NEW YORK (TheStreet) -- McDonald's (MCD) reported a 14.5% decline in August sales in its Middle East, African and Asian markets from the previous year on Wednesday as the company continues to face fallout in the Asian region from its tainted meat scandal.
Japanese sales fell 26% during August and the company announced that it expects to lose 15 cents - 20 cents per share off of its third quarter earnings due to lost business from the scandal, according to Bloomberg and the Nikkei Asian Review reports.
The fast food restaurant's American based meat supplier in China was discovered to be selling tainted meat that had been handled with employees' bare hands and had even been processed after falling on the floor.
The company reported that same store sales for stores open for at least 13 months fell 3.7% in August, worse than the 3.1% drop analysts were expecting.
McDonald's shares are up 0.2% to $91.28 in trading today.
TheStreet Ratings team rates MCDONALD'S CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate MCDONALD'S CORP (MCD) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and growth in earnings per share. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."