McDonald's, the largest restaurant chain in the world, reported a 10% rise in Q3 profit, after attracting more people through new menu items in the United States and increasing the scope of operations in Europe.
Net income increased to $1.39 billion, or $1.29 per share, according to Illinois-based company Oak Brook. Sales increased 4.3% to $6 billion, driven by sales of items such as fruit smoothies and frappes in the United States, and longer working hours in Europe. The company, led by CEO Jim Skinner, claims that it has gained as a result of extensive remodeling of its European outlets, which generated 41% of its sales last year.
“McDonald’s continues to gain market share", said restaurant analyst Peter Saleh at Telsey Advisory Group, citing the restaurant chain's achievements in the US and Europe. “There’s not going to be another hamburger chain that posts anywhere near that".
McDonald's went up by $1.30 to $78.71 in the early hours of New York trading. The shares had increased 24% this year, compared to a rise of 5.7% in the Standard & Poor’s 500 Index.
McDonalds' store sales opened over 13-month increased 6% globally. They went up 5.3% in the US, 4.1% in Europe and 8.1% in the Middle East, Asia and Africa.
McDonald's will talk about earnings results during a conference call at 11 a.m (New York time).
