McDonald’s Korea sees record sales in 2023

Fast food giant McDonald’s Corp. achieved record revenue of 1.29 trillion won ($815.9 million) last year in Korea, according to its regulatory filing on Wednesday. The sales, including those from franchise stores, were driven by price hikes and a localization strategy.  

The revenue from stores under McDonald’s direct management reached 1.12 trillion won, exceeding 1 trillion won for the first time. The sales rose 12.4% from a year earlier.  

“Our double-digit sales growth was led by customer-centric strategies and steady investments in the local markets,” said an official at McDonald’s Korea.

According to the official, the company focused on several strategies: the “Taste of Korea” project that uses local ingredients for food; the introduction of 100% recycled polyethylene terephthalate (PET) cups; the largest-ever local recruitment of full-time workers in the fast food industry; and enhancement of digital ordering systems. 

McDonald’s opened eight new outlets in Korea last year, aiming to add around 100 locations to run 500 stores by 2030. The fast food chain in Korea increased menu prices in February and November last year.  

But the South Korean operation has been in deficit for years. It posted a 20.3 billion won operating loss last year, 27% less than a year earlier. The net loss amounted to 31.9 billion won in 2023, 12% less than in 2022.

Write to Ji-Yoon Yang at yang@hankyung.com

Jihyun Kim edited this article.