Fast-food giant McDonald's Corp. said it would close about 350 restaurants due to the falling sales in Q1.
Sales in the Asia-Pacific and Middle East region dropped 8.3 percent, helping bring overall global sales down 2.3 percent, "reflecting negative guest traffic in all segments," the company said.
Total revenue sank 11 percent to $5.96 billion in the quarter to March 31, and net income plunged 32.6 percent to $812 million, or 84 cents a share.
However, McDonald's has ambitious China-expansion plans. It has about 2100 restaurants in China. It's reported that it plans to open 250 new restaurants in the next 5 years. "We favor the long-term prospects for China's markets. China is the third largest market with great potential development" one official of McDonald's said.
