United States-McDonalds.
UNITED STATES-McDONALDS.
McDonald’s Corp. reported higher first-quarter earnings despite headwinds from the stronger dollar, as sales at restaurants open more than a year rose 4.3%.
Jim Skinner, chief executive of the fast-food chain, said April same-store sales are "trending at least as strong or better than first-quarter sales in every area of the world."
McDonald’s said it continues to gain market share as customers are attracted by tiered-pricing menus, seasonal food events and longer store hours.
The company said Wednesday it earned $979.5 million, or 87 cents a share, in the first quarter, up from $946.1 million, or 81 cents a share, in the year-earlier period. The latest figures include a four cents-a-share gain on the sale of the company’s minority interest in Redbox Automated Retail and an eight-cents-a-share negative impact from currency conversion.
Revenue slipped to $5.08 billion from $5.61 billion, reflecting currency fluctuations and the sale of company-owned restaurants.
The average estimate of analysts polled by FactSet Research had been for the company to earn 82 cents a share on sales of $5.23 billion of sales.
In the U.S. , same-store sales were up 4.7% in the U.S. , and Europe rose 3.2% while the Asia-Pacific, Middle East and Africa region was 5.54% higher.
The fast-food behemoth has to date been one of the few beneficiaries of the economic downturn, posting hefty sales and profit increases as cash-strapped consumers "trade down" from pricier dining options and take advantage of extended hours and expanded menu offerings. It’s also been getting a lift from the easing prices of fuel and some other commodities.