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McDonald's posted a stronger-than-expected quarterly profit and projected positive same-store sales trends in October as consumers sought low-cost dining options, sending its shares up more than 2 percent in early trading.
The world's largest hamburger chain also reported better-than-expected September global sales at stores open at least 13 months as demand was up in all regions.
McDonald's [MCD
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] third-quarter net income rose about 6 percent to $1.26 billion, or $1.15 a share, from $1.19 billion, or $1.05 a share, a year earlier. The quarter included the negative impact of 5 cents due to foreign currency translation.
Analysts on average expected the company to earn $1.11 per share, according to Thomson Reuters I/B/E/S.
Revenue, which includes sales from company-owned restaurants plus fees like royalties from franchisees, fell 4 percent to $6.05 billion, below the $6.099 billion analysts had expected.
As part of the third-quarter results, the company said September sales at restaurants open at least 13 months rose 5.1 percent globally. Same-store sales increased 3.2 percent in the United States, 6.9 percent in Europe and 5.3 percent in Asia/Pacific, the Middle East and Africa.
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Analysts had expected increases in September of 3.2 percent globally and 2 percent in the United States.
McDonald's has outperformed other fast-food restaurant companies, and said it expects global same-store sales to remain positive in October despite a declining informal eating-out market around the world.
For the quarter, McDonald's cited consumers seeking value in each of the regions. U.S. results also were helped by a favorable response to its new premium Angus Third Pounders burgers and espresso-based coffees.
McDonald's shares rose in early New York Stock Exchange trading.
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