This year has been challenging for McDonald's, ... But I am confident that our strategies are right and we will see significant improvement in 2002, setting the stage for stronger growth in 2003 and beyond. |
To fund the additional capital expenditures related to U.S. initiatives, we expect to moderate share repurchases to approximately $500 million in 2003 as well as reduce global new restaurant openings. |
We believe that a significant majority of them will stay open as Boston Markets. But some will close and some will be converted to McDonald's and to a couple of other brands, |
We extended our considerable lead internationally and achieved a remarkable turnaround in our U.S. business, |
We want staff functions to support line decisions and maximize their impact. |
We want the line -- which for McDonald's includes our divisional and regional staffs, owner/operators and restaurant personnel -- to make decisions on behalf of customers based on field operating needs. The line ultimately has responsibility and accountability for our business success, |
While eliminating jobs is a painful process -- both personally and culturally -- it is necessary to make these changes to refocus and realign with our restaurants and, where appropriate, bring home office resources closer to them, |
While this has been a tough six months, we are intent upon improving the business by building comparable sales around the world through improved operations, effective marketing and menu development, |