McDonald’s sales increase thanks to higher prices and chicken sandwiches

Last year, sales at US stores open for at least 13 months rose 13.8%, the biggest annual increase since McDonald’s began reporting comparable sales in 1993, the company said. know on Thursday.

McDonald’s, along with other restaurants, raised prices as inflation increased.

In October, CEO Chris Kempczinski said the company expected menu prices to be about 6% higher in 2021 than in 2020. At the time, he said the price increase “has been well received by customers.” Food away from home about 6% more expensive last year, according to the Bureau of Labor Statistics.
However, the company’s $6 billion revenue report fell short of analysts’ expectations for the quarter. Earnings per share also fell short of Wall Street expectations. Before the bell, McDonald’s (MCD) shares fell about 2%.

McDonald’s said that its results “benefited from fewer restaurant closures and reduced Covid-related government restrictions compared with the previous year.”

But internationally, sales are still affected by the pandemic.

In China, sales at stores open for at least 13 months fell in the third quarter due to the resurgence of the virus, the company said. In Australia, sales were flat for the quarter due to Covid-related government restrictions. Sales increased in international markets with fewer pandemic-related restaurant closures, such as France, the UK, Italy and Germany.

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