McDonald's Increases Profits And Sales After Raising Meal Prices
McDonald's ended the third quarter with a jump of 8.8% in sales and 17% in profits after "strategic menu price increases."
The company didn't disclose in the earnings statement details of the price adjustments. Adjusted profit per share was $3.19, beating estimates of $3.00, CNBC said, citing LSEG data.
"Our third quarter results reflect our position of strength as the industry leader," Chief Executive Officer Chris Kempczinski said in the earnings statement. "The macroeconomic environment is unfolding in line with our expectations for the year, and we continued to deliver convenience and value for our customers."
The fast-food giant said market campaigns and the growth in digital and delivery orders also helped boost sales in the U.S.
Internationally, McDonald's highlighted the leading performance of its units in the U.K., Canada and Germany.
The company announced a 10% increase in its quarterly cash dividend to $1.67 per share.
McDonald's has a total of 41,198 restaurants globally. The number includes company-operated units, licensed and franchised restaurants.
The chain maintained its forecast of ending 2023 with a net addition of 1,500 restaurants.
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