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McDonald's net up 22 percent
April 19, 2007
OAK BROOK, Ill. — Global same-store sales at McDonald's Corp. rose 6.3 percent in the first quarter ended March 31, the company announced. March arked the 48th consecutive month of comps increases for the company.
The last time McDonald's achieved that milestone was in 1980.
Revenues at the fast-food giant were $5.4 billion in the first quarter, up 11 percent compared with revenues of $4.9 billion in the first quarter of 2006.
Net income for the quarter rose 22 percent to $762.4 million, up from $625.3 million in the same period last year.
McDonald's also announced it has reached an agreement that will result in the franchising of nearly 1,600 existing restaurants in Latin America and the Caribbean to a developmental licensee organization led by Woods Staton. As part of the transaction, McDonald's expects to receive approximately $700 million in cash proceeds from the sale, coupled with a 20-year license arrangement.
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