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McDonald's quarterly net up 12%, helped by global demand
27.07.2010 13:16 "Agro Perspectiva" (Kyiv) —
McDonalds Corp. second-quarter profit rose a better-than-expected 12%, the fast-food giant reported Friday, with the results driven by brisk customer traffic around the world and heavy demand for its beverages and dollar-menu meals in the U.S.
And the Oak Brook, Ill.-based company (MCD 69.90, -1.50, -2.10%) , part of the Dow Jones Industrial Average, said that business momentum continued this month with sales trending in line with or better than the second quarter.
McDonalds earned $1.23 billion, or $1.13 a share, up from $1.09 billion, or 98 cents, in the year-earlier second quarter. Total revenue, including receipts from franchised restaurants, rose 5% to $5.95 billion.
A survey of analysts by FactSet Research produced consensus estimates of $1.12 a share for profit and $5.92 billion for quarterly sales.
Global same-store sales, tracking receipts generated by outlets open at least 13 months, increased 4.8%, including growth rates of 3.7% in the U.S., 5.2% in Europe and 4.6% in Asia, the Middle East and Africa.
The results «reflect strong top-line and bottom-line results with each area of the world generating higher comparable sales, traffic and profits,» said Chief Executive Jim Skinner in a statement.
McDonalds shares traded down 2% to close at $69.90.The company has been a solid performer for much of the economic downturn as consumers trade down from more expensive restaurant fare.
McDonalds has also revamped its menu, lowering prices on some items, while adding new products to its successful McCafe coffee-drink line and expanding opening hours. Depressed commodity and labor costs stemming from the recession have worked to the companys benefit as well.
U.S. operating income for the June quarter rose 7% as sales were driven by the beverage lineup, including the new Frappes and value-based beverages, and also by the classic and dollar menus, McDonalds said.
France, Russia and the U.K. fueled a 9% operating-income increase for the companys European region, or 14% excluding currency translations. McDonalds upgraded its restaurants with new décor and has been running promotions to drive traffic.
The Asia/Pacific, Middle East and Africa regions results reflected broad-based strength, the company said. Australia and China led the units 19% increase in operating income, or 9% after factoring out currency.
In a note to investors, analyst John Glass of Morgan Stanley wrote that «incrementally, June sales appear to have been weaker than most expected, but commentary suggests sales have since rebounded in July.»
However, restaurant margins in both the U.S. and Europe «were much better than expected, principally on lower commodities, though wed also suspect favorable product mix,» he added.
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