McDonald's sales top estimates, plans to revamp breakfast menu
Fast food giant McDonald's turned in its third-quarter results on Tuesday, topping analysts' estimates on both the top and bottom line.
McDonald's reported an earnings per share of $2.10 for the three months ended 30 September, beating estimates of $1.99 for the quarter, while revenues came in better-than-expected at $5.37bn versus the Street's expectations of $5.29bn reading.
Global like-for-like sales grew by 4.2%, above the expected 3.7% growth, but domestic same-store growth came in weaker than expected at 2.4%, just shy of the 2.5% estimated by analysts.
McDonald's chief executive Steve Easterbrook said: "In addition to achieving 13 consecutive quarters of positive global comparable sales, we have made substantial progress modernizing restaurants around the world, enhancing hospitality and elevating the experience for the millions of customers we serve every day."
"We remain confident that our strategy will drive long-term, profitable growth"
To battle its struggling US sales, Easterbrook and chief financial officer Kevin Ozan said McDonald's would be putting more focus towards its breakfast menus.
Ozan said: "Breakfast remains an opportunity and in September we expanded our $1, $2, $3 menu offerings by introducing $1 any-sized coffee, as well as adopting two customer-favourite breakfast sandwiches at the $1 price point."
At the close, McDonald's had gained 6.39% to $177.15 each.