OAK BROOK, Ill. — McDonald's Corp.'s fourth quarter net income was down, but year-end results were strong, the company has announced.
Global comparable sales for the quarter ended Dec. 31 were up 7.2 percent, with U.S. comps up 5 percent, Europe up 7.6 percent and Asia/Pacific, Middle East and Africa up 10 percent.
Revenues for the quarter were down 3 percent to $5.6 billion compared with $5.8 billion in the same period last year. Year to date, revenues were up 3 percent to $23.5 billion compared with $22.8 the previous year.
Net income for the quarter was down 23 percent to $985.3 million compared with $1.3 billion in the same period last year. For the year, net income was up 80 percent to $4.3 billion, compared with $2.4 billion for 2007. The results were impacted by the 2007 sale of the company's businesses in Latin America and the Caribbean. Excluding that impact, net income for the year was up 9 percent.
"Through our strategic focus on menu choice, food quality and value, the average number of customers served per day increased to more than 58 million in 2008," said CEO Jim Skinner. "Comparable sales and guest counts were positive across all segments for every quarter, and the company delivered double-digit growth in operating income for the fourth quarter and the year. These accomplishments validate the strength and resilience of McDonald's Plan to Win."
