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| Free Hospitality Publications |
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Restaurant Industry News
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Tuesday October 24th, 2006 |
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McDonald's sees 17% jump in third-quarter profit
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Sales rise in September and third quarter |
 McDonald's Corp. on Thursday forecast a 17% increase in third-quarter earnings per share, better than Wall Street expected, and said September same-store sales rose 7.7%, boosted by strength in breakfast and new Snack Wraps.
The company's shares rose in morning trading to as much as $42.44, their highest level in almost seven years.
The company forecast third quarter profit of 68 cents a share, including 1 cent of expense relating to impairment and other charges primarily in Asia/Pacific, Middle East and Africa. Foreign currency translation is expected to have a positive impact of 1 cent a share.
Analysts, on average, expected the company to earn 63 cents a share, according to Thomson First Call.
Systemwide sales for the company's restaurants worldwide were up 9.8% for the month, or 8.7% in constant currency. For the third quarter, systemwide sales rose 8.4%, or 6.9% in constant currency.
"Our Plan to Win is powering sustainable momentum in our business with every area of the world once again posting strong comparable sales growth," Chief Executive Jim Skinner said in a statement. "We are increasing relevance, enhancing menu variety and improving customer convenience."
The company's stock has more than tripled since 2003 when the company instituted a turnaround program dubbed "Plan to Win," which it says has driven 40 straight months of positive worldwide sales increases and double-digit increases in earnings per share for the past three years.
External Source - For the complete article click here
Source - MarketWatch
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