The Covid-19 pandemic takes a bite of McDonald’s net profit.
The company said similar sales to the fast-food giant had fallen 22 percent last month as the coronavirus forced it to close dining rooms around the world. US McDonald’s stores fell 13.4 percent in March, compared to an increase of 8.1 percent in the first two months of 2020.
But unlike many troubled restaurants across the country that were temporarily closed during the epidemic, 99 percent of McDonald’s restaurants are open for business here to drive, deliver or exit
The company CEO, Chris Kempinski, said in a statement: Beginning in mid-March, we witnessed a significant drop in our results, which varies across markets. “The situation remains variable, and the full extent of the impact on our business cannot be estimated at the present time,” he added.
Last month, the company temporarily canceled all-day breakfast from its list simply because of the number of items prepared by employees.
Meanwhile, Kempinski will receive a 50 percent cut in his salary, while four other top executives have cut 25 percent of their basic pay from April 15 to September 30.
“These are unprecedented times, and I simply felt that this was the right thing to do,” Kempinski said in a statement about his salary cut.