Ltd. said Friday it posted a group net loss of 2.34 billion yen for the business year through December, sinking into the red for the first time in nearly three decades under the heavy cost of store closures.
The firm also said outlet openings will be reduced to 75 from 117 in 2002, leading to the first-ever net decrease of outlets since the chain debuted in Tokyo's Ginza district in July 1971.
"Despite offering a menu responding to customers' needs and actively pursuing a complex marketing strategy in severe market conditions, we couldn't achieve the planned results," said Yasuyuki Yagi, president of McDonald's Holdings Co. (Japan).
Consolidated sales for 2002 stood at 320.71 billion yen while group operating profit came to 3.94 billion yen.