McDonald's drops plan to sell shares in Japan unit
26/04/2017 04:39
TOKYO, April 26 (Reuters) - McDonald's Corp MCD.N has put
on hold plans to sell shares in its Japan unit, which recently
returned to profit for the first time in three years after a
series of food scandals shook consumer confidence in the chain.
The fast food giant has "made the decision to not proceed
with the transaction at this time," Chief Finance Officer Kevin
M. Ozan told investors on a conference call on Tuesday.
The decision followed a review of its stake, Ozan said.
"We believe the market is poised to maintain its strong
momentum," he added.
McDonald's Holdings Co Japan Ltd 2702.T expects operating
profit in the current fiscal year to grow to 9 billion yen
($80.92 million), a 29.9 percent rise on the previous year.
The Japan unit has had success in capturing the attention of
local consumers with recent innovations including a
burger-naming election, French fries topped with chocolate and a
tie-up involving hit smartphone game Pokemon Go.
($1 = 111.2200 yen)
(Reporting by Sam Nussey; Editing by Christopher Cushing)
((sam.nussey@thomsonreuters.com; +81364411596; Reuters
Messaging: sam.nussey.thomsonreuters.com@reuters.net))
Keywords: MCDONALDS MCDONALDS JAPAN/