The Golden Arches showed its continuing global strength last week with the release of almost perfect Q3 earnings. Global same-store sales were up 9.5%, with US SSS up 6.1%. The average ticket was largely responsible for driving much of the gain, but customer traffic was positive as well. In the U.S., the power of targeted digital marketing events was clearly evident as both Camp McDonald’s in July and Adult Happy Meals proved highly successful. Notwithstanding the positive results, the company is still seeing – and expecting – more cost inflation going forward as company margins fell 2.60% to 16.2% in the 3rd Quarter, a reliable proxy for franchisee margin movement. In the earnings call, company executives also noted they were planning for a mild-to-moderate recession in the US going forward.