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US hunger for McDonald's slowing | US hunger for McDonald's slowing |
(about 1 hour later) | |
Weak US demand for McDonald's has taken some of the shine off the company's quarterly figures, which beat Wall Street forecasts. | Weak US demand for McDonald's has taken some of the shine off the company's quarterly figures, which beat Wall Street forecasts. |
For its January to March period, McDonald's said net income grew to $946.1m, up from $762.4m a year earlier, lifted by overseas growth. | For its January to March period, McDonald's said net income grew to $946.1m, up from $762.4m a year earlier, lifted by overseas growth. |
European sales in outlets open at least a year rose 11% - a record, while US sales rose 2.9%. | European sales in outlets open at least a year rose 11% - a record, while US sales rose 2.9%. |
US sales fell in March for the first time in five years. | US sales fell in March for the first time in five years. |
The fast-food chain forecast an improvement in its US business in April, and is forecasting same-store sales will rise by 2% to 2.5%. | The fast-food chain forecast an improvement in its US business in April, and is forecasting same-store sales will rise by 2% to 2.5%. |
But the sluggish figures show that even McDonald's, with its focus on budget meals, is suffering as the US economy is battered by a weak housing market, shrinking employment and tighter lending conditions. | But the sluggish figures show that even McDonald's, with its focus on budget meals, is suffering as the US economy is battered by a weak housing market, shrinking employment and tighter lending conditions. |
The picture looks brighter outside the US, with growth in Europe driven by the French, UK and German markets. | |
McDonalds is in the middle of rolling out new-look restaurants around the world, with almost half of the UK's 335 busiest branches refitted in the past 18 months. | |
These feature comfortable chairs and offer customers free wireless internet access - a move that mimics coffee chains like Starbucks. | |
Shares in McDonalds were down 1.4% at $57.85 in afternoon trade in New York. |
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