Fast food giant McDonald’s (NYSE:MCD) reported fourth quarter earnings on Monday, with sliding sales in the US failing to weigh on total profits for the group.
Revenue beat analysts’ expectations, coming in at $6.03 billion instead of the of $6.00 billion forecast. Adjusted earnings per share for the quarter came in at $1.44, again slightly higher than analysts’ expectations of $1.41 per share.
The group as a whole displayed strong sales, with a 2.7 percent gain year-over-year for same-store sales, much higher than the expectations of 1.4 percent growth.
However performance in the US dampened the results, with like-for like fourth quarter revenue in the McDonald’s biggest market down by 1.3 percent. The company attributed this to a “challenging comparison against the prior year launch of the very successful All-Day Breakfast”, which was introduced in late 2015.
Operating profit also fell quite significantly in North America, down 11 percent in the three months from October to December. CEO Steve Easterbrook admitted that McDonald’s has been working on revitalising the business, which had been suffering under falling sales. He said in a statement:
“Throughout 2016, we worked diligently to lay the groundwork for our long-term future. We focused on driving changes in our menu, restaurants and technology to deliver an enhanced McDonald’s experience for our customers around the world.”
McDonald’s shares are currently down 0.45 percent on the New York Stock Exchange, at 121.66 (1558GMT).