McDonalds 2008 Annual Report Download - page 3

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Jim Skinner, Chief Executive Officer (left)
Ralph Alvarez, President and Chief Operating Officer (right)
To Our Valued Shareholders:
I’ve been thinking a lot lately about a quote from
Thomas Alva Edison, one of America’s greatest inventors.
“Opportunity is missed by most people,” he observed,
“because it is dressed in overalls and looks like work.”
I believe Mr. Edison was reminding us that lightning
really doesn’t come in a bottle — and that overnight
successes are very much the exception to the rule,
not the norm.
At McDonald’s, success has always involved a
not-so-profound formula involving one-part inspiration
and four-parts perspiration.
Our founder, Ray Kroc, coined the phrase “grinding
it out” to characterize the determination and attention
to detail that is required to be successful in our
industry. “Grinding it out” was his way of saying
the restaurant business is, and always will be,
a labor-intensive operation.
It was hard work and determination that built
McDonald’s — and today, those same qualities
drive our success.
As this Annual Report indicates, 2008 was a banner
year for McDonald’s. Revenues increased to a record
$23.5 billion … global comparable sales increased
6.9 percent and we marked our 68th consecutive
monthly increase … operating income and earnings
per share rose 17 and 15 percent, respectively
(excluding the 2007 Latin America transaction) …
and we returned $5.8 billion to shareholders through
share repurchases and dividends paid.
R
EVENUES
06
07
08 $23.5
$22.8
$20.9
In billions.