Will Andrew and George be merry this Christmas? McDonald’s PH back in the black but still way behind pre-pandemic levels
Food

Will Andrew and George be merry this Christmas? McDonald’s PH back in the black but still way behind pre-pandemic levels

The Philippine master franchise holder of McDonald’s is back in the black but just barely.

Golden Arches Development Corp. (GADC), a joint venture between bilyonaryos Andrew Tan and George Yang, posted a net profit of P200 million in the first nine months, a 181 percent turnaround from its P1 billion loss a year ago.

Its revenues rose 25 percent year on year to P17.7 billion in the nine months to September amid the impact of hard lockdown, longer curfew hours, limited dine-in and heightened restrictions in the third quarter.

But McDonald’s is still way behind its pre-pandemic levels of P1.2 billion in profit and P23.2 billion in revenues in the first nine months of 2019.

With the easing of COVID-19 restrictions, McDonald’s reopened 94 percent of its stores by the end of the third quarter.

McDonald’s has a total of 657 stores (82 percent of which are in Luzon) after opening 14 and closing 12 branches during the first nine months.

GADC said foot traffic to McDonald’s restaurants, penetration and frequency increased especially in the third quarter.

The company focused on consumers’ priorities – safety, affordability, accessibility – and strong execution of programs to drive up sales.

It also amplified consistent low-price messaging and more aggressive promotions in priority channels like delivery and drive-thru.

 
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