REVENUES 3,511.7 3,343.8 167.9 5
Operating costs and expenses
Company-operated
restaurants 2,243.4 2,033.1 210.3 10
Franchised restaurants
--occupancy costs 196.9 193.8 3.1 2
Selling, general &
administrative expenses 397.8 377.6 20.2 5
Other operating
income, net (21.6) (29.3) 7.7 n/m
Total operating costs
and expenses 2,816.5 2,575.2 241.3 9
OPERATING INCOME 695.2 768.6 (73.4) (10)
Interest expense 120.9 100.4 20.5 20
Nonoperating expense 18.3 5.5 12.8 n/m
Income before provision
for income taxes 556.0 662.7 (106.7) (16)
Provision for
income taxes 177.7 211.8 (34.1) (16)
NET INCOME $ 378.3 $ 450.9 (72.6) (16)
NET INCOME PER
COMMON SHARE $ 0.29 $ 0.34 (0.05) (15)
NET INCOME PER
COMMON SHARE-DILUTED $ 0.29 $ 0.33 (0.04) (12)
Weighted average
common shares outstanding 1,300.7 1,343.4
Weighted average
common shares outstanding
-diluted 1,325.3 1,383.8
n/m Not meaningful
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McDONALD'S CORPORATION SYSTEMWIDE SALES
Dollars in millions
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% Inc/(Dec)
As Constant
Quarters ended March 31, 2001 2000 Reported Currency*
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U.S.
Operated by franchisees $3,666.4 $3,526.0 4
Operated by the Company 745.8 701.9 6
Operated by affiliates 264.3 277.1 (5)
4,676.5 4,505.0 4 n/a
Europe
Operated by franchisees 1,211.3 1,269.3 (5)
Operated by the Company 860.5 917.5 (6)
Operated by affiliates 106.4 118.9 (11)
2,178.2 2,305.7 (6) 2
Asia/Pacific
Operated by franchisees 417.4 465.3 (10)
Operated by the Company 447.8 471.2 (5)
Operated by affiliates 822.3 849.1 (3)
1,687.5 1,785.6 (5) 4
Latin America
Operated by franchisees 232.2 224.6 3
Operated by the Company 214.9 178.8 20
Operated by affiliates 8.2 30.7 (73)
455.3 434.1 5 11
Other**
Operated by franchisees 297.5 293.5 1
Operated by the Company 345.2 170.5 102
Operated by affiliates 9.5 12.3 (23)
652.2 476.3 37 42
Systemwide
Operated by franchisees 5,824.8 5,778.7 1
Operated by the Company 2,614.2 2,439.9 7
Operated by affiliates 1,210.7 1,288.1 (6)
$9,649.7 $9,506.7 2 6
* Excluding the effect of foreign currency translation on reported results.
** The Other segment includes $225.6 million of sales in 2001 and $47.4
million in 2000 related to Other Brands.
n/a Not applicable
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▇▇▇▇▇▇▇▇'▇ CORPORATION TOTAL REVENUES
Dollars in millions
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% Inc/(Dec)
As Constant
Quarters ended March 31, 2001 2000 Reported Currency*
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U.S. $1,270.4 $1,209.6 5 n/a
Europe 1,094.9 1,171.0 (6) 1
Asia/Pacific 510.2 526.6 (3) 5
Latin America 254.6 228.9 11 18
Other** 381.6 207.7 84 89
$3,511.7 $3,343.8 5 10
* Excluding the effect of foreign currency translation on reported results.
** The Other segment includes $216.1 million of revenues in 2001 and $37.3
million in 2000 related to Other Brands.
n/a Not applicable
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McDONALD'S CORPORATION OPERATING MARGINS
OPERATING MARGINS - McDONALD'S RESTAURANT BUSINESS**
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Inc/(Dec)
Quarters ended Percent Amount As Constant
March 31, 2001 2000 2001 2000 Reported Currency*
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Company-operated
U.S. 16.3% 16.8% $121.8 $117.6 4 n/a
Europe 14.7 17.6 126.7 161.1 (21) (15)
Asia/Pacific 14.9 17.9 66.7 84.2 (21) (14)
Latin America 12.7 12.6 27.3 22.5 21 26
Other 13.0 13.4 16.8 17.9 (6) -
Total 15.0% 16.8% $359.3 $403.3 (11) (7)
Franchised
U.S. 79.0% 79.1% $414.6 $401.7 3 n/a
Europe 75.4 77.3 176.8 196.0 (10) (3)
Asia/Pacific 86.2 82.7 53.8 45.8 17 33
Latin America 68.5 75.6 27.2 37.9 (28) (25)
Other 77.2 76.9 27.8 28.3 (2) 3
Total 78.1% 78.6% $700.2 $709.7 (1) 2
COMPANY-OPERATED MARGINS AS A PERCENT OF SALES -
McDONALD'S RESTAURANT BUSINESS**
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Quarters ended March 31, 2001 2000
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Food & paper 34.3 34.3
Payroll & employee
benefits 26.1 25.3
Occupancy & other
operating expenses 24.6 23.6
Total expenses 85.0 83.2
Company-operated margins 15.0 16.8
* Excluding the effect of foreign currency translation on reported results.
** Operating margin information relates to McDonald's restaurant business and
excludes Other Brands.
n/a Not applicable
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▇▇▇▇▇▇▇▇'▇ CORPORATION RESTAURANT INFORMATION
SYSTEMWIDE RESTAURANTS
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At March 31, 2001 2000** Inc/(Dec)
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U.S.* 12,811 12,624 187
Europe
Germany 1,093 1,012 81
England 968 879 89
France 861 801 60
Italy 299 246 53
Spain 280 230 50
Sweden 228 205 23
Netherlands 206 203 3
Poland 183 165 18
Other 1,392 1,270 122
Total Europe 5,510 5,011 499
Asia/Pacific
Japan* 3,619 3,278 341
Australia 704 682 22
China 341 258 83
Taiwan 339 321 18
South Korea 255 184 71
Philippines 236 222 14
Hong Kong 180 165 15
Other 650 594 56
Total Asia/Pacific 6,324 5,704 620
Latin America
Brazil 554 467 87
Argentina 214 190 24
Mexico 207 174 33
Other 573 492 81
Total Latin America 1,548 1,323 225
Other
Canada* 1,162 1,116 46
Other McDonald's 516 447 69
Other Brands*** 1,034 237 797
Total Other 2,712 1,800 912
Systemwide restaurants 28,905 26,462 2,443
Countries 120 119 1
* Includes satellites at March 31, 2001: U.S. 978; Japan 1,672; Canada 285. At
March 31, 2000: U.S. 1,029; Japan 1,344; Canada 255.
** Adjusted to exclude 534 (494 in Brazil) dessert-only kiosks from the
restaurant counts at March 31, 2000.
*** Restaurants at March 31, 2001: Aroma Cafe 42; Boston Market 702; Chipotle
Mexican Grill 124; Donatos Pizza 166. At March 31, 2000: Aroma Cafe 33;
Chipotle Mexican Grill 56; Donatos Pizza 148.
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▇▇▇▇▇▇▇▇'▇ CORPORATION RESTAURANT INFORMATION
RESTAURANT ADDITIONS
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Quarters ended March 31, 2001 2000*
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U.S. 7 (5)
Europe 50 68
Asia/Pacific 64 50
Latin America 38 24
Other McDonald's 13 (5)
Other Brands 26 21
Systemwide additions 198 153
* Adjusted by 37 in 2000 to exclude dessert-only kiosks.
SYSTEMWIDE RESTAURANTS
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At March 31, 2001 2000* Inc/(Dec)
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U.S.
Operated by franchisees 10,148 9,974 174
Operated by the Company 1,897 1,841 56
Operated by affiliates 766 809 (43)
12,811 12,624 187
Europe
Operated by franchisees 3,116 2,775 341
Operated by the Company 2,162 2,019 143
Operated by affiliates 232 217 15
5,510 5,011 499
Asia/Pacific
Operated by franchisees 1,659 1,508 151
Operated by the Company 1,523 1,323 200
Operated by affiliates 3,142 2,873 269
6,324 5,704 620
Latin America
Operated by franchisees 738 674 64
Operated by the Company 778 550 228
Operated by affiliates 32 99 (67)
1,548 1,323 225
Other
Operated by franchisees 1,142 1,093 49
Operated by the Company 1,454 622 832
Operated by affiliates 116 85 31
2,712 1,800 912
Systemwide
Operated by franchisees 16,803 16,024 779
Operated by the Company 7,814 6,355 1,459
Operated by affiliates 4,288 4,083 205
28,905 26,462 2,443
* Adjusted by 534 in 2000 to exclude dessert-only kiosks.
# # #
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