CHICAGO – US comparable sales increased 4.8 percent for McDonald’s Corp. in the third quarter ended Sept. 30, up from 2.4 percent in the third quarter of 2018, but down from 5.7 percent reported in the previous quarter.
Global comparable sales advanced 5.9 percent in the second quarter with International Developmental Licensed Markets contributing 8.1 percent growth and International Operated Markets contributing 5.6 percent growth in comparable sales.
“Our third quarter performance was strong, and broad-based momentum continued with our 17th consecutive quarter of global comparable sales growth,” said McDonald’s President and CEO Steve Easterbrook. “Globally, our customers are rewarding our commitment of running better restaurants and executing our Velocity Growth Plan by visiting more often.”
Net income for the third quarter declined 2 percent to $1,607.9 million, or $2.11 diluted earnings per share. The company said foreign currency translation had a negative impact of $0.03 on diluted earnings per share. McDonald’s attributed results to “…stronger operating performance primarily due to an increase in sales-driven franchised margin dollars, partly offset by lower gains on sales of restaurant businesses, mostly in the US.”
Third quarter revenues were $5,430.6 million compared with $5,369.4 million in the year-ago period due to strong comparable sales which were partly offset by the impact of refranchising, the company said.
For the nine months ended Sept. 30, McDonald’s reported revenues of $15,727.5 million, compared with $15,862.2 million in the same period in 2018.
Net income for the nine months ended Sept. 30 was $4,453.2 million, or $5.80 per diluted share, compared with $4,509.0 million, or $5.72 per diluted share. Foreign currency translation had a negative impact of $0.19 on diluted earnings per share, McDonald’s said.
“As we work to build an even better McDonald’s experience for customers by providing convenience on their terms, we continue to embrace the culture of innovation that helped launch our company over 60 years ago,” Easterbrook said. “That culture is rooted in a mission to provide delicious food, served with hospitality, to over 65 million customers who honor us with their business every day.”