McDonald’s Outperforms Sales Expectations Thanks to Affordable Menu and Exciting New Offerings
30 Outubro 2023 - 10:18AM
IH Market News
McDonald’s (NYSE:MCD) exceeded Wall Street’s third-quarter
profit and sales expectations on Monday. This achievement was
driven by increased demand for its more affordable burgers and
fries, which appealed to customers dealing with persistently high
food prices. Additionally, the company’s success was boosted by new
menu launches.
Despite the industry-wide price hikes last year, McDonald’s
managed to maintain its meal affordability, counteracting the trend
of consumers affected by inflation choosing to eat more at home,
resulting in reduced foot traffic. Global comparable sales at
McDonald’s surged by 8.8% during the quarter ending on September
30, surpassing the analysts’ average forecast of a 7.36% increase,
according to LSEG data.
Leveraging its history of menu innovations, McDonald’s
introduced the Cheesy Jalapeno Bacon quarter pounder in July and
reintroduced the popular Spicy Chicken McNuggets to its menu in
September. Both of these additions likely contributed significantly
to the strong sales growth experienced in the third quarter, as
noted by UBS analysts.
Although overall dining traffic declined during all three months
of the quarter, McDonald’s saw a 7.3% increase in July, according
to Placer.ai data. Foot traffic weakened slightly in the following
two months, with declines of 1.1% and 3.7%, but remained ahead of
broader industry trends.
Comparable sales in the United States rose by 8.1% during the
quarter, surpassing estimates of a 7.4% increase, partly due to
higher average spending at its stores. Meanwhile, same-store sales
in McDonald’s international markets increased by 8.3%, slightly
exceeding expectations for 8.03% growth.
The company’s total quarterly revenue surged by 14% to reach
$6.69 billion, surpassing estimates of $6.58 billion. Net income
also increased, reaching $2.32 billion, or $3.17 per share,
compared to $1.98 billion, or $2.68 per share, in the previous
year. On an adjusted basis, McDonald’s reported a per-share profit
of $3.19, comfortably beating estimates of $3.00.
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