McDonald's sees Oct sales up 5.5pc
New York, November 8, 2011
McDonald's Corporation reported a higher-than-expected rise in worldwide October sales at established restaurants, aided by a popular promotional game in the United States.
The world's largest hamburger chain, whose shares rose nearly 1 per cent on Tuesday in premarket trading, said sales at restaurants open at least 13 months rose 5.5 per cent globally.
Analysts were looking for a 4.1 percent gain, according to Consensus Metrix and McDonald's had previously forecast a 4 per cent to 5 per cent increase.
Same-restaurant sales rose 5.2 per cent in the US, beating analysts' expectations for an increase of 3.7 per cent and helped by the Monopoly game promotion.
In Europe - McDonald's largest market - the company reported a 4.8 per cent increase, better than the analysts' call for a 3.4 per cent rise.
Sales in Asia/Pacific, Middle East and Africa rose 6.1 percent, beating the analysts' call for a 4.3 percent rise.
McDonald's has been outpacing rivals such as Wendy's Co, Burger King Corp and Yum Brands KFC by attracting a broader range of diners than fast-food's typical young adult males.
It has done that with menu items like kids' meals, premium Angus beef hamburgers and a selection of high-margin drinks ranging from lattes to fruit smoothies. It also is renovating its dining areas to be more modern and comfortable.
McDonald's shares were at $95 in premarket trading, up from Monday's New York Stock Exchange close of $94.62.-Reuters
More Miscellaneous Stories
- US burger chain to open outlets in Saudi
- $350,000 raised at Dubai charity event
- 2013 deadliest for desperate migrants, says report
- Bahrain sees 25pc drop in fires
- 4,500 to exhibit at Dubai food show
- Northrop Grumman names new Saudi head
- 1,500 delegates at Ajman networking event
- Iran buys Indian raw sugar in rare deals
- US, Chinese warships narrowly avoid collision
- Gulf Air backs UN 'MY World' survey