Tags: McDonalds | earnings | profit | restaurants

McDonald's Sales Rise 1.3 Percent at US Stores

McDonald's Sales Rise 1.3 Percent at US Stores

(Getty/Paul J. Richards)

Friday, 21 October 2016 10:14 AM

 

McDonald's Corp.'s turnaround gained momentum in the latest quarter as sales growth at established restaurants beat analysts' estimates, sending the company's shares up almost 4 percent in premarket trading on Friday.

Same-restaurant sales in its U.S. restaurants rose a better-than-expected 1.3 percent, helped by demand for its all-day breakfast, the "McPick 2 for $2" promotion and the introduction of Chicken McNuggets without artificial preservatives.

Analysts polled by research firm Consensus Metrix had expected a gain of 1.2 percent in the United States.

McDonald's, under Chief Executive Steve Easterbrook, has introduced all-day breakfasts, simplified sprawling menus and improved service to turn around its business amid intense competition from Burger King, Dunkin' Donuts and smaller upstart chains.

McDonald's said global sales at restaurants open at least 13 months rose 3.5 percent in the third quarter ended Sept. 30, handily beating the 1.5 percent gain expected on average by analysts.

The world's largest fast-food chain reported net income of $1.28 billion, or $1.50 per share, compared with $1.31 billion, or $1.40 per share, a year earlier.

The company had 87.1 million fewer shares outstanding in the quarter, compared with the year-earlier period.

Excluding items, the company earned $1.62 per share, beating the average analyst estimate of $1.48, according to Thomson Reuters I/B/E/S.

Total revenue fell almost 3 percent to $6.42 billion - down for the ninth straight quarter - but beat the average analyst estimate of $6.28 billion.

© 2019 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
Companies
McDonald's says sales rose 1.3 percent at established U.S. locations in the third quarter, matching what Wall Street analysts expected.
McDonalds, earnings, profit, restaurants
235
2016-14-21
Friday, 21 October 2016 10:14 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved