US fastfood giant McDonald’s has reported better-than-expected third-quarter earnings, which rose 12%, helped by new products.
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McDonald’s posted earnings of US$547.4m, or 43 cents a share, in the third quarter to 30 September, compared to $486.7m, or 38 cents a share, a year earlier. Analysts had been expecting earnings of 41 cents a share, reported Reuters.
McDonald’s, which has introduced new products such as meal-sizes salads to try to win back customers, said total third-quarter revenue increased 11% to $4.50bn. Sales at McDonald’s restaurants open at least a year increased 3.9%. Same-store sales in the US rose 9.5%, while same-store sales in Europe slid 0.1%.
Separately, the company announced that Ed Sanchez, president of McDonald’s Latin America, is to resign at the end of 2003. Sanchez is leaving to take a top position at Lopez Foods, a McDonald’s supplier, a spokeswoman told Reuters.
Sanchez is to be replaced by Jose Armario, a senior vice president in the Latin American division. Marcel Fleischmann, head of the company’s Brazil operations, is to become vice president of the Latin American division.
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By GlobalDataMcDonald’s operates around 1,600 restaurants in Latin America, over 580 of which are in Brazil. The company operates more than 30,000 outlets worldwide.
