McDonald's Corp.
1 Kroc Dr.
Oak Brook, Ill. 60523
www.mcdonalds.com Year founded: 1955 Industry: Hospitality/travel Revenue: n/a Net Income/Loss: n/a Earnings per share: n/a Dividend: n/a Stockholder equity: n/a Auditor: Ernst & Young LLP Stock: MCD Assets: n/a Market capitalization: n/a 52-week high: n/a 52-week low: n/a Chairman and CEO: Jim Cantalupo CFO: Matthew Paull Employees: 418000 Local employees: 32000 Description: McDonald's, the world's largest food chain, operates more than 31,000 restaurants in 119 countries serving 47 million customers a day. It also owns Boston Market and is the majority shareholder in Chipotle Mexican Grill. Regional headquarters is in Bethesda. Developments: McDonald's came back in 2003, embarking on a campaign that shifted its focus from growing bigger to improving profitability. That meant shedding some businesses while adjusting menus—adding more chicken, entree salads and other healthful foods—and extending hours at its U.S. stores. The campaign began after fourth-quarter 2002, when McDonald's posted its first quarterly loss since the company went public in 1965. For the fourth quarter of 2003, McDonald's posted a $125.7 million profit; except for the quarterly loss, that was the least profitable quarter in more than 10 years. Part of that was due to trimming some non-hamburger restaurants, resulting in a one-time $323 million write-off. McDonald's sold Donatos Pizzeria back to its founder and discontinued opening Donatos and Boston Market stores outside the United States. The company also ended its joint venture with Fazoli's Italian Restaurants. McDonald's continued to test new concepts, including Chef Mac's, described as an "upscale, quick-gourmet casual" eatery, in New Orleans; and McCafe, offering espresso drinks, pastries and gourmet sandwiches as well as the traditional burgers and fries, in Raleigh, N.C. It was also expanding its test of high-speed wireless Internet access to about a dozen cities, including Chicago, New York and San Francisco. It is increasing the number of its restaurants that accept credit cards. And it launched its first worldwide ad campaign with the "I'm lovin' it" theme. Food safety and diet issues followed the company throughout the year as health officials' concerns about American obesity grew. McDonald's responded by offering more healthful foods, including reformulated chicken nuggets with white meat. In June, the company also called on its "direct-relationship" suppliers to halt the use of growth-promoting antibiotics by the end of this year. Last month the company said it would phase out super-sized fries and drinks. The finding of a cow with mad-cow disease prompted a sharp drop in McDonald's stock in December, but the shares quickly recovered and sales remained strong despite the scare. In November, McDonald's closed all four Redbox 24-hour automated convenience stores in the Washington area. The Redbox machines dispensed products as varied as portobello-and-goat-cheese sandwiches and toilet paper. The 12 company-owned vending machines in the Washington-Baltimore region dispensing DVDs continue to operate.
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