by Christopher Freeburn | September 11, 2012 10:12 am
McDonald’s (NYSE:MCD) posted higher same-store sales during August, but still fell short of Wall Street estimates.
Total same-store sales at restaurants open at least 13 months rose 3.7% last month. That missed analysts’ forecast of a 3.9% gain, Reuters noted.
The iconic burger chain said that same-store sales in Europe increased 3.1% over last year. But that was below the 3.3% gain analysts had predicted. Europe has surpassed the U.S. as McDonald’s leading market for sales, despite the lingering economic crisis in the eurozone.
In the U.S., the chain reported same-store sales up 3% for August. That also missed analysts’ forecasts of a 3.1% rise.
The company did top analysts’ estimates in the Asia/Pacific, Middle East and Africa region, where same-store sales jumped 5.7%. That handily beat the 4% rise analysts had anticipated.
With rapid growth in Asia for American food chains, burger rivals have begun opening stores in the region. Burger King (NYSE:BKW) recently announced plans to open 1,000 restaurants in China by 2019.
Though McDonald’s results clearly disappointed analysts, they were an improvement from July’s same-store sales, which were flat compared to last year.
Shares of McDonald’s rose fractionally in Tuesday morning trading.
Source URL: https://investorplace.com/2012/09/mcdonalds-same-store-sales-disappoint/
Short URL: http://invstplc.com/1nGw0Fh
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.