McDonald’s Profit Triples as Costs Fall
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McDonald’s Corp. said fourth-quarter profit more than tripled as costs fell and higher-priced Chicken Selects and salads spurred sales.
Net income rose to $397.9 million, or 31 cents a share, from $125.7 million, or 10 cents, a year earlier, when costs to sell the Donatos Pizzeria chain and close Boston Market overseas cut earnings. Sales climbed 10% to $5.01 billion, the Oakbrook, Ill.-based company said.
Excluding a write-down of foreign assets, an accounting restatement for leasing transactions and a gain of 2 cents from the sale of a stake in a U.S. real estate partnership, fourth-quarter profit was 45 cents a share, 1 cent less than analysts’ consensus estimate.
Shares of McDonald’s fell 12 cents to $32 on the New York Stock Exchange.
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