McDonald's net income drops for Q1

McDonald's net income drops for Q1
Tags: Burger/Steak/BBQ, Drive-thru, Franchising & Growth, International, Trends / Statistics
April 23, 2006

OAK BROOK, Ill. — McDonald's Corp.'s first-quarter net income fell 14 percent following a tax benefit a year earlier, but sales rose as the company upgraded its coffee and rolled out new menu items.

The nation's largest QSR said net income totaled $625.3 million down from $727.9 million a year earlier. During McDonald's first quarter last year, the company said it recorded a tax benefit due to a favorable audit settlement of its 2000 to 2002 U.S. tax returns.

Global comparable-store sales rose 5.2 percent during the quarter. The company also repurchased $1 billion or 29.5 million shares of its stock.