When you raise prices, you've got to make sure you get it to the bottom line. You can fritter it away because of the way you're running the business, with maybe not a totally disciplined approach.

When you're doing that you lose your focus on the discipline of the business, and how you train people at Hamburger University, and everybody gets on a bigger, different vision, and they're not on the same page.

You then get into a period a few years ago, where a lot of external factors that we didn't have anything to do with did hit, and some of them at the same time... devaluations, weak economies, you name it, in various parts of the world.

And ours is a business that requires discipline and focus.

You have got to have discipline and focus - on the customer and how you run the business.

And so if your competitors aren't growing, if there isn't a competitive reason to grow, and you want focus and discipline to add customers to existing stores, you adjust your strategy.

As I said, I haven't spent a lot of time thinking about partner brands.

Every year we close 300-400 stores anyway, just relocations.

I think we have a great track record on being relevant, on identifying consumer trends, needs and wants.

McDonald's is almost 50 years old. For 47 years we had a pretty consistent track record of being able to deliver admirable sales.

We have very specific rules about how we go to market with children, and I think they are very responsible.

Because we only feed in the United States less than 1 per cent of the meals, most of them are eaten elsewhere. Most meals are eaten at home. So to make McDonald's the target is not going to solve the problem.

But I tell you, I would really be interested if there was a partner we could take in, that could put them over here on the side, that would allow us full leverage and access down the road.

But in terms of the code by which we go to market - it's not telling kids to supersize, we're not selling them, generally, products, in the advertising we do to them.

But we had a pretty diversified portfolio of businesses around the world and things tended to offset each other. But one or two years ago, we had a lot of things happening at the same time.

But you know the second month I was here I put out a healthy lifestyles directive. The pundits will say it was because we were sued. Well that's what they say. It was never about that.

But, on balance, we seized the marketplace. We've got a great infrastructure. And yes it's struggling in some areas because of some external factors and some internal factors.

I talked about 12 to 18 months, and that's about reaffirming our foundation for sustained growth: getting the discipline back, getting the basics right, getting the customer focus back... so by the end of next year, I hope most of that's in place.

I think this year we'll open up 900 gross, we're closing some, so the net count is lower, but the 900 are spread all over the place. Some of the closures are relocations, where you're moving it to another place in the marketplace.

I think we'll still be a family restaurant, we'll be contemporary, we'll be lifestyle, we won't be old, we won't be 60 years old in the view of the consumer.