US fastfood giant McDonald’s has reported lower third-quarter net income but said its operating results for the quarter were “solid”.
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The company reported net income of US$735.4m, or 58 cents per share, for the third quarter to 30 September, compared to $778.4m, or 61 cents per share, a year earlier. The year-ago quarter included a 7-cents-per-share tax benefit. Revenues rose 8% to $5.33bn from $4.93bn in the previous year’s third quarter. The increase was 7% in constant currencies. Global comparable sales rose 4.1%.
“Our continued focus on the Plan to Win and strong global alignment among owner/operators, suppliers and the company generated solid operating results for the third quarter. In the US, our sales momentum continued despite strong prior year comparisons. Our results reflect the effectiveness of our “better, not just bigger” strategy as we continue to deliver a relevant restaurant experience that is resonating with customers and building brand loyalty,” said CEO Jim Skinner.
“In Europe, we are focused on gaining traction and building momentum across the entire segment. We are pleased with our quarterly sales performance and increased customer traffic driven by Germany, France and Russia. We are encouraged by our progress and confident that our strategies to enhance our customers’ experience through menu, marketing and value initiatives will continue to generate improvements over the long term.
“In McDonald’s Asia/Pacific, Middle East and Africa segment, performance was driven primarily by strong results in Australia. We expect our continued focus on combined initiatives such as branded everyday affordability and new premium menu offerings to broaden customer relevance and drive improved results for the region,” Skinner added.
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