McDonald's keeps gaining
McDonald's keeps gaining
It's not a big surprise that McDonald's first-quarter earnings beat Street estimates on Apr. 22. The fast-food chain is expected to thrive in a recessionary economy where diners are looking to cut costs.
But surprisingly, the gains aren't necessarily coming from the cheapest items on its menu—the $1 specials. More important, says CEO James A. Skinner, McDonald's is doing a good job stealing business from higher-priced competitors such as Starbucks and selling those customers higher-margin items, such as espresso-based coffees and Snack Wraps, that are seen as comparative bargains.
For the quarter ended Mar. 31, McDonald's reported income of $979.5 million, or 87¢ a share, compared with $946.1 million, or 81¢ a year earlier.
But surprisingly, the gains aren't necessarily coming from the cheapest items on its menu—the $1 specials. More important, says CEO James A. Skinner, McDonald's is doing a good job stealing business from higher-priced competitors such as Starbucks and selling those customers higher-margin items, such as espresso-based coffees and Snack Wraps, that are seen as comparative bargains.
For the quarter ended Mar. 31, McDonald's reported income of $979.5 million, or 87¢ a share, compared with $946.1 million, or 81¢ a year earlier.
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