The closure of all 850 McDonald’s restaurants in Russia has cost the fast-food chain $127 million in the first quarter of 2022. The fast-food company announced during its first-quarter earnings report on April 28 that its suspension of operations in Russia cost it $27 million in leases, supplier costs, and employee wages, and another $100 million in unsold inventory for its supply chain. McDonald’s is losing roughly $55 million a month to pay staff, landlords, and suppliers “for keeping the infrastructure going” for its restaurants in Ukraine and Russia, said Chief Financial Officer Kevin Ozan. Those losses altogether dragged its earnings down by 13 cents per share in the first three months of the year. ...
Source: https://www.theepochtimes.com/closure-o ... 40990.html
Closure of Restaurants in Russia Cost McDonald’s $127 Million in First Quarter
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Closure of Restaurants in Russia Cost McDonald’s $127 Million in First Quarter
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