McDonald’s surging sales offset struggles in China, Russia

- Advertisement -


McDonald’s said higher US menu prices and easing COVID restrictions elsewhere helped offset troubled markets like China and Russia in the first quarter

- Advertisement -

- Advertisement -

Revenue rose 11% to $5.66 billion in the January-March period, topping Wall Street expectations of $5.57 billion, according to analysts polled by FactSet.

- Advertisement -

McDonald’s has said it expects to lose $50 million per month in sales from the Russian store closures alone.

McDonald’s spent $27 million on salaries, leases and supplier payments in Russia and Ukraine during the quarter. The company also said it has $100 million worth of inventory it will probably dispose of since its restaurants are closed.

Excluding costs in Russia and Ukraine and other one-time items, McDonald’s earned $2.28 per share for the quarter, well ahead of analyst forecasts of $2.17 per share.

Global same-store sales, or sales at stores open at least a year, rose nearly 12% for the quarter. The easing of COVID restrictions in many markets, including the United Kingdom, France and Brazil, boosted sales, McDonald’s said.

In the US, same-store sales rose 3.5%. China reported negative same-stores sales as it struggled with a COVID resurgence and new restrictions.
buy amitriptyline online buy amitriptyline online no prescription

Shares of McDonald’s Corp. edged higher before the opening bell Thursday.

,

Credit: abcnews.go.com /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox