Not sure if this is still the case, but McDonalds made more money off real estate than from selling food. Apparently McDonalds franchises don't own the restaurant property they sit on. McDonalds rents it to them -- and that accounts for a significant fraction of McDonalds revenue.
I can't seem to locate a source now, but a few years ago I recall reading that McDonald's was either the #1 or #2 land owner in the world. The other? The Catholic Church.
McDonalds the corp can't make money from francisees selling food because McDonalds the corp's revenue from franchisees is for services provided (including land) and "right to call yourself McDonalds" fees.
However, over half of McDonalds are not franchises, but corporate "stores". In that case, McDonalds the corp can only make money by selling food.
Also along the same lines, a link within that series is from September 28th, which states, "The Standard & Poor’s 500 Index fell 8.4 percent, the most since Oct. 26, 1987, as only Campbell Soup Co. gained."
Like or hate the food, McDonald's is a great company with a great brand. A few years ago I read "McDonald's - Behind The Arches" by John Love and realized how agile they are. Ideas for new products are bubbling up from everywhere, and McDonald's seems focused on honing their product and throwing out old habits when they no longer work.
Link: http://www.thegreatloan.com/What_20_the_20_Big_20_Players_20...