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Shares of
McDonald's Corporation initially jumped higher after its
third-quarter earnings report but gave back all of its gains and was trading lower by around 0.27 percent. The fast-food restaurant chain said it earned $1.76 per share in its third quarter on revenue of $5.755 billion. Wall Street analysts were expecting the company to earn $1.77 per share on revenue of $5.74 billion.
Here are some highlights from the earnings report:
- Consolidated revenue fell 10 percent year-over-year due to the impact of its strategic refranchising initiative.
- Total systemwide sales rose 7 percent in constant currencies.
- Global comparable sales rose 6.0 percent.
- Comparable sales rose 4.1 percent in the U.S. due to strong demand from value promotions.
- Comparable sales for the international lead segment rose 5.7 percent.
- Comparable sales for the high growth segment (including China) rose 6.2 percent.
- Comparable sales for the Foundation markets rose 10.2 percent.
- During the quarter, McDonald's reached its target of re-franchising 4,000 restaurants in China and Hong Kong.
- McDonald's returned $2.9 billion to investors through share repurchases and dividends.
- McDonald's also announced an increase of 7 percent to its quarterly dividend (now $1.01 per share) beginning in the fourth quarter.
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Posted In: EarningsNewsDividendsRestaurantsGeneralMcDonalds MenurestaurantRestaurant EarningsSteve Easterbrook
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