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EARNINGS ROUNDUP / MCDONALD'S

Global sales help boost profit 11%

October 23, 2008|times wire services

A jump in global sales boosted McDonald's Corp.'s third-quarter profit by 11%, a bright spot among restaurant companies as strapped consumers balk at spending their cash on dining out.

The nation's No. 1 hamburger chain cited the popularity of its sandwiches and drinks but reiterated that it was discussing changes to its Dollar Menu because of the high cost of ingredients.

Consumers have cut back on spending and focused on necessities. Given the desire to save cash, fast-food sales have held up far better than those at pricier sit-down restaurants.

The sales growth propelled revenue up 6% to $6.27 billion and net income to $1.19 billion, or $1.05 a share, from $1.07 billion, or 89 cents, a year earlier. Both those figures beat analysts' expectations, according to a poll by Thomson Reuters.

McDonald's shares fell 95 cents, or 1.7%, to $54.18.

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