Brief: Arcos Dorados Provides An Update On The Impact Of Covid-19 To Its Business And Reports Q1 2020 Comparable Sales

Arcos Dorados Holdings

22/04/2020 22:52

April 22 (Reuters) - Arcos Dorados Holdings Inc  ARCO.N :
    * ARCOS DORADOS PROVIDES AN UPDATE ON THE IMPACT OF COVID-19
TO
ITS BUSINESS AND REPORTS FIRST QUARTER 2020 COMPARABLE SALES
    * ARCOS DORADOS HOLDINGS INC - WITHDRAWING LONG-TERM OUTLOOK
    * ARCOS DORADOS HOLDINGS INC - IN ADDITION TO STARTING 2020
WITH
NO MATERIAL DEBT MATURITIES BEFORE 2023
    * ARCOS DORADOS HOLDINGS INC - TOTAL COMPARABLE SALES
EXCLUDING.
VENEZUELA FOR QUARTER ENDED MARCH 31 WAS DOWN 4.5%
    * ARCOS - MANAGEMENT BOARD, THAT INCLUDES EXECUTIVE
CHAIRMAN, CEO,
COO, CFO & CORPORATE VICE PRESIDENTS, HAVE VOLUNTARILY DEFERRED
50% OF BASE SALARIES
    * ARCOS DORADOS HOLDINGS INC - IS ACTIVELY REDUCING
RESTAURANT-LEVEL OPERATING COSTS, INCLUDING FOOD & PAPER,
PAYROLL AND OCCUPANCY EXPENSES
    * ARCOS DORADOS HOLDINGS INC - IS MINIMIZING ITS LABOR COSTS
WHILE
STILL SUPPORTING ITS PEOPLE
    * ARCOS DORADOS - IN ORDER TO REDUCE FIXED COSTS, CO
TRANSITIONED
SUBSTANTIALLY ALL ITS RENTAL AGREEMENTS TO VARIABLE PAYMENTS
TIED TO RESTAURANT SALES
    * ARCOS - ALL COUNTRY-LEVEL MANAGING DIRECTORS & CORPORATE
DIRECTORS HAVE DEFERRED 25% OF THEIR BASE SALARIES FOR SAME
PERIOD AND UNDER SAME CONDITIONS

Source text for Eikon:  ID:nBw4gCzWXa 
Further company coverage:  ARCO.N 

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