McDonald's fourth-quarter comparable sales top estimates
Investing.com - McDonald’s Corporation (NYSE: MCD) comparable sales topped average analyst estimates in the fourth quarter, as the burger giant's international licensed markets business was boosted by strength in the Middle East and Japan.
In the three months ended on December 31, global comparable sales expanded by 0.4%, decelerating from 3.4% in the year-ago period, as the business was hit by weaker demand in the U.S.
But the growth was better than analysts' expectations for a decline of 0.93%, according to Bloomberg consensus forecasts.
Same-store sales at international developmental licensed markets increased by 4.1%, surpassing growth of 0.7% a year ago and projections for a drop of 0.38%. Performance at the segment was led by the Middle East and Japan, McDonald's noted.
In a statement, CEO Chris Kempczinski said the business, which has recently joined other fast-food chains in offering more lower-priced options to attract consumers, is focused on providing "outstanding value" and "exciting menu innovation."
Shares in McDonald's rose by more than 1% in premarket U.S. trading on Monday.
(This is a developing story. Please check back later for updates.)