OAK BROOK, ILL. – McDonald’s Corp. US comparable sales rose 4.6% during the third quarter of fiscal 2020. While strong, the growth could not offset the challenges the quick-service restaurant chain faced in other parts of the world. Overall, comparable sales fell 2.2% during the quarter.
“We started the third quarter with nearly all of our global restaurants open for business, and they remain open today,” said Kevin M. Ozan, chief financial officer on Nov. 9 during a conference call to discuss third-quarter results. “However, with the (virus) resurgences … there are numerous instances of government restrictions on operating hours, limited dining capacity in most countries and in some cases, mandated dining room closures.”
Net income for the quarter ended Sept. 30 totaled $1.76 billion, equal to $2.35 per share on the common stock, an increase over the same period of the previous year when McDonald’s earned $1.61 billion, equal to $2.11 per share.
Sales for the quarter fell 2% to $5.42 billion.
“US comparable sales were up 4.6% with positive comps in each month of the quarter, including low double digits in September, marking our highest monthly comp in nearly a decade,” Mr. Ozan said. “Sales comps were also positive across all dayparts for the month of September with continued strength at dinner.”
While McDonald’s results are recovering when compared to performance during earlier stages of the pandemic, Mr. Ozan said he expected restaurant “starts and stops” to be the likely operating environment for as long as the virus is present.
“Given the safety measures we’ve put in place and the operational changes we’ve made to adjust to this new environment, we believe we’re well positioned to successfully navigate through it,” he said.
Net income for the first nine months of fiscal 2020 was $3.35 billion, equal to $4.47 per share, and down 25% when compared with the first nine months of fiscal 2019.
Sales for the period were down 13% at $13.89 billion.