McDonald’s (MCD) had Investor Day in Chicago yesterday, and treated the analysts to breakfast AND lunch, and a pretty well developed presentation of US, Europe, APNEA, corporate and marketing actions underway. We monitored the discussion, and relate the following interesting points that might get lost otherwise:
* While they didn’t want to get trapped into a number going forward, MCD had helped fund franchisees strategic leasehold improvement CAPEX–the McCafe expansion– and might do so again for future initiatives. McDonald’s owns a significant amount of the buildings and real estate, and credit is tight, even for McDonald’s franchisees.
* Most every financial metric displayed–restaurant margin, franchising margin, ROIC and ROIIC–were up versus 2004 in every Division.
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