U.S. Same-store Sales Advance in Q3, McDonald Shares Edge Higher in Pre-market Trade
Oct, 24th 13:22
Shares of McDonald’s Corp. rose in pre-market trading session on Tuesday after the world’s biggest fast-food chain published earnings for the third quarter that showed a bigger-than-expected increase in quarterly U.S. comparable sales.
McDonald’s shares gained 1.24 percent to trade at $165.36 after the fast food restaurant chain reported sales at U.S. restaurants that has opened at least 13 months jumped 4.1 percent. The rate was above the 3.4 percent growth expected by analysts.
The advance came as a result of attempts of McDonald to reverse a decline in traffic at its U.S. restaurants with offers such as soft drinks of all sizes for $1 and McPick 2 for $5 promotion.
Meanwhile, global comparable sales also rose, jumping 6 percent, above the 4.5 percent increase forecast by analysts. McDonald reported net income of $1.88 billion, or $2.32 per share, in the third quarter ended September 30th, up from $1.28 billion, or $1.50 per share, a year earlier.
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