McDonald's income up 22% in first quarter
April 20, 2007
by FoodBusinessNews.net Staff
OAK BROOK, ILL. — For the quarter ended March 31, McDonald’s Corp. had net income of $762.4 million, up 22% from income of $625.3 million during the same quarter of the previous year.
"Our customer-centric plan to win continues to drive McDonald’s sustained momentum and is generating broad-based growth in our business," said Jim Skinner, chief executive officer. "This quarter’s results reflect higher revenues, increased customer visits and enhanced profitability as we keep our brand relevant through contemporary food and beverage offerings, modern restaurants and attractive everyday value."
Revenue also increased 11% during the quarter to $5,464.1 million, which compared with $4,913.9 million during the same quarter of the previous year.
Other quarter highlights included McDonald’s reaching an agreement to franchise almost 1,600 established restaurants in Latin America and the Caribbean to a developmental licensee, experiencing the fifth consecutive quarter of improved company-operated and franchised restaurant margins and repurchasing $1 billion of its stock.