McDonald’s slumps while Max marches on

Swedes seem to be turning patriotic when it comes to fast food: McDonald's net profit has slumped while homegrown chain Max is biting supersize chunks out of Sweden's burger market.

McDonald’s net profit for 2005 was 13.8 million kronor, down from 69.9 the year before. The drop in profit is partially due to the chain shutting down several restaurants, the first time the company has had to do that since opened its first restaurant on Stockholm’s Kungsgatan in 1973.

McDonalds now runs 90 Swedish restaurants, while another 130 are franchise run.

Several of the chain’s restaurants set records for the most visits per capita last year, and the total visits per capita to the Swedish restaurants is now the highest in Europe.

However, sales dropped this past year to 1.95 billion kronor from 1.97 billion kronor the year before, while sales at rival Max grew 20 percent to 570 million kronor during the same period.