McDonald's Global Comparable Sales Fuel Third Quarter Results
"McDonald's third quarter results reflect the ongoing strength of our customer-focused Plan to Win. We are executing the right strategies to grow the business for the long term while delivering consistently strong quarterly results," said McDonald's Chief Executive Officer Jim Skinner. "The investments we are making to optimize our menu, modernize the restaurant experience and broaden McDonald's accessibility with ongoing convenience and value platforms are driving profitable market share growth - a clear indication that our strategy is working."
The Company reported the following highlights for the quarter:
Global comparable sales increased 5.0%, with the U.S. up 4.4%, Europe up 4.9% and Asia/Pacific, Middle East and Africa up 3.4%
- Consolidated operating income increased 14% (8% in constant currencies)
- Diluted earnings per share of $1.45, up 12% (6% in constant currencies)
- Returned $1.5 billion to shareholders through share repurchases and dividends
In addition, the Company previously announced the following:
- On September 22, McDonald's Board of Directors increased the quarterly cash dividend by 15% to $0.70 per share - the equivalent of $2.80 per share annually - effective for the fourth quarter 2011
McDonald's U.S. performance continues to be driven by initiatives that provide compelling value alongside classic core menu favorites and new menu options. During the quarter, the U.S. featured premium McCafe beverages including the new Mango Pineapple Smoothie, Chicken McNuggets and wholesome breakfast choices, including Oatmeal and the Egg McMuffin, which generated strong comparable sales and contributed to the segment's 6% operating income increase.
In Europe, tiered-menus that offer premium, core and everyday value selections, unique promotional food events that capitalize on customers' desire for variety, and ongoing restaurant modernization efforts contributed to the segment's growth in comparable sales and 15% (6% in constant currencies) rise in operating income. France, Russia, Germany and the U.K. led the segment's sales and operating income growth.
Asia/Pacific, Middle East and Africa (APMEA) generated positive comparable sales and guest count growth across most markets, somewhat offset by Japan, against robust prior year results. For the quarter, APMEA's operating income grew 26% (15% in constant currencies) as emphasis on daypart value offerings, unique menu options and customer conveniences continue to fuel the segment's results.
Jim Skinner concluded, "McDonald's continued success is driven by the strategic and operational fundamentals that guide our business. Our sustained commitment to and execution of the Plan to Win is creating significant brand differentiation that resonates with customers and generates long-term profitable growth for our System and our shareholders. As we enter the final quarter of 2011, our global comparable sales remain strong with October comparable sales expected to be up 4.0% to 5.0%."
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