McDonald’s ahead of plan in comeback

  • Business
  • Thursday, 29 Jan 2004

CHICAGO: McDonald's Corp is on a modest winning streak again after the unprecedented net loss that interrupted a nearly four-decade stretch of non-stop profits a year ago. 

Investors are loving it – the company's shares, near an 18-month high, rose another 17 cents to US$25.45 on Tuesday in response to its fourth consecutive solid quarterly profit. Share prices have doubled since last March. 

But even with its comeback strategy ahead of schedule, analysts and McDonald's executives alike said the fast-food giant had some work left to do – particularly with service – before it could declare its turnaround complete. 

“We have made some progress in delivering fast, accurate and friendly service, but not as much as we would have liked,'' chief executive officer Jim Cantalupo said on a conference call with analysts on Tuesday. “That's why executing great service will be the top priority in 2004.'' 

A year removed from its worst financial quarter ever, one that prompted a change in leadership, McDonald's had on Monday reported a US$125.7mil profit for the fourth quarter. – AP  

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