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Burger chain sees 5.1% rise in sales
By Ben Klayman |
June 9, 2009, Tuesday
|
Print Edition
Print Edition
MCDONALD'S Corp yesterday reported a 5.1 percent increase in May sales at restaurants open at least 13 months, with demand strong in Europe and Asia Pacific.
However, the growth was down from April, when global same-store sales rose 6.9 percent.
May same-restaurant sales were up 2.8 percent in the United States, helped by new coffee drinks and snacks. That was significantly slower than the 6.1 percent growth in April.
The world's largest hamburger chain is one of the restaurant industry's top performers largely because its Dollar Menu has been attracting diners amid a lengthy recession that has sent unemployment sharply higher.
The stronger US dollar - which lessens the dollar value of overseas sales - led to an overall 0.4 percent dip at McDonald's restaurants globally, the company said. Sales rose 7 percent in constant currencies.
Fast food restaurants generally have held up better in a tough economy than higher-priced sit-down restaurants.
McDonald's May same-store sales increased 7.6 percent in Europe, and 6.4 percent in the Asia Pacific, Middle East and Africa sectors. In April, same-store sales in Europe and Asia Pacific rose 8.4 and 6.5 percent, respectively
McDonald's said the hit by foreign exchange rates, if they remain around current levels, is expected to be 8 cents to 9 cents a share in the second quarter and about 20 cents for the year.
The company also said second-quarter results, which it is due to report on July 23, are likely to include 2 cents to 3 cents a share of income due to a license deal in Indonesia and the sale of Redbox Automated Retail.
Its shares fell 3.3 percent to US$57.80 in early trading in New York yesterday.
However, the growth was down from April, when global same-store sales rose 6.9 percent.
May same-restaurant sales were up 2.8 percent in the United States, helped by new coffee drinks and snacks. That was significantly slower than the 6.1 percent growth in April.
The world's largest hamburger chain is one of the restaurant industry's top performers largely because its Dollar Menu has been attracting diners amid a lengthy recession that has sent unemployment sharply higher.
The stronger US dollar - which lessens the dollar value of overseas sales - led to an overall 0.4 percent dip at McDonald's restaurants globally, the company said. Sales rose 7 percent in constant currencies.
Fast food restaurants generally have held up better in a tough economy than higher-priced sit-down restaurants.
McDonald's May same-store sales increased 7.6 percent in Europe, and 6.4 percent in the Asia Pacific, Middle East and Africa sectors. In April, same-store sales in Europe and Asia Pacific rose 8.4 and 6.5 percent, respectively
McDonald's said the hit by foreign exchange rates, if they remain around current levels, is expected to be 8 cents to 9 cents a share in the second quarter and about 20 cents for the year.
The company also said second-quarter results, which it is due to report on July 23, are likely to include 2 cents to 3 cents a share of income due to a license deal in Indonesia and the sale of Redbox Automated Retail.
Its shares fell 3.3 percent to US$57.80 in early trading in New York yesterday.
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