Finally Some Good News for McDonald’s Japan
McDonald’s Japan has had a rough couple of years, but things are looking up.
The Japanese unit of the fast food giant forecast a full-year profit for 2016. That would be its first one in three years, according to Bloomberg.
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The positive forecast accompanies McDonald’s Japan’s worst annual financial results yet. The unit reported a net loss of 34.7 billion yen, or more than $300 million, for 2015. The year prior, it reported a loss of 21.8 billion yen, or about $190 million.
To cope with its troubles, McDonald’s Japan has closed 153 restaurants and opened only 16 last year. It is also remodeling 2,956 restaurants.
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”We’ve seen a considerable reversal of momentum in the later half of 2015 and the momentum continues to grow,” said regional CEO Sarah Casanova at a press conference, according to Bloomberg. ”There’s a possibility to grow profitability more. It’s difficult to put a timeline on it.”
Casanova said that commenting on whether the U.S. parent company would sell its stake in the Japanese unit would be “premature,” noted the Japan Times.