by Christopher Freeburn | December 10, 2012 9:21 am
November sales at McDonald’s (NYSE:MCD) restaurants handily beat Wall Street’s expectations.
The iconic burger chain announced on Monday that same-store sales at restaurants open at least 13 months rose 2.4% last month. That easily beat the 0.17% increase analysts had forecast, Reuters noted.
Investors liked the news, sending shares of McDonald’s up about 2% in pre-market trading on Monday morning.
McDonald’s has struggled in recent years against rising U.S. competition from fast food rivals including Burger King (NYSE:BKW), Wendy’s (NASDAQ:WEN) and Yum! Brands’ (NYSE:YUM) Taco Bell.
However, U.S. same-restaurant sales rose 2.5% in November. Analysts had expected a drop of 0.59% for U.S. locations.
European sales also surprised with established locations seeing sales climb 1.4%, compared to analysts’ predictions of a rise of just 0.1%.
In order to better compete in the rapidly changing U.S. fast food market, McDonalds has recently started testing number of new menu items.
Source URL: http://investorplace.com/2012/12/mcdonalds-november-sales-top-forecasts/
Short URL: http://invstplc.com/1nEaSQ0
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.