CHINA-McDONALDS OPENING 175 NEW OUTLETS.
McDonald’s Corp. (MCD) will open 175 new outlets in China this year, creating 10,000 jobs, the fast-food company’s public relations agency in the country, Ketchum Inc., said Wednesday.
The new outlets would increase the number of McDonald’s outlets in China by 17%, from around 1,050 outlets now.
McDonald’s China Chief Executive Jeffrey Schwartz said in August the company intended to open at least 150 new stores in the country in 2009, and keep the rate of growth for new stores around 15% each year.
It had planned to open at least 125 new stores in China last year.
McDonald’s, the world’s largest restaurant chain, reported last month its fourth-quarter net income dropped 23% to $985.3 million, but the result was higher thann analysts’ estimates.
In its outlook at the time it said it planned to continue its expansion, allocating $2.1 billion this year to opening 1,000 new restaurants and improving existing ones.