March 25, 2015 / 9:46 AM / 5 years ago

McDonald's Japan to announce outlook in mid-April

TOKYO, March 25 (Reuters) - The Japanese unit of McDonald’s Corp said it will announce its full-year outlook in mid-April after postponing its usual annual forecast amid a series of food safety scandals, according to people who attended an annual general meeting of shareholders on Wednesday.

McDonald’s Holdings Co (Japan) Chief Executive Sarah Casanova apologised to shareholders for the string of problems at the chain, they said. The company in February announced an operating loss of 6.7 billion yen ($57 million) for 2014 on a 14 percent decline in revenue to 222.3 billion yen, without issuing earnings guidance for this year.

Shareholders voted to accept board members proposed by the company, the people who attended the meeting said. The meeting was only open to shareholders.

The CtW Investment Group, which advises union pension funds that hold a small percentage of McDonald’s Corp shares, had previously called on the company to hire independent board members and replace insiders.

The Japan unit, 49.9 percent-owned by McDonald’s Corp, was hit last year after a major Chinese supplier of chicken was found to have been in breach of food safety standards. It ran into problems again in January when some customers found foreign objects, including a tooth, in their food.

The company was also forced to temporarily ration fries due to labour disputes at U.S. West Coast ports and take the costly step of shipping some by air. (Reporting by Ritsuko Shimizu; Editing by Kenneth Maxwell)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below