The cost-of-living crisis has helped McDonalds boost sales by almost 10%, according to the firm's latest accounts.
The fast-food chain recorded revenues top $6.7billion (£5.5billion), marginally ahead of forecasts, with like-for-like sales up 8.8%.
There appears to be no obvious sign that embattled consumers are willing to cut back on Big Macs and Happy Meals as they examine their spending habits, and once again McDonald's is showing its ability to thrive in difficult economic conditions.
Operating profits were up 16% to $3.3billion ($2.7billion) reflecting strong overall revenue growth and good cost control. The quarterly dividend was raised 10% to $1.67 per share.
McDonald's President and Chief Executive Officer, Chris Kempczinski, said: “The macroeconomic environment is unfolding in line with our expectations for the year, and we continued to deliver convenience and value for our customers."
Investment firm Hargreaves Lansdown (HL) said the McDonald's franchise model means it has been "off the hook" for many of the typical restaurant running costs which have hindered many other food and drink firms.
In an investment note, HL added: "McDonald's' strong cash flows give it the headroom to cope with bumps in the road and continue its expansion plans, with 1,500 net restaurant openings expected this year.
"The bias in openings towards franchised operations should help margins once the stores are running at full pelt. It's also been spending on revitalising stores, whilst continuing to improve the digital presence.
"The fast food chain's convenience transformation is thriving, with improvements in the online service, delivery and drive thru. We think the brand strength remains as strong as ever and recent social media campaigns underline its ability to connect with today's generation."
FTSE 100
The UK's flagship share index, the FTSE100, opened xxxxxx at xxxxxx this morning, following yesterday's 36-point increase.
Meanwhile, Brent crude futures were up 0.67%% at $86.93 a barrel this morning.
Companies reporting today
- AB InBev - Q3 results
- BP - Q3 results
- Caterpillar - Q3 results
- Coca-Cola - Q3 trading statement
- Elementis - Q3 trading statement
- RHI Magnesita - Q3 trading statement
- Spectris - Q3 trading statement
- TP ICAP Group - Q3 trading statement
- Pfizer - Q3 results