Tech and Teen
  • Technology
  • Teen
  • Entertainment
  • Sports
  • Politics
  • Business
  • World
  • Multimedia
  • IT HOT
  • Blog
  • Technology
  • Business
  • Sports
  • Entertainments

Tech and Teen

  • Technology
  • Teen
  • Entertainment
  • Sports
  • Politics
  • Business
  • World
  • Multimedia
  • IT HOT
  • Blog

Food scandal takes a bite out of McDonald`s

by Tech and Teen August 1, 2018
written by Tech and Teen August 1, 2018
Food scandal takes a bite out of McDonald`s

McDonald`s Corp said its business has been hurt by China`s latest food scare that forced restaurants in the region to temporarily pull meat items from menus.

An undercover local Chinese TV report on July 20 showed workers at Shanghai Husi Food Co Ltd using expired meat and doctoring food production dates. Regulators immediately closed the factory, which is part of OSI Group LLC, a U.S. food supplier and important McDonald`s partner.

“While this matter will negatively impact results in the near term, we cannot reasonably estimate the impact on full year 2014 earnings at this time,” according to a regulatory filing from McDonald`s, which has just over 2,000 restaurants in China.

McDonald`s warning on Monday came just days after rival Yum Brands Inc, which has about 6,400 restaurants in China and whose KFC is the biggest Western brand in the country, also said the scandal was driving China customers away.

McDonald`s shares dropped 0.5 percent to $93.86 at mid-afternoon on the New York Stock Exchange.

Shares of McDonald`s and Yum have fallen 5.2 percent and 8.6 percent, respectively, since the scandal broke on July 20.

McDonald`s Holdings Co (Japan) Ltd on July 29 withdrew its full-year earnings forecast after the China meat scare caused sales to drop 15 to 20 percent on a daily basis.

The company, which has more than 3,100 restaurants in Japan, previously had forecast an operating profit of 11.7 billion yen ($115 million) for 2014.

McDonald`s affected markets account for about 10 percent of its total revenue, the world`s largest burger chain said in its filing on Monday. About 15 percent of operating profit at McDonald`s comes from its Asia/Pacific, Middle East and Africa unit that includes China and Japan, analysts said.

The warning from McDonald`s prompted Janney Capital Markets analyst Mark Kalinowski to cut his earnings per share estimates for the fast-food chain by 3 cents to $1.55 for the third quarter, and by 1 cent to $1.43 for the fourth quarter.

Yum on July 30 warned that the scandal had hurt sales badly at its KFC and Pizza Hut restaurants over the previous 10 days.

Yum got 35 percent of its operating profit from China last year and is more exposed to the market than McDonald`s.

The double whammy of a food safety scare and bird flu in China battered sales at McDonald`s and Yum last year. Those sales had just stared to recover when the latest food scandal emerged.

0 comment
0
FacebookTwitterGoogle +PinterestLinkedinWhatsapp
previous post
Case against Aamir over nude poster
next post
Taslima Nasreen ban from India

related posts

Moner Janala’- A special initiative for the female...

September 29, 2019

New Horizon for Bangladeshi Medicines Export to Africa

February 26, 2020

TEDxGulshan 2023: The Biggest in the Region Held

November 5, 2023

Sell properties from the comforts of your home

December 17, 2018

Walton’s new model AC consumes Tk 2.88  per...

March 1, 2021

Graduation ceremony of ‘Seeds for the Future 2019’...

May 6, 2019

eCourier become the digital distributor and midmile logistics...

March 22, 2022

Beximco Pharma gets US FDA approval

July 30, 2018

Coca-Cola’s new Campaign for the International Mother Language...

February 6, 2019

Samsung Electronics organizes Enterprise Evening 2019

October 21, 2019

Shohoz organizes Motorcyclist training session with BRAC Shurakkha

May 27, 2019

Vivo rewards its best dealers and retailers for...

September 10, 2019

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Recent Posts

  • ‘Laptops, Smartwatches, Earbuds are Now Compatible with Smartphone Chargers’

    November 22, 2023
  • Banglalink’s revenue increased by 15.1 percent

    November 21, 2023
  • foodpanda organises first-ever cricket tournament for riders!

    November 21, 2023
  • Walton launches 2 new full HD frameless monitors with IPS Panel

    November 21, 2023

Popular Posts

  • 1

    V27e with Aura Light Portrait in Bangladesh

  • 2

    ShareTrip Wins Best Travel Tech Platform Award at e-Commerce Movers Award Bangladesh 2023

  • 3

    TECNO CAMON FASHION FESTIVAL: BRINGING FASHION AND TECHNOLOGY TOGETHER IN STYLE

  • 4

    Infinix introduces Taskin as Ambassador & Launches “AMOLED Stunner” Note 12

  • 5

    Daraz Bangladesh Anniversary Campaign – Now LIVE!

Archives

  • November 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018

Mobiles

  • ‘Laptops, Smartwatches, Earbuds are Now Compatible with Smartphone Chargers’

  • realme Narzo 50A Prime on sale along with other devices

  • Embrace the Celebration: Exclusive Deals at OPPO Fans Festival Revealed

  • vivo V29e: Brightening Up Wedding Celebrations with Aura Light

  • Infinix’s winter cashback offer begins, Chance to Win Tk 10k

Popular Posts

  • 1

    Banglalink signs agreement with Bangkok Airways for 10% discount

  • 2

    PriyoShop Becomes Top 100 X-Pitch Startup

  • 3

    Mastercard announces winners of its Spend & Win campaign – ‘Mystical Maldives 2022’

  • 4

    Modern wheat silo in Chattogram to tackle natural disasters and food shortage

  • 5

    Airtel signs agreement with Concito PR

About Us

Techandteen is the vibrant tech news site in Bangladesh. It provides new tech news and latest tech news and reviews for teenagers. As a tech blog techandteen is also popular tech site and best tech site in Dhaka. We accept Guest Posts and paid Promotions.

Email : shiningbd2014@gmail.com

Dhaka, Bangladesh

Phone :  +88 00 5555

Popular Posts

  • 1

    V27e with Aura Light Portrait in Bangladesh

  • 2

    TECNO CAMON FASHION FESTIVAL: BRINGING FASHION AND TECHNOLOGY TOGETHER IN STYLE

Follow us on Facebook

  • Facebook
  • Twitter
  • Google +
  • Instagram
  • Linkedin
  • Youtube
  • Technology
  • Teen
  • Business
  • Privacy Policy
  • Multimedia
  • Sports
  • Entertainments

@ 2018-2022 - Tech and Teen. All Right Reserved.
Developed By: Deshi Hosting, Amjhupi, Meherpur.