Fast food slowdown: McDonald’s hit by economic woes
McDonald’s yesterday reported lower profits as the weak global economy took its toll on sales of Big Macs and fries.
The world’s biggest fast-food chain also said that global same-store sales were down so far in October as it feels the heat from the economic malaise and tough competition in the US.
Profit fell to $1.46 billion (£910 million), or $1.43 per share, during the third quarter, from $1.51bn, or $1.45 per share, a year earlier. The results came in shy of Wall Street hopes.
The group, which has some 33,000 outlets worldwide, said total sales slipped to $7.15bn from nearly $7.17bn.
In Europe, where McDonald’s does some 40 per cent of its business, revenue in stores open at least 13 months rose 1.8 per cent.
Chief executive Don Thompson said he expected the tough conditions to continue for the time being.
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Tuesday 18 June 2013
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