McDonald's income up 27% in quarter

by FoodBusinessNews.net Staff
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OAK BROOK, ILL. — For the quarter ended Sept. 30, net income for McDonald’s Corp. was $1,071,200,000, equal to 89c per share on the common stock, up 27% from $843,300,000, equal to 68c per share, during the same quarter of the previous year.

Total revenue for the quarter was $5,900,900,000, up 7% from $5,503,200,000 from the same quarter of the previous year.

"Our strategic focus on building the McDonald’s business by ‘being better no just bigger’ and our global Plan to Win have combined to create enduring business momentum," said chief executive officer Jim Skinner. "By offering menu innovations and everyday conveniences that address the needs of our on-the-go customers, we are keeping our brand relevant and in demand. Third quarter marks the seventh consecutive quarter that we’ve posted positive comparable sales across all segments and demonstrates that our strategy is yielding results."

Global comparable sales increased 6.9% in the quarter, and the company repurchased $927 million of its stock.

The company said U.S. performance is being driven by initiatives that provide value to the consumer. In Asia/Pacific, Middle East and Africa, there was an 11.4% increase in comparable sales in the quarter.

"We are leveraging our current momentum with disciplined practices that enhance long-terms shareholder value while maintaining our financial strength and flexibility . . . The McDonald’s business is strong," Mr. Skinner said. "We are aligned as one system, behind one plan and focused on elevating our performance to even higher levels."

For the nine months ended Sept. 30, net income was $1,121,900,000, down 51% from $2,302,700,000 during the same period of the previous year. Revenue for the nine months was $17,033,000,000 billion, up 10% from $15,499,900,000 during the same quarter of the previous year.

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