Fast-food giant McDonald's today posted its first-ever quarterly net loss amid the weighty costs of closing restaurants in under-performing markets.
The world's largest restaurant company posted a net loss of $343.8 million, or 27 cents a share, in the fourth quarter, compared with a profit of $271.9 million, or 21 cents, in the year-earlier period.
Before special items, the company posted earnings of 25 cents a share.
Systemwide sales, which include some McDonald's 30,000 company-owned and franchised restaurants, rose 2 per cent to $10.5 billion.
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Analysts' estimates of earnings before charges dropped to an average of 25 cents a share from 31 cents after the company warned in mid-December of its first-ever net loss.