McDonald's (MCD.N) beat Wall Street estimates for third-quarter profit and sales on Monday, powered by new launches as well as steady demand for its cheaper burgers and fries from diners struggling with still-high food prices.
The McDonald's company logo stands on a sign outside a restaurant in Bretigny-sur-Orge, near Paris, France, July 30, 2020. REUTERS/Benoit Tessier/File Photobeat Wall Street estimates for third-quarter profit and sales on Monday, powered by new launches as well as steady demand for its cheaper burgers and fries from diners struggling with still-high food prices.
The burger giant has been able to keep its meals relatively more affordable following the industry-wide hike in prices last year, helping counter the trend of inflation-hit consumers opting to eat more at home and a decline in footfall. Drawing on its history of menu enhancements, McDonald's launched the Cheesy Jalapeno Bacon quarter pounder in July and brought back the fan-favorite Spicy Chicken McNuggets to menus in September.While overall dining traffic fell in all three months of the quarter, McDonald's saw a 7.3% jump in July, data from Placer.ai showed.
Comparable sales in the United States climbed 8.1% in the quarter, beating estimates of a 7.4% increase, thanks also to higher average spending at stores.
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