21 Oct '11, 2pm

McDonald's boosts profits despite sluggish economy

NEW YORK (AFP) - McDonald's on Friday reported better-than expected profits for the third quarter, as the fast-food giant weathered a sluggish global economy. McDonald's posted a nine per cent increase in net income from a year earlier, to US$1.51 billion (S$1.92 billion), and a 12 per cent hike in earnings per share, to US$1.45. The results were better than analyst forecasts of US$1.43 per share. Revenues of US$7.17 billion were 14 per cent higher than the third quarter of 2010, boosted by 4.4 per cent sales growth in the key United States market and 4.9 per cent in Europe. 'The investments we are making to optimize our menu, modernise the restaurant experience and broaden McDonald's accessibility with ongoing convenience and value platforms are driving profitable market share growth,' said chief executive Jim Skinner in a statement.

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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