McDonald's quarterly comparable sales rise above Wall Street estimates
U.S. restaurants beat expectations
McDonald's on Wednesday reported quarterly comparable sales growth above Wall Street expectations, as the world's largest burger chain benefited from its revamped stores, new delivery partnerships and higher menu prices.
Global comparable sales rose 5.9% in the fourth quarter, higher than the 5.23% growth expected by analysts, according to IBES data from Refinitiv.
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For the past couple of years, McDonald's has focused on improving dining experience by bringing technology to stores and improving delivery services, while also adding new burgers, beverages and breakfast foods to its menus to lure customers.
Chief Executive Officer Chris Kempczinski, who took charge in November after the company's previous chief was dismissed, said the annual global comparable sales growth of 5.9% was the chain's highest in more than 10 years.
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Sales in U.S. restaurants open for more than 13 months rose 5.1%, also beating the estimate of 4.67% increase.
Net income rose 14% to $2.08 per share. Revenue rose about 4% to $5.3 billion.