(FILES) This file photo taken on January 5, 2016 shows a McDonald's fast food restaurant in Woodbridge, Virginia. McDonald's announced on March 30, 2017 it will shift to fresh beef in its new made-to-order Quarter Pounder hamburgers in most US restaurants as it seeks to beef up sales in its home market. The fast-food chain by mid-2018 will shift away from frozen beef on the popular hamburger, which will be cooked at the time of order, the company said in a news release. The change, which does not affect the Big Mac and other beef products, follows a trial run in about 400 restaurants in Texas and Oklahoma that was well received. / AFP PHOTO / SAUL LOEB
BENGALURU: McDonald’s Corp reported a better-than-expected increase in quarterly sales at established US restaurants, boosted by the expansion of all-day breakfast, and Big Mac and beverage value promotions.
The world’s largest fast-food chain said on Tuesday that same-restaurant sales at McDonald’s rose 1.7% in the three months ended March 31.
Analysts were expecting a 1.3% increase, according to research firm Consensus Metrix.
Net income jumped 8% to US$1.21bil (RM5.29bil), or US$1.47 per share, handily beating analysts’ average estimate of US$1.33, according to Thomson Reuters I/B/E/S.
McDonald’s shares were up 2.4% in premarket trading.
“There’s a sense of urgency across the business as we take actions to retain existing customers, regain lapsed customers and convert casual customers to committed customers,” CEO Steve Easterbrook said.
Easterbrook has vowed to transform McDonald’s into a “modern, progressive burger company”. He has introduced the all-day breakfast, banned the use of medically important antibiotics in US chicken.
Revenue fell 3.9% to US$5.68bil - the eleventh straight quarter of declines - mainly due to the sale of restaurants to franchisees as part of Easterbrook’s turnaround plan. - Reuters
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
