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McDonald's Holdings swings to loss in Q1

McDonald's Holdings Co. (Japan) Ltd. said its normalized net income for the first quarter amounted to a loss of ¥51.20 per share, compared with ¥11.87 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥6.81 billion, compared with income of ¥1.58 billion in the year-earlier period.

The normalized profit margin dropped to negative 16.7% from 2.5% in the year-earlier period.

Total revenue fell 34.4% year over year to ¥40.87 billion from ¥62.33 billion, and total operating expenses fell 14.1% from the prior-year period to ¥51.47 billion from ¥59.92 billion.

Reported net income came to a loss of ¥14.59 billion, or a loss of ¥109.76 per share, compared to income of ¥1.26 billion, or ¥9.50 per share, in the year-earlier period.

As of May 12, US$1 was equivalent to ¥119.88.