McDonald's Franchisee Arcos Dorados Reports Better 4Q Demand
21 Gennaio 2021 - 01:48PM
Dow Jones News
By Micah Maidenberg
Arcos Dorados Holdings Inc. said Thursday that comparable
fourth-quarter sales fell year-over-year, but the decline wasn't as
steep as in the previous two periods.
Overall, comparable sales were off 7.9% for the fourth quarter,
the McDonald's Corp. franchisee focused on Latin America and the
Caribbean said. Those sales dropped 51% and 27.2% in the second and
third quarters as the Covid-19 pandemic cut into demand and
consumers stay at home.
This year, the company expects to open between 40 and 50 new
restaurants, 80% of them in Brazil. Capital spending, Arcos said,
will range from $110 million to $130 million.
In addition, the company struck a deal with the McDonald's
corporate office to receive "Growth Support" this year that will
result in an effective royalty rate of about 5.3%, lower than the
6% rate required by its franchise agreement with the chain.
"In 2021, we plan to gain meaningful market share, resume
normalized operations and self-fund investments in unit growth,"
Chief Executive Marcelo Rabach said.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
January 21, 2021 07:33 ET (12:33 GMT)
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