McDonald's income slips 4% in quarter
July 23, 2012
by Meat&Poultry Staff
OAK BROOK, Ill. — Currency exchange rates negatively impacted financial results for McDonald’s Corp. during the second quarter, contributing to a 4 percent decline in income.
For the quarter ended June 30, the company had income of $1,347 million, equal to $1.32 per share, which compared with income of $1,410.2 million, or $1.35 per share, during the same quarter of the previous year. Revenue for the quarter was $6,915.9 million, up slightly from $6,905.4 million during the same quarter of the previous year.
“McDonald's global comparable sales remained solid for the quarter while overall results reflected the slowing global economy, persistent economic headwinds and the investments we’ve made to enhance restaurant operations and provide customers the everyday value they have come to expect from McDonald’s,” said Don Thompson, chief executive officer. “Our system alignment and ongoing commitment to our global priorities of optimizing our menu, modernizing the customer experience and broadening accessibility to our brand will help us navigate the current environment as we continue to build our business and our brand. As we begin the third quarter, global comparable sales for July are expected to be positive, but less than second quarter.”
Global comparable sales were up 3.7 percent during the quarter with positive comparable sales in each geographic segment. The US had comparable sales growth of 3.6 percent.
For the six months ended June 30, the company’s income was down slightly to $2,613.7 million, or $2.54 per share, compared with $2,619.2 million, or $2.49 per share, during the same period of the previous year. Revenue during the period was $13,462.5 million, up 3 percent from $13,017 million during the same period of the previous year.