McDonald's posts 2nd-ever loss

McDonald's today posted its second-ever loss and its first in nearly five years when it reported losses of $711

McDonald's today posted its second-ever loss and its first in nearly five years when it reported losses of $711.7 million in the second quarter because of a hefty one-time charge.

For the quarter ending June 30th, the world's largest restaurant chain said its net income swung to a loss of 60 cents per share. That's compared to a second-quarter profit of $834.1 million or 67 cents per share, a year earlier.

Today's report mirrored McDonald's pre-announced earnings results.

Revenue climbed 12 per cent to $6 billion, from $5.36 billion, spurred by strong breakfast sales and robust business in stores open at least a year.

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Excluding the non-cash impairment charge of $1.6 billion relating to the sale of some Latin American operations, the company said it would have earned $869.9 million, or 71 cents per share.