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McDonald's says eating-out market remains 'challenging' McDonald's says eating-out market remains 'challenging'
(about 3 hours later)
McDonald's says the "informal eating-out market remains challenging" and that this will affect its results for the rest of the year.McDonald's says the "informal eating-out market remains challenging" and that this will affect its results for the rest of the year.
The comment accompanied its second quarter earnings, which missed analysts' expectations.The comment accompanied its second quarter earnings, which missed analysts' expectations.
In the three months to June, the company earned $1.4bn (£910m), an increase from last year's $1.35bn but less than Wall Street had expected.In the three months to June, the company earned $1.4bn (£910m), an increase from last year's $1.35bn but less than Wall Street had expected.
McDonald's said that global sales at established restaurants edged up 1%.McDonald's said that global sales at established restaurants edged up 1%.
However, Europe saw a 0.1% decline as a solid sales performance in the UK and Russia failed to offset a decline in France and Germany. Chief executive Dan Thompson said: "While our consolidated results this quarter were positive, global comparable sales for July are expected to be relatively flat.
The company said that while Europe's earnings continued to be affected by the challenging consumer environment, they drove the majority of the company's operating income growth for the period. "Based on recent sales trends, our results for the remainder of the year are expected to remain challenged."
Chief executive Dan Thompson added: "While our consolidated results this quarter were positive, global comparable sales for July are expected to be relatively flat. Europe saw a 0.1% decline as a solid sales performance in the UK and Russia failed to offset a decline in France and Germany.
"Based on recent sales trends, our results for the remainder of the year are expected to remain challenged. UK jobs growth
US sales grew 1% helped by the "Dollar Menu" and new products such as chicken wraps and egg-white breakfast sandwiches. The company said that while European earnings continued to be affected by the challenging consumer environment, they drove the majority of the company's operating income growth for the period.
In the Asia-Pacific, Middle East and Africa, sales declined 0.3% - mainly due to "negative results" in China, Australia and Japan. McDonald's UK announced it was on track to create 2,500 jobs this year, having already hired 1,500 - partly because it was opening 14 new restaurants and partly because more existing restaurants were open for longer.
"We know it's still tough out there for everyone and that's why I'm determined to maintain momentum by continuing to invest in the long-term growth of our business - our restaurants, our people and quality ingredients that are responsibly sourced - to ensure our customers enjoy a great experience at great value every time they visit," said Jill McDonald, chief executive of McDonald's UK.
US sales grew 1%, helped by the Dollar Menu and new products such as chicken wraps and egg-white breakfast sandwiches.
In the Asia-Pacific, Middle East and Africa, sales declined 0.3% - mainly owing to "negative results" in China, Australia and Japan.