McDonald’s Corp. Posts Better Than Expected Profits

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OAK BROOK, Ill. – Just as many global foodservice companies are beginning the long process of digging themselves out of the gaping hole the recession chased them into, McDonald’s Corp., the world’s largest restaurant company, has reported stronger than expected results for the third quarter.

On Thursday, Oct. 22, the company reported that third-quarter profit rose 5.9 per cent, thanks in part to cost cutting, increased value proposition and the successful launches of new products like McCafé espresso-based drinks and premium Angus burgers. Net income climbed to US$1.26-billion or US$1.15 a share, from US$1.19-billion or US$1.05, a year earlier. The company expects same-store sales to remain positive in October. Shares also climbed two per cent in pre-market trading.

McDonald’s does not release figures for the Canadian market alone, but in a recent interview with Foodservice and Hospitality magazine, McDonald’s Canada president and CEO, John Betts, said that, to date, the company has attracted about 23 million more customers than it did last year, a phenomenal result.

 

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