I thought this stuff was Barry and Harper's fault...but anyway:
McDonald’s Corp. (MCD), the world’s largest restaurant chain, said third-quarter profit fell 30 percent as U.S. sales slumped for the fourth straight quarter.
Net income dropped to $1.07 billion, or $1.09 a share, from $1.52 billion, or $1.52, a year earlier, the Oak Brook, Illinois-based company said in a statement today.
McDonald’s has been struggling to draw American diners as rivals offer deals and introduce new items. The company also has lost customers by boosting prices on burgers to make up for rising labor and ingredient costs. Sales at McDonald’s U.S. stores open at least 13 months fell 3.3 percent in the third quarter, trailing the 2.9 percent decline estimated by analysts in a Consensus Metrix survey.
“There’s just some share loss that’s going on” in the U.S., said Sara Senatore, a New York-based analyst at Sanford C. Bernstein & Co. who has the equivalent of a hold rating on the shares. “It’s probably going to some of their direct competitors, and it’s probably going to potentially some of the fast-casual” chains.
mo money
McDonald’s Profit Drops 30% as U.S. Sales Slump - Bloomberg
McDonald’s Corp. (MCD), the world’s largest restaurant chain, said third-quarter profit fell 30 percent as U.S. sales slumped for the fourth straight quarter.
Net income dropped to $1.07 billion, or $1.09 a share, from $1.52 billion, or $1.52, a year earlier, the Oak Brook, Illinois-based company said in a statement today.
McDonald’s has been struggling to draw American diners as rivals offer deals and introduce new items. The company also has lost customers by boosting prices on burgers to make up for rising labor and ingredient costs. Sales at McDonald’s U.S. stores open at least 13 months fell 3.3 percent in the third quarter, trailing the 2.9 percent decline estimated by analysts in a Consensus Metrix survey.
“There’s just some share loss that’s going on” in the U.S., said Sara Senatore, a New York-based analyst at Sanford C. Bernstein & Co. who has the equivalent of a hold rating on the shares. “It’s probably going to some of their direct competitors, and it’s probably going to potentially some of the fast-casual” chains.
mo money
McDonald’s Profit Drops 30% as U.S. Sales Slump - Bloomberg
