McDonald’s Profits!
News said that between April and June, McDonald’s has reported a fall in profits, as the strong dollar hit overseas revenue. Net profit at the US fast-food giant, the world’s largest hamburger chain, was $1.1bn, down 8% on the $1.2bn recorded a year ago. Taking out the effect of the strong dollar, however, the chain said revenue actually increased on last year.
On a day when US stocks rose sharply, McDonald’s fell by 4.5%, the second biggest faller in the Dow Jones index. Confident enough, Like-for-like sales – those from stores open more than 12 months – were up in all regions and rose by 3.5% in the US. McDonald’s chief executive Jim Skinner said that “I am pleased with our results and remain confident in our outlook for the year.” Analysts said the chain had become a victim of its own success.
Related posts:
