Fast food chain McDonald’s says its third quarter performance exceeded initial predictions, thanks mainly to US price increases.
“We have faith in our company’s future and strategic direction,” said group CEO Chris Kempczinski, reflecting on key economic developments.
From July to September, revenue for the group saw an increase of 14%, reaching $6.69 billion, with sales up by 8.1% in the US and 8.3% internationally.
In the United States, sales benefitted from “strategic price increases on menus,” effective marketing campaigns, continued growth of digital sales, and deliveries.
Abroad, sales were “robust” in most markets, particularly in the UK, Germany, and Canada.
Net income surged by 17% to $2.32 billion, impacted slightly by a pre-tax charge of $26 million primarily associated with the implementation of its strategic Accelerating the Organization project.
When adjusted for exceptional items -a market reference- net income per share stood at $3.19, up from $2.68 a year prior.
These results outshone forecasts by analysts, who had anticipated revenues of $6.56 billion and earnings per share of $3.
By network category, sales expanded by 20% in restaurants operated by the group and 10% at franchises.
In electronic exchanges prior to the opening of the New York Stock Exchange, McDonald’s shares climbed 2.52%.
