McDonald’s tops sales estimates as diners shrug off price rises via IrishTimesBiz
The company’s results show the resilience of the McDonald’s business – and US diners – in the face of relentless inflation for basic goods including food. McDonald’s said it benefited from “strategic menu price increases” in the US as well as growth in digital sales and delivery. The Big Mac seller is viewed as a value offering during economic uncertainty, when consumers move to trade down from higher-price peers.
Same-store sales topped estimates in all geographic segments, with strong results from Japan, Australia, Canada, France, Germany and the UK. The company gets more than half of its revenue from international markets. The chain said restructuring costs hurt earnings by 18 cents a share, or $180 million. In a bid to reduce costs and accelerate decision-making, the company earlier this year announced a restructuring that includes the lay-off of hundreds of employees. McDonald’s has also cut the pay packages of some corporate staff.
Kempczinski said the results show the company’s strategy is paying off, adding that the company is seeing “significant customer-satisfaction improvement around the world.” – Bloomberg
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