McDonald's profits rise on global strength
OAK BROOK, ILL. — Strong global comparable sales helped contribute to a 5% increase in net income for McDonald’s Corp. during the first quarter.
For the quarter ended March 31, the company had net income of $1,266.7 million, equal to $1.23 per share on the common stock, which compared with income of $1,209 million, or $1.15 per share, during the same quarter of the previous year. Revenue for the quarter was $6,546.6 million, up 7% from $6,111.6 million.
“McDonald’s continued momentum in the first quarter drove market share gains and profitability across all geographic segments,” said Jim Skinner, chief executive officer. “The ongoing strength of McDonald's results, amidst persistent economic headwinds, is a testament to our customer-focused plans and our proven business model. We remain committed to the global priorities that are most impactful to our customers — evolving our menu, modernizing the customer experience and broadening accessibility to our brand. As we enter the second quarter, global comparable sales growth for April is expected to be about 4%.”
McDonald’s U.S. had comparable sales of 8.9%, with the popularity of the core menu items, new menu innovations such as Chicken McBites, favorable weather and updated restaurants driving growth. Operating income was up 10%.
Europe had comparable sales growth of 5% and operating income growth of 4%. Comparable sales in Asia/Pacific/Middle East and Africa rose 5.5% and operating income was up 10%.