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News and Information Article
-- Global comparable sales increased 5.9% in June, 5.5% for the second
quarter
-- U.S. comparable sales increased 5.2% in June, 4.2% for the second
quarter
-- Europe comparable sales increased 4.5% in June, 6.3% for the second
quarter
-- Preliminary second quarter earnings per share is about $0.67, which
includes $0.10 of income from the sale of Chipotle Mexican Grill shares and
$0.02 of expense related to impairment and a one-time impact from a tax law
change. Second quarter 2005 earnings per share were $0.42, which included
$0.09 of expense due to HIA.
OAK BROOK, Ill., July 17 /-FirstCall/ -- McDonalds
Corporation (NYSE: MCD) announced today that Systemwide sales for
McDonalds restaurants increased 8.1% in June, or 6.9% in constant
currencies. For the quarter, Systemwide sales increased 6.6% as reported
and in constant currencies.
McDonalds Chief Executive Officer Jim Skinner commented, "Our
worldwide efforts to make the McDonalds experience increasingly relevant
to todays consumers continue to deliver results with global comparable
sales growing 5.9% in June and 5.5% for the quarter. We will further
strengthen our connection with customers through combined initiatives
surrounding menu choice, variety and value; convenient and contemporary
restaurants and innovative marketing.
"In the U.S., McDonalds continues to be the favored breakfast
destination, and we are now attracting even more customers. This positive
breakfast trend and a popular Happy Meal promotion helped drive U.S.
comparable sales up 5.2% in June.
"Germany, France and the United Kingdom each contributed to Europes
strong comparable sales increase of 4.5% in June. Were building sales
throughout Europe by appealing to a broad range of customer preferences
with premium sandwiches and salads, classic menu favorites and everyday
low-price offerings. We also shared their passion for the World Cup with
exciting promotions in June.
"Comparable sales in Asia/Pacific, Middle East and Africa increased
8.8% in June, primarily due to strong performance in Japan and Australia.
"Looking ahead, I am confident we will continue to build on our global
comparable sales growth record by executing customer-focused initiatives
that further enhance the relevance of the McDonalds experience."
Percent Inc/(Dec) Comparable Systemwide Sales
Sales As Constant
Month ended June 30, 2006 2005 Reported Currency
--------------------------------------------------------------------
McDonalds Restaurants* 5.9 3.8 8.1 6.9
Major Segments:
U.S. 5.2 5.4 5.9 5.9
Europe 4.5 1.3 9.6 5.7
APMEA** 8.8 2.9 8.1 11.0
Quarter ended June 30,
--------------------------------------------------------------------
McDonalds Restaurants* 5.5 2.8 6.6 6.6
Major Segments:
U.S. 4.2 4.8 4.9 4.9
Europe 6.3 (0.3) 7.0 7.4
APMEA** 7.2 1.2 6.2 9.4
Year-To-Date June 30,
--------------------------------------------------------------------
McDonalds Restaurants* 5.4 3.7 5.1 6.4
Major Segments:
U.S. 5.4 5.0 6.1 6.1
Europe 4.1 1.3 1.1 5.3
APMEA** 5.6 3.4 3.1 7.7
* Excludes non-McDonalds brands
** Asia/Pacific, Middle East and Africa
Second quarter 2006 earnings are expected to be about $0.67 per share.
This preliminary earnings per share amount includes $0.10 of income related
to the gain on the sale of a portion of our Chipotle Mexican Grill shares
in the secondary offering completed in May; $0.01 of impairment expense
primarily related to a loss on the anticipated sale of a market in APMEA to
a developmental licensee; and $0.01 of incremental tax expense primarily
related to the one-time impact from a tax law change in Canada. Second
quarter 2005 reported earnings were $0.42 per share, which included $0.09
of incremental tax expense resulting from the decision to repatriate
foreign earnings under the Homeland Investment Act.
Definitions
-- Comparable sales represent sales at all McDonalds restaurants,
including those operated by the Company, franchisees and affiliates,
in operation at least thirteen months including those temporarily
closed, excluding the impact of currency translation. Some of the
reasons restaurants may be temporarily closed include road
construction, reimaging or remodeling and natural disasters.
Management reviews the increase or decrease in comparable sales
compared with the same period in the prior year to assess business
trends.
-- Information in constant currency is calculated by translating current
year results at prior year average exchange rates.
-- Systemwide sales include sales at all McDonalds restaurants,
including those operated by the Company, franchisees and affiliates.
Management believes Systemwide sales information is useful in
analyzing the Companys revenues because franchisees and affiliates
pay rent, service fees and/or royalties that generally are based on a
percent of sales with specified minimum rent payments.
-- The number of weekdays, weekend days and timing of holidays can impact
our reported comparable sales. For the month of June 2006, this
calendar shift/trading day adjustment consisted of one more Friday and
one less Wednesday, compared with June 2005. The resulting adjustment
varied around the world, ranging from flat to up about 1%.
Upcoming Communications
McDonalds tentatively plans to release second quarter earnings before
the market opens on July 25, 2006 and will host an investor webcast at
10:30 a.m. Central Time. A link to the live and archived webcast will be
available on http://www.investor.mcdonalds.com .
McDonalds tentatively plans to release July sales on August 8, 2006.
McDonalds is the leading global foodservice retailer with more than
30,000 local restaurants in more than 100 countries. Approximately 70% of
McDonalds restaurants worldwide are owned and operated by independent,
local businessmen and women. Please visit our website at
http://www.mcdonalds.com to learn more about the Company.
Additional Information
In connection with the proposed disposition by McDonalds Corporation
of its interest in Chipotle Mexican Grill, Inc. via a tax-free exchange
offer, Chipotle will file with the Securities and Exchange Commission (SEC)
a registration statement that will include an exchange offer prospectus.
The prospectus will contain important information about the disposition and
related matters, and McDonalds will mail the prospectus to its
shareholders. Investors and security holders are urged to read the
prospectus, and any other relevant documents filed with the SEC, when they
become available and before making any investment decision. None of
McDonalds, Chipotle or any of their respective directors or officers or
any dealer manager appointed with respect to the exchange offer makes any
recommendation as to whether you should participate in the exchange offer.
You will be able to obtain a free copy of the prospectus (when available)
and other related documents filed with the SEC by McDonalds and Chipotle
at the SECs web site at http://www.sec.gov , and those documents may also
be obtained for free, as applicable, from McDonalds at
http://www.mcdonalds.com or Chipotle at http://www.chipotle.com .
Forward-Looking Statements
Information in this communication contains forward-looking statements,
which reflect managements expectations regarding future events and
operating performance and speak only as of the date hereof. These
forward-looking statements involve a number of risks and uncertainties.
Such forward-looking statements include, but are not limited to, statements
about the benefits of the split-off, including future financial and
operating results, and each companys plans, objectives, expectations and
intentions and other statements that are not historical facts. A list of
the factors that could cause actual results to differ materially from those
expressed in, or underlying, those forward-looking statements is detailed
in the filings of McDonalds with the SEC, such as annual and quarterly
reports and the prospectus (when available). McDonalds disclaims any
obligation to update and revise statements contained in these materials
based on new information or otherwise.
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