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2014联考英语阅读:麦当劳的头等烦恼

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2014年08月18日 【我要咨询】 】 来源:清华在线

  Forget China. McDonald’s big worry is the world’s largest economy, not the second largest. Yes, a scandal at the Shanghai facility of a key supplier has hurt: Asia-Pacific same store sales declined 7 per cent in July. But the fall at home in the US – where there was a 3 per cent drop – is a much bigger threat.忘了中国吧。麦当劳(McDonald’s)最担忧的是全球最大经济体,而非第二大经济体。没错,一家主要供应商在上海的工厂闹出的丑闻已造成损失:亚太区同店销售业绩7月份下跌7%。但是,美国本土市场3%的下跌是大得多的威胁。

  McDonald’s does not break out sales by country. It did say, however, that the markets involved in the scare – including China and Japan – affected a tenth of global sales, or something under $3bn. Even if China accounts for half of that, then the country is a relative small fry, with a sixth of US sales (rival Yum draws half of its sales from China).麦当劳不提供按国家划分的销售数字。但是它确实表示,此次食品安全恐慌涉及的市场(包括中国和日本)影响十分之一的全球销售,总共近30亿美元。即使中国占其中一半,中国市场相对仍然无足轻重,相当于美国市场销售的六分之一(竞争对手百胜(Yum)的销售有一半来自中国)。

  McDonald’s domestic struggles are a bigger deal. Pressure is coming from old rivals such as the resurgent Burger King and new burger chains such as Five Guys. There are also more upscale entrants, such as Chipotle, which increased sales by a fifth in the second quarter; Burger King saw 6 per cent organic growth. Total sales at McDonald’s fell.麦当劳在本土市场的挣扎更加举足轻重。压力既来自老对手——如卷土重来的汉堡王(Burger King),也来自新的汉堡快餐连锁如Five Guys。也有更高档的进入者,如Chipotle,其第二季度销售增长五分之一;汉堡王的有机增长为6%。麦当劳总体销售下跌。

  Clearly, the company needs to make changes in the US. It could follow Burger King in simplifying its menu, using its size to compete harder on price or pushing healthier options. Remember, though, that McDonald’s is trying to extend an extraordinary run. US same-store sales went negative last year; between 2003 and 2012, growth on that metric averaged 5 per cent a year – a staggering record, given that the company had $6bn in US sales at the outset (it had nearly $9bn last year). The stock has returned 360 per cent over a decade. How many growth levers can there be left to pull?显然,该公司需要在美国做出改变。它可以参照汉堡王的做法,简化菜单,利用其规模增加价格竞争优势,或推动更健康的用餐选择。然而请记住,麦当劳正试图延续一段不平凡的增长。美国同店销售去年为负值;在2003年至2012年期间,这个数字年均增长5%——鉴于其起点是60亿美元的美国销售额(去年达到近90亿美元),这是一个惊人的记录。该公司股票10年来回报率为360%。还留下多少增长杠杆可用?

  McDonald’s shares, at 16 times forward earnings, trade at a discount to many peers – feisty Burger King trades at 27 times, for example. But the company will have to grow again in the US to eliminate the discount. Past success makes that a tall order.预期市盈率达16倍的麦当劳股价,相比很多竞争对手存在折让——例如,活跃的汉堡王股票市盈率为27倍。但麦当劳将不得不在美国恢复增长才能消除折价。过去的成功让这成为一个艰巨的任务。

  Lex专栏是由FT评论家联合撰写的短评,对全球经济与商业进行精辟分析

标签:考研 英语 研究生考试
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