McDonald’s profits jump on higher price as more markets reopen

McDonald’s profits jump on higher price as more markets reopen

AFP

WASHINGTON: McDonalds 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. McDonalds 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.