McDonald’s Corp quarterly profits beat Wall Street estimates but growth in some overseas markets slowed, reports Reuters.
Q4 net income decreased 23%, to $985.3 million, or $0.87 per share, from $1.27 billion, or $1.06 per share, a year earlier, when results included a large tax-related benefit, McDonald’s reported. Analysts had been expecting profit of $0.83 per share.
Revenue was down 3%, to $5.57 billion—less than the nearly $5.7 billion expected by analysts. McDonald’s cited the impact of a stronger dollar in Canada, Europe, Britain, and Australia.
Same-store sales worldwide rose 7.2% for the quarter. Worldwide same-store sales (open at least 13 months) were up 5.8% in December—lower than the November and October results of 7.7% and 8.2%, respectively.
Same-store sales in Q4 rose 10% in Asia/Pacific, Middle East and Africa, 7.6% in Europe, and 5% in the United States.
Sales in Germany slowed, as did the rapid pace of growth in China, the company said.
For 2009, McDonald’s forecast capital spending of $2.1 billion, with half to be invested in existing restaurants and the rest to open some 1,000 new ones.