Shares of McDonald’s (NYSE:MCD) fell more than 3% in Friday morning trading after it reported quarterly results that disappointed investors.
The iconic burger chain said it earned $1.46 billion during the third quarter, down almost 4% from $1.51 billion in the same period last year. EPS was $1.43, which missed Wall Street estimates of $1.47, the Associated Press noted.
McDonald’s posted quarterly revenue of $7.15 billion, down fractionally from $7.17 billion in 2011, and narrowly missing analysts’ forecasts of revenue of $7.17 billion. Company officials said a rising U.S. dollar lowered revenue from international operations, trimming profits by 8 cents a share.
The chain reported that same-restaurant revenue in the U.S. rose 1.2% compared to last year, while global same-restaurant sales rose 1.9%. The chain is facing rising competition in North America from rivals including Burger King (NYSE:BKW), Wendy’s (NYSE:WEN), Panera Bread (NASDAQ:PNRA) and Yum Brands‘ (NYSE:YUM) Taco Bell.
Last month, McDonald’s said it would soon introduce menus listing calorie counts, reversing its former opposition to the practice, in a bid to attract more weight-conscious customers.