McDonald’s Corp. on Tuesday reported a second-quarter net loss, dragged down by a $1.6 billion charge related to its sale of restaurants in Latin America to a franchiser, but the fast-food chain’s same- store sales rose more than 7%.
The Oak Brook, Ill.-based company also said that Matthew Paull, its chief financial officer since 2001, will retire to pursue a teaching career.
McDonald’s (MCD) reported a loss of $711.7 million, or 60 cents a share, compared with a profit of $834.1 million or 56 cents a share in the year-earlier quarter.
Factoring out the charge, the company earned 71 cents a share from continuing operations. Revenue came in 12% higher at a bit more than $6 billion, while sales at restaurants open more than a year were up 7.4%.
The average estimate of analysts polled by Thomson Financial had been earnings of 71 cents a share on revenue of $5.9 billion.
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