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McDonald’s global May sales rise 4.8%

McDonald’s global May sales rise 4.8%
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First Published: Tue, Jun 08 2010. 05 27 PM IST
Updated: Tue, Jun 08 2010. 05 27 PM IST
Detroit: McDonald’s Corp reported a stronger-than-expected 4.8% rise in worldwide May sales at established restaurants and said it expects foreign currency translation to hurt full-year profit.
Sales at McDonald’s restaurants open at least 13 months were up 3.4% in the United States, 5.7% in Europe and 3.8% in the Asia/Pacific, Middle East and Africa (APMEA) region.
As of Monday afternoon, analysts’ average estimates called for a 4% overall rise in same-store sales, fueled by a 4.3% gain in the United States, a 3.4% rise in Europe and a 3.1% increase in APMEA.
McDonald’s gets more than half of its revenue and profits outside the United States. Europe is the biggest contributor to revenue, followed by the United States and APMEA.
Based on present currency rates — particularly the euro, the currency of about a quarter of its consolidated operating income — McDonald’s expects currency conversion to hurt full-year net income per share. However, it said conversion is expected to have minimal to no impact on second-quarter profit.
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First Published: Tue, Jun 08 2010. 05 27 PM IST