McDonald's income up 9% in quarter

by Staff
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OAK BROOK, ILL. — Third-quarter net income for McDonald’s Corp. was up 9%, boosted in part by new menu items in the United States and a tiered pricing system in Europe.

For the quarter ended September 30, the company had a net income of $1,507.3 million, equal to $1.45 per share on the common stock, which compared with an income of $1,388.4 million, equal to $1.29 per share, during the same period of the previous year. Total revenue was $7,166.3 million, up 14% from $6,304.9 million during the same quarter of the previous year.

“McDonald’s third-quarter results reflect the ongoing strength of our customer-focused Plan to Win,” said Jim Skinner, chief executive officer. “We are executing the right strategies to grow business for the long-term while delivering consistently strong quarterly results. The investments we are making to optimize our menu, modernize the restaurant experience and broaden McDonald’s accessibility with ongoing convenience and value platforms are driving profitable market share growth — a clear indication that our strategy is working.”

For the nine months ended Sept. 30, the company had a net income of $4,126.5 million, equal to $3.94 per share, up 11% from $3,704 million, equal to $3.42 per share, during the same period of the previous year. Total revenue for the period was $20,183.3 million, up 13% from $17,860.5 million, during the same period of the previous year.

“McDonald’s continued success is driven by the strategic and operational fundamentals that guide our business,” Mr. Skinner said. “Our sustained commitment to and execution of the Plan to Win is creating significant brand differentiation that resonates with customers and generates long-term profitable growth for our system and our shareholders. As we enter the final quarter of 2011, our global comparable sales remain strong with October comparable sales expected to be up 4% to 5%.”

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