Buenos Aires, Argentina-based Arcos Dorados Holdings Inc., the world's largest McDonald's franchisee, today reported unaudited results for the first quarter ended March 31.
Results included a revenue increase of 23.2 percent from the same period last year. Systemwide comparable sales were up 12.5 percent from last year.
Net income attributable to the company was up by 59.4 percent to $35.5 million. Adjusted EBITDA totaled $72.3 million.
Additionally during Q1 '11, the company opened 69 net restaurants throughout the past 12 months.
Woods Staton, chairman and CEO of Arcos Dorados, attributed the boost to a marketing strategy that leverages the McDonald's brand, a broad array of menu alternatives and superior value at its expanding network of restaurants throughout Latin America.
Since Q1 '10, Arcos Dorados added 81 new restaurants, reimaged 84 restaurants and opened 35 McCafes and 111 Dessert Centers.
"These additions and improvements provide our customers with a wide array of choices, with the company's diverse retail formats continuing to drive higher revenues and facilitate increased restaurant expansion. The company's affordability platform, which offers customers a rotating selection of menu items at great values, continues to be a significant driver of growth for Arcos Dorados," said Staton. "Arcos Dorados continued to build upon its solid foundation for long-term growth in the first quarter of 2011."
Arcos Dorados operates McDonald's units in 19 countries and territories throughout Latin America and the Caribbean. It announced it was going public last month.
