McDonald's Q4 earnings and revenue top estimates
By Iain Gilbert
Date: Tuesday 31 Jan 2023
(Sharecast News) - Fast food giant McDonald's revealed on Tuesday that US customer numbers had grown in the fourth quarter, leading to earnings and revenues that topped Wall Street estimates.
McDonald's posted quarterly revenues of $5.93bn, down 1% year-on-year but ahead of the $5.68bn expected by analysts, and net income of $1.9bn, or $2.59 on a per share basis, up from $1.64bn, or $2.18 per share, a year earlier.
Global same-store sales climbed 12.6% in the quarter, principally driven by strong demand in the US and McDonald's major European markets of the United Kingdom, Germany, and France.
McDonald's added that its international developmental licensed markets unit witnessed same-store sales grow 16.5%, driven by its performances in Japan and Brazil, while sales in China, on the other hand, fell short of estimates as a result of Covid-related government restrictions.
The Chicago-based company stated that its solid performance was thanks to it benefitting from changing consumer behaviour, with many switching from full-service restaurants to more budget-friendly fast food options.
Chief executive Chris Kempczinski expects to see short-term inflation continue into 2023.
As of 1240 GMT, McDonald's shares were down 0.99% in pre-market at $268.20 each.
Reporting by Iain Gilbert at Sharecast.com
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