McDonald's Profit Rises 24 Pct. on Strength of Global Sales
McDonald's Corp. reported better than expected profit growth for the first quarter on Tuesday on rising global sales.
The Oak Brook, Illinois-based fast food company said it earned a first quarter net income of 81 cents per share, or $946 million, compared with a year earlier at 62 cents, or $762.4 million.
Earnings surpassed analysts' expectations of 70 cents per share, according to Thomson Financial. Revenue was up 6 percent to $5.61 billion, beating expectations of $5.4 billion.
Global same-store sales at the fast food chain were up 7.4. The same-store sales figure measure only stores open at least 13 months.
U.S. same-store sales were up 2.9 percent for the quarter. Sales in Europe stores were up 11.1 percent. Its Asia/Pacific, Middle East and Africa stores were up 9.4 percent.
In the first two months of the year, U.S. same-store sales grew at 1.9 percent and 8.3 percent for January and February respectively. However March saw a decline of 0.8 percent. For April, the company says it expects sales to grow between 2 and 2.5 percent
Shares of McDonald's fell 28 cents, or 0.48 percent to $58.39 at 11:23 a.m. on the New York Stock Exchange.
© Copyright IBTimes 2024. All rights reserved.