March 1, 2017 / 5:25 PM / in 5 months

BRIEF-McDonald's says initiating new 3-year target for cash return to shareholders

2 Min Read

March 1 (Reuters) - McDonald's :

* McDonald's unveils new global growth plan

* Initiating a new 3-year target for cash return to shareholders

* Aannounced a new $22 to $24 billion cash return target for 3-year period ending 2019

* Establishing new financial targets for sales, operating margin, earnings per share and return on incremental invested capital

* In 2016 , China's delivery business grew 30%

* Company is on track to refranchise 4,000 restaurants by end of 2017, a full year ahead of schedule

* McDonald's says in near-term, Mcdonald's is redirecting a portion of capital saved from refranchising to modernizing U.S. Estate

* In near-term, Mcdonald's is redirecting a portion of capital saved from refranchising to modernizing U.S. Estate

* McDonald's says company plans to reimage about 650 restaurants in 2017

* Achieved more than $200 million in savings through end of 2016 towards its goal of reducing net G&A levels by $500 million by end of 2018

* Intends to have most of traditional free-standing U.S. Restaurants modernized by end of 2020

* Sees long-term systemwide sales growth of 3% to 5% beginning in 2019

* Expects to trim another 5% to 10% net G&A levels from its remaining cost base by end of 2019

* McDonald's says for beginning in 2019 expects to grow operating margin from high-20% range to mid-40% range

* Sees long-term earnings per share growth in high-single digits beginning in 2019 Source text for Eikon: Further company coverage:

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