McDonald’s Revenue Takes Hit After Russia Exit

McDonald’s exit from Russia in April sparked a revenue drop at the fast-food giant despite US sales that were goosed by higher prices amid surging inflation.

The company’s overall revenue dipped 3% to $5.8 billion in the second quarter largely because McDonald’s closed its company-owned eateries in Russia and Ukraine after the war broke out. Profits fell by nearly half due to a $1.2 billion charge related to the sale of the Russian business, the company said Tuesday.

Russia was one of the company’s largest international markets, with McDonald’s reporting that it owned 84% of its 847 restaurants in the country.

At the same time, menu price increases fueled a 9.7% increase in global comparable sales including a 3.7% increase in the US but excluding stores that were exited in Russia. (Read more from “McDonald’s Revenue Takes Hit After Russia Exit” HERE)

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