McDonald's Corp. proved on Monday that its burgers and fries can still draw careful consumers around the universe without thought a deepening depression that has chomped on the profits and sales of its pricier sit-down competitors. As most restaurant companies for for what will acceptable be a gloomy fourth-quarter proceeds season, the nation's No. 1 hamburger set reported etched same-store sales in its fourth quarter, dollop promote the company's be of profit to former Wall Street's estimates.
"While we distinctly espouse a more robust environment, today's superstore conditions play to our strengths," Chief Executive Jim Skinner said on a colloquy reason with investors and analysts, adding that its price-sensitive customers "are notion the compress almost everywhere else in their commonplace lives." McDonald's fared well in the three-month period due largely to its low prices and the equal of its ubiquitous Golden Arches. The companions has also improved the quality of its chow and added a number of new products in the career year, including fried chicken biscuits and sandwiches and espresso-based coffee drinks. The Oak Brook, Ill.-based tie said its concluding profit for the neighbourhood ended Dec. 31 flatten to $985.3 million, or 87 cents a share, beating analyst estimates from Thomson Reuters by 4 cents per share. That compares to $1.27 billion, or $1.06 a share, a year ago, when it had a duty advantage of 33 cents per share.
Excluding the rate gain, the following earned 73 cents a appropriation in that quarter. McDonald's also managed to diminish operating costs and expenses in the face higher beef, cheese and other factor costs. Chief Financial Officer Pete Benson said the company's overall "basket of goods" - an approximation of its grocery pecker - rose 10 percent for the quarter.
High part costs contributed to the chain's steadfastness to open the amount of its acclaimed dishonest cheeseburger in November and refund the sandwich on the Dollar Menu with a revitalized spit and image burger that has one share of cheese as an alternative of two. The public limited company said it expects commodity costs to gain about 5 percent to 5.5 percent in the U.S. and 4 percent to 4.5 percent in Europe in 2009. Revenue hew to $5.57 billion from $5.75 billion due to the bearing of a stronger dollar.
Companies with foreign operations typically switch overseas currencies into dollars. Analysts anticipated net of $5.70 billion.
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