US fastfood giant McDonald’s has reported a 42% increase in first-quarter net income, boosted by strong sales and a one-time tax benefit of US$179m.
The company posted net income of US$727.9m, or 56 cents per share, for the first quarter to 31 March, compared to $511.5m, or 40 cents per share, for the year-ago period.
Revenues rose 9% to $4.80bn compared to $4.40bn a year earlier, an increase of 6% excluding currency translation. The company said strong comparable sales helped offset higher commodity costs.
“We continued our positive momentum in the quarter with solid revenue and operating income growth, on top of last year’s outstanding double-digit growth that included one additional day due to leap year,” said chief executive Jim Skinner.