McDonald’s reported Tuesday that more U.S. customers are visiting its restaurants, and that increase bolstered the fast-food giant’s fourth-quarter profit and revenue claims.
It was the second quarter in a row that the company realized the increasing traffic in the country and reversed its segment trend.
The company increased its fourth-quarter net income of $1.64 billion, or $2.18 per share, to $1.9 billion, or $2.59 per share, the prior year.
Global one-to-one store sales increased 12.6 percent in the quarter, bolstered by strong demand in the US and largest European markets.
Outside the United States, the company also recorded stronger-than-expected growth. A 12.6 percent increase in one-to-one store sales was reported, driven by strong performance in the UK, Germany and France.
Same-store sales increased by 16.5 percent, driven by Japan and Brazil. However, sales in China have been disappointing due to government restrictions on Covid.
Looking at 2023, McDonald’s claims to open 1,900 new restaurants. More than 400 of these will be in the US and in internationally operated markets.
The company said earlier in January that it would accelerate new restaurant development as part of a broader strategy change.
The company plans to use $2.2 to $2.4 billion for capital expenditures this year. About half of these funds will be earmarked for new restaurant development in the US and its internationally operated markets.
