McDonald’s Corporation (NYSE:MCD) saw strong sales in the third quarter of 2017 due to promotions.
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According to McDonald’s Corporation’s earnings report, the company’s U.S. comparable sales for the third quarter of the year were up 4.1%. The fast food giant contributes this increase to its beverage and McPick 2 promotions. It notes that its Signature Crafted sandwich line was also a contributing factor to the increase.
McDonald’s Corporation’s says that it saw global comparable sales for the third quarter of 2017 increase by 6%. It points out that this is due to increasing guests counts in all segments. It also points out that systemwide sales for the quarter were up 7% on strong comparable sales and restaurant expansion in the quarter.
McDonald’s Corporation reported revenue of $5.75 billion in the third quarter of 2017. This is a 10% drop from its revenue of $6.42 billion from the same time last year. However, it still beat Wall Street’s revenue estimate of $5.74 billion for the quarter. MCD says that the decline in revenue was due to its strategic refranchising initiative.
“Our Velocity Growth Plan is the right strategy for McDonald’s to achieve long-term, profitable growth and we are on track to succeed with our commitment and focus on execution,” Steve Easterbrook, CEO of McDonald’s Corporation, said in a statement.
Earnings per share reported by McDonald’s Corporation for the third quarter of the year was $2.32. This is up from its earnings per share of $1.50 from the same period of the year prior. It also came in above analysts’ earnings per share estimate of $1.77 for the quarter.
MCD stock was up 1% as of noon Tuesday and is up 35% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.