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Tue 23rd Oct 2018 - McDonald’s reports third-quarter like-for-likes up 4.2%
McDonald’s reports third-quarter like-for-likes up 4.2%: McDonald’s has reported global like-for-like sales rose 4.2% in its third quarter ended 30 September, with the UK helping to boost its International Lead geographic segment like-for-likes by 5.4%. “In addition to achieving 13 consecutive quarters of positive global comparable sales, we have made substantial progress modernising restaurants around the world, enhancing hospitality, and elevating the experience for the millions of customers we serve every day. We remain confident our strategy will drive long-term, profitable growth,” said McDonald’s president and chief executive Steve Easterbrook. Due to the impact of the company’s strategic refranchising initiative, consolidated revenues decreased 7% (5% in constant currencies). Consolidated operating income decreased 21% (20% in constant currencies) as a result of the comparison to a gain of about $850m on the sale of the company’s businesses in China and Hong Kong in the prior year. Excluding the impact of the gain, as well as prior-year restructuring and impairment charges, consolidated operating income increased 2% (4% in constant currencies). In the US, third-quarter comparable sales increased 2.4%, driven by growth in average check resulting from product mix shifts and menu price increases. Operating income for the quarter increased 3% as higher franchised margin dollars and general and administrative expense savings were partly offset by lower company-operated margin dollars. In the International Lead segment, third-quarter comparable sales increased 5.4% reflecting positive results across all markets, primarily driven by the UK, Australia and France. The segment’s operating income was flat (increased 3% in constant currencies) as sales-driven improvements in franchised margin dollars were mostly offset by the comparison with a prior-year gain on the strategic sale of property in Australia. In the High Growth segment, third-quarter comparable sales increased 4.6%, led by strong performance in Italy and the Netherlands, and positive results across most of the segment. The segment’s prior-year operating income included a gain of about $850m related to the sale of the company’s businesses in China and Hong Kong, partly offset by unrelated impairment charges. Excluding these items, the segment’s operating income decreased 5% (1% in constant currencies) due to the impact of refranchising. In the Foundational markets, third-quarter comparable sales increased 6.0%, reflecting positive sales performance in Japan and across all geographic regions. The segment’s operating income increased 6% (12% in constant currencies) fuelled by sales-driven improvements in franchised margin dollars. Easterbrook added: “We are intensely focused on providing our customers with great experiences at McDonald’s by running great restaurants and executing our delivery, digital and Experience Of The Future initiatives at a high level.”
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