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But McDonald's Chief Executive Jim Skinner again backed his company-owned stores strategy, telling analysts and investors on the fourth-quarter conference call Tuesday that the system is a bastion of credibility for a company that is, at its core, a franchising operation.
Abandoning it or restructuring it -- as hedge-fund activist William Ackman has proposed recently -- is out of the question, he said. Skinner said, however, that over the next three years he is looking to convert stores in 15 to 20 countries to what the company calls "development license ownership," or DLs. Skinner did not identify the countries he's targeting.
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- Но, как ни вглядывался Олвин, он так и не мог обнаружить никаких следов присутствия человека.
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DLs are different from franchises in that the DL owner fronts all the real estate and capital funding for the stores, plus pays a royalty fee to McDonald's for the use of its name and resources. Franchisees, mostly, don't own the land or the concrete building that holds the golden arches, but are responsible for everything crypto Invest mco the restaurant, such as food, equipment and furniture.
Franchisees also pay royalties as well as rent. DL is not a new ownership structure for McDonald's, which prides itself on how it flexibly grows its brand in a number of different countries that hold a myriad of corporate and franchise laws and regulations.
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But it will crypto Invest mco used as a means of getting underperforming company-owned stores into the hands of entrepreneurs who will watch the bottom line like hawks, the company said. Moreover, this allows the company to crypto Invest mco certain shareholders while holding steady in its vow to keep a large number of company-owned stores in operation as a testing ground and to get a pulse on the industry. The company owns and operates about 8, restaurants through a wholly owned subsidiary called McDonald's Operations Co.
About a quarter of the stores are in the U. McDonald's has more than 30, restaurants in countries.
More than crypto Invest mco, stores are in the U. This is something we continually manage and will manage in the future. See full story.
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Real estate issues The statements appeared to be a nod to Pershing Capital Management founder William Ackman's call for a spin-off of a chunk of the restaurant chain's company-owned stores in a bid to unlock value and force the company-owned stores to turn out better, and transparent, operating results.
Ackman was not available for comment.
On Tuesday, McDonald's acknowledged that there were some problems with the McOpCo stores, but said after a reorganization three years ago, many are turning out strong results. It is unlikely McDonald's will ever convert its 2, company-owned stores in the U.
However, in other countries where the laws are murkier, McDonald's has turned toward the DL-owned route to find local entrepreneurs who speak the language, know the demographic and can better weave around the legalities.
That will not serve anybody's best interests. The company warned that finding the "right" person to own a DL has proven to be a long, arduous process that can take many years to implement.
Meanwhile, it will begin refranchising some of the McOpCo stores in the U. Of the U.