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McDonald's net income drops for Q1
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.
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