Currency translations hinder McDonald's Q2 results
July 23, 2009
by MEAT&POULTRY Staff
OAK BROOK, ILL. — McDonald’s Corp.’s earnings declined 8% during the second quarter of fiscal 2009 when compared with the same period of the previous year. The fast-food chain recorded net income of $1,093.7 million, equal to 98c per share on the common stock, during the quarter ended June 30, which compared with net income of $1,190.5 million, or $1.04 per share, during the second quarter of fiscal 2008.
The 2009 second-quarter results included the negative impact of foreign currency translation of approximately 9c per share, according to the company.
Sales declined 7% during the quarter to $5,647.2 million when compared with the second quarter of 2008.
For the first six months of fiscal 2009, McDonald’s recorded net income of $2,073.2 million, or $1.85 per share. During the first six months of fiscal 2008, the company had net income of $2,136.6 million, or $1.85 per share.
Total company revenue during the first half of the year declined 8% to $10,724.6 million when compared with the same period of the previous year.