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McDonald targets mid-single digit sales growth in 2021 and 2022

first_img– Advertisement – Still, the company reminded investors of the ongoing uncertainty as a result of the coronavirus crisis. It said it would continue to evaluate its financial expectations and will provide updates if warranted.Earlier on Monday, the company reported its third-quarter results, topping analysts’ estimates for both its earnings and revenue. McDonald’s U.S. business saw same-store sales return to growth in the quarter, boosted by popular promotions, like its deal on rapper Travis Scott’s favorite order and the limited-time spicy McNuggets.McDonald’s shares were recently up nearly 4% in premarket trading. The stock, which has a market cap of nearly $167 billion, has risen nearly 10% since the start of the year.- Advertisement – McDonald’s incoming U.S. President Chris Kempczinski speaks during a press conference in New York November 17, 2016.Shannon Stapleton | Reuters As the coronavirus pandemic has upended both McDonald’s business and the broader restaurant industry, the company is taking note of how consumer behavior has changed. Its new strategy unveiled to investors on Monday doubles down on such trends, like customers’ preference for core menu items and the surge in drive-thru orders.With its digital sales expected to exceed $10 billion this year, the company is planning to launch “MyMcDonald’s” across its six top markets by the end of next year. The new platform will tie together McDonald’s various tech investments, like its app and digital menu boards, and make it easier for customers to order and pay for their food. McDonald’s will test a loyalty program in the Phoenix area as part of the plan.The company said it plans to take advantage of the strength of its drive-thru lanes by testing automated order taking, drive-thru lanes only for digital orders and a restaurant design without any indoor dining. McDonald’s also said that the “vast majority” of new restaurants in the United States and its International Operated Markets segment, which includs France and the United Kingdowm, will have drive-thru lanes.The pandemic has also pushed McDonald’s customers to return to their classic menu items, like the Big Mac or McNuggets. The company said that its core menu items account for about 70% of its sales. It’s planning on tweaks to improve the taste of its burgers, like toasting the buns golden brown and changing how they’re grilled.But chicken is growing faster than beef. In response, McDonald’s is planning to expand its line of chicken offerings, including the long-awaited launch of its Crispy Chicken Sandwich in the U.S. early next year. The sandwich is meant to rival those of Chick-fil-A and Popeyes.McDonald’s strategy also includes staying relevant for its consumers. Its famous orders promotions, like those with Scott and reggaeton singer J. Balvin, are “just the beginning.”The chain plans to roll out new packaging worldwide and an advertising campaign focused on its values and commitments to workers, suppliers and franchisees.This is breaking news. Please check back for updates.Programming Note: For more on McDonald’s, watch CEO Chris Kempczinski on “Squawk on the Street” at 10 a.m. ET Tuesday.center_img McDonald’s said Monday it’s expecting mid-single digit sales growth in 2021 and 2022 as the fast-food giant plots its recovery from the coronavirus pandemic.Its strategy to drive sales growth includes more collaborations with celebrities, adding more chicken to its menu and piloting a loyalty program in the U.S.The company told investors that it’s expecting annual capital expenditures of $2.3 billion, about half of which will be spent building new restaurants. New locations will contribute about 1.5% to 2% to McDonald’s systemwide sales growth in 2022.- Advertisement – – Advertisement –last_img read more

Allianz expands climate strategy to align with 2°C target

first_imgAllianz has announced an expanded climate strategy phasing out all proprietary investments in coal-based business by 2040 and divesting from a wider range of companies that fail to cut their greenhouse gas emissions to a level in line with a low-carbon economy. The insurer also announced it would halt all insurance coverage of coal-based business by that time.The stated aim of its expanded policy was to ensure the 2°C target of the Paris Agreement was integrated in all of group’s relevant business activities, it said. Allianz’s expanded climate strategy involves a tightening of criteria for exclusion of coal-based businesses, as well as pushing companies in carbon-intensive sectors to cut their greenhouse gas emissions so they are aligned with the 2°C target. Companies that do not succeed in doing so over the coming decades would be gradually removed from Allianz’s portfolio, the insurer said.“This will be implemented for example by active dialogue with the companies and by requests for long-term climate protection targets, similar to the ESG scoring approach, which is already applied to companies with high ESG risks,” it added.A spokeswoman for Allianz said the company had committed to the Science-Based Target Initiative, which meant decarbonising its corporate operations as well as the proprietary investment portfolio by 2050.She said this meant expecting decarbonisation in line with science from the corporate issuers the insurer was invested in, but that it could not be more specific about details and sector-specific targets at this point in time. The insurer has also sharpened the criteria for exclusion of coal-based business models, for which a divestment policy was announced in 2015.Currently, Allianz will not invest in a mining or energy company that derives 30% or more of its revenue or energy generation from coal. The insurer today announced it would be reducing this threshold in five-percentage-point steps to 0% by 2040.The company also announced that it would no longer invest in energy companies that “put the two-degree target at risk by extensively building coal-fired power plants”.Climate strategy breakthrough?Climate think tank The 2° Investing Initiative said Allianz’s decision, along with the move to exit the coal insurance business, “marks a breakthrough in integrating climate criteria into investment and capital stewardship [and] engagement decisions that go beyond backwards-looking metrics to forward-looking indicators”.According to the think tank, Allianz had become “one of the first, if not the first, major investor to publicly announce a forward-looking climate strategy that explicitly integrates the capital expenditure plans of companies”.A spokeswoman said divestment volumes would depend on how companies would change their business models to phase out coal.“Given that we pursue a strong ESG integration approach across our whole portfolio and already followed an ambitious coal policy since 2015, we think that measuring success on divestment volumes might be a bit misleading,” she added.She said the company estimated foregoing around €50m in premiums per year as a result of the decision to stop insuring single coal-fired power plants and coal mines, whether they were operational or planned.Allianz will work with the non-profit organisation Science-Based Target Initiative on the methods and targets that should underpin its climate strategy. The policy applies to the proprietary assets of Allianz Group, which amount to around €690bn, not to assets of third party clients managed by Pimco or Allianz Global Investors.last_img read more