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McDonald's profits jump on higher price as more markets reopen
The fast-food giant pointed to the launch of a loyalty program as a driver of higher sales in the United States, its biggest market, as well as a boost from larger order sizes and menu price increases.
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A woman walks past a branch of US burger chain McDonalds in central London on September 4, 2017. McDonald's staff have gone on strike for the first time in Britain in two of the chain's outlets in a dispute over pay and conditions. (AFP/Tolga Akmen)
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cDonald's reported a jump in third-quarter earnings Wednesday on strong US sales growth fueled in part by price increases on some popular items and fewer closures in several overseas markets.
The fast-food giant pointed to the launch of a loyalty program as a driver of higher sales in the United States, its biggest market, as well as a boost from larger order sizes and menu price increases.
McDonald's also benefited from higher sales in several international markets, despite a decline in comparable sales in China due to Covid-19 resurgence and continued restrictions in Australia.
The company said sales were especially strong in Britain, Japan and Latin America and solid in Canada, France and Germany.
Net income was $2.1 billion, up 22 percent, on 14 percent rise in revenues to $6.2 billion.
"Our global comparable sales increased 10 percent over 2019, which was delivered across an omnichannel experience that is focused on meeting the needs of our customers," said Chief Executive Chris Kempczinski.
McDonald's shares jumped 2.9 percent to $243.20 in pre-market trading.
