Summary
McDonald's Corporation (MCD) filed an 8-K on May 3, 2013, to address inaccuracies in reporting calendar shift/trading day adjustments for January and March 2013. These adjustments, which account for the varying number of weekdays and weekend days impacting comparable sales and guest counts year-over-year, were misstated in previous filings. The company is providing corrected ranges for these adjustments and has updated them on its investor website. Investors should note that these adjustments do not account for holiday timing, which can also influence sales figures. The filing also indicates that the company is reviewing calendar shift/trading day adjustments for 2012 and 2011, with potential revisions expected to be similar in magnitude to those made for 2013. Any such revisions will be published on the company's website by May 17, 2013. This disclosure is primarily for informational purposes related to how McDonald's reports its sales data and the integrity of that reporting.
Key Highlights
- 1McDonald's corrected previously reported calendar shift/trading day adjustments for January and March 2013.
- 2The calendar shift/trading day adjustment accounts for the impact of weekdays/weekend days on comparable sales and guest counts.
- 3The company has updated corrected adjustment ranges for January-June 2013 on its investor website (www.investor.mcdonalds.com).
- 4Reported adjustments for January 2013 were slightly off, with the actual range varying from -1.2% to 0.8% across different regions, compared to the previously stated -0.9% to 0.8%.
- 5Reported adjustments for March 2013 were also inaccurate, with the actual range varying from -0.9% to 1.0% across regions, versus the previously reported -0.9% to 0.6%.
- 6Calendar shift/trading day adjustments do not consider the impact of holiday timing.
- 7McDonald's is reviewing 2012 and 2011 calendar shift/trading day adjustments and may issue revisions by May 17, 2013.