Adult Happy Meals and other limited-time promotions boosted traffic at McDonald’s restaurants during the fourth quarter despite higher prices.
Global same-store sales __ or sales at stores open at least a year __ rose 12.6% in the October-December period, the Chicago company said Tuesday. That beat Wall Street expectations for an 8.8% increase, according to analysts polled by FactSet. U.S. same-store sales rose 10.3%.Sales soared in October after McDonald’s launched adult Happy Meals featuring limited-edition toys designed by the streetwear brand Cactus Plant Flea Market.
Strong sales at home helped overcome weakness in China, where stores were impacted by government COVID-19 restrictions. Fourth quarter revenue fell 1% to $5.9 billion, but that still beat analysts expectations for $5.7 billion. Overseas revenue was weaker because of the strong dollar; 60% of McDonald’s sales come from outside the U.S.McDonald’s shares rose slightly in premarket trading.
Kempczinski said in a prepared statement that higher inflation will continue to pressure the company this year. The company had said it expects food and paper costs to be up 12% to 14% in 2022, while its labor costs would rise 10%. In early January, the company announced a corporate restructuring designed to improve efficiency and accelerate new restaurant openings. McDonald’s said the plan will likely include corporate layoffs; it told employees it would share more details by April 3.
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