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Share Name | Share Symbol | Market | Type |
---|---|---|---|
McDonalds Corp | NYSE:MCD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-2.31 | -0.84% | 273.29 | 276.11 | 270.3701 | 271.23 | 3,636,454 | 00:56:03 |
By Anne Steele
McDonald's Corp. reported better-than-expected earnings and solid growth in same-restaurant sales for the September quarter, helped in part by the continued popularity of its all-day breakfast and the introduction of new chicken nuggets.
Shares in the company added 2.5% to $113.32 in morning trading in New York, as investors signaled relief amid speculation the benefit from all-day breakfast was fading. Through Thursday's close, the stock had been steadily dropping since May's high of $131.96, shedding 16% since then -- including 3.1% this week.
Sales at existing restaurants rose 3.5% in the period, handily beating the consensus estimate of 1.5% growth in a survey of analysts by Consensus Metrix. In the U.S., comparable sales increased 1.3%, just above the 1.2% growth anticipated by analysts. All-day breakfast and the introduction of chicken nuggets with no artificial preservatives helped power domestic sales, despite "continued industry softness."
International sales, meanwhile, grew 3.3%, beating analysts' views of 1.8%. Overseas sales were led by a "strong performance in Japan," McDonald's said.
Since taking the helm last March, Chief Executive Steve Easterbrook has moved to bolster the company's sales by paring down its menu, offering more transparency about how its food is made and launching all-day breakfast at many of its domestic restaurants. That move initially fueled stronger growth and higher traffic, but impact has since dwindled.
On Friday, Mr. Easterbrook said the company is focused on growing global comparable sales "while being mindful of the near-term challenges in several markets."
In all for the September quarter, McDonald's reported a profit of $1.28 billion, down from $1.31 billion a year earlier. Per-share earnings rose a dime to $1.50, boosted by a lower share count but hurt by a restructuring charge of 12 cents and currency headwinds of 3 cents. Analysts had projected $1.48 in per-share earnings.
Revenue slipped 2.9% to $6.42 billion, dragged by refranchising. Analysts had expected revenue of $6.28 billion.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
October 21, 2016 10:40 ET (14:40 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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