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McDonald's sales rise despite South China Sea protests McDonald's beats sales forecasts on breakfast rush
(35 minutes later)
McDonald's has reported rising revenue despite falling foul of protests over the sovereignty of the South China Sea. McDonald's has reported better-than-expected sales during the third quarter, lifted by the UK and an improved all-day breakfast menu.
The fast food chain said like-for-like sales rose by 3.5% in the third quarter, helped by strong UK demand and an expanded all day breakfast menu. The fast food chain said like-for-like revenue rose by 3.5% in the three months to September.
However, China weighed on its "high growth" markets, which include countries such as Russia. Shares in the company rose after it beat analysts' forecasts of a 1.5% increase in revenue.
McDonald's blamed strong comparative sales and "protests related to events surrounding the South China Sea". McDonald's is in the process of a major turnaround plan after a sustained period of falling sales.
The company was one of a number of US food chains, such as KFC, that were targeted by protestors in China during July after a court in the Hague ruled in favour of the Philippines in a dispute over historic rights in the South China Sea. Areas such as the UK, Australia, Canada and Germany performed strongly over the quarter and increased like-for-like sales by 3.3%.
There had been speculation that the US had encouraged the Philippines to pursue the case. McDonald's also raised sales in the US, which it said was suffering from "industry softness". China weighed on its "high-growth" markets, which include countries such as Russia, because of strong comparative sales and "protests related to events surrounding the South China Sea".
Like-for-like sales in its high growth markets rose 1.5%. Areas such as Britain, Australia, Canada and Germany did better with revenue up 3.3%, and while McDonald's said the US was suffering from "industry softness", it saw sales rise. However, it made gains and like-for-like sales in its high-growth markets rose 1.5%.
Last year, McDonald's embarked on a major turnaround plan following a sustained period of falling sales. Steve Easterbrook, president and chief executive of McDonald's, said: "Looking ahead, we are focused on growing global comparable sales and serving more customers while being mindful of the near-term challenges in several markets."
Steve Easterbrook, president and chief executive of McDonald's said: "Looking ahead, we are focused on growing global comparable sales and serving more customers while being mindful of the near-term challenges in several markets." The company has introduced a number of initiatives to attract customers, including adding new items its all day breakfasts, including biscuits, McMuffins and McGriddles.
Neil Saunders, chief executive of Conlumino, the retail research and consultancy group, said one of the challenges McDonald's faces was appealing to new customers. Neil Saunders, chief executive of Conlumino, the retail research and consultancy group, said one of the challenges McDonald's faced was widening its appeal.
He said: "While the menu changes have drawn in more customers, they have not completely reinvigorated the brand with younger consumer segments, many of whom still shun the chain in favour of what they see as more premium and satisfying offerings from players like Shake Shack."He said: "While the menu changes have drawn in more customers, they have not completely reinvigorated the brand with younger consumer segments, many of whom still shun the chain in favour of what they see as more premium and satisfying offerings from players like Shake Shack."