McDonalds Korea-2022 earnings

▲ A file photo of a McDonald's store in Seoul taken Feb. 10, 2023. (Yonhap)

McDonalds Korea-2022 earnings

McDonald's Korea net losses deepen in 2022 despite strong sales

SEOUL, May 11 (Yonhap) -- McDonald's Korea said Thursday its net losses widened in 2022 from a year earlier, despite strong sales.

Net losses deepened to 36.3 billion won (US$27.4 million) last year from 34.9 billion won in 2021, the South Korean unit of U.S. fast food giant McDonald's said in a regulatory filing.

McDonald's Korea also posted an operating loss of 27.8 billion won last year, almost unchanged from 2021.

Still, McDonald's Korea said its sales rose 14.6 percent on-year to 995 billion won in 2022, despite higher raw materials costs and interest rate hikes.

Sales, including those of franchises, hit a record high of 1.17 trillion won since McDonald's entered the South Korean market in 1988. It marked the second consecutive year the company achieved sales exceeding 1 trillion won.

Last year, McDonald's Korea raised the prices of 68 items, including drinks and desserts, by an average of 4.8 percent.

McDonald's Korea said it plans to expand its "Taste of Korea" project of launching locally-inspired products.

In 2021, McDonald's sold the "BTS meal" in South Korea, the United States and 10 other nations in celebrity collaboration with the K-pop supergroup.

The "BTS meal" includes a 10-piece Chicken McNuggets, medium fries and Coke as well as two new dipping sauces -- sweet chili and Cajun flavors -- inspired by recipes from South Korea, where the boy band is from.

(END)

[Copyright ⓒ K-VIBE. All rights reserved. Unauthorized reproduction and redistribution are prohibited.]