McDonald’s share jumps as chain reaps benefits of turnaround plan
Los Angeles — McDonald’s’ turnaround gained momentum in the latest quarter as sales growth at established restaurants beat analysts’ estimates, sending the company’s shares up almost 4% in premarket trading on Friday. Same-restaurant sales in its US restaurants rose a better than expected 1.3%, helped by demand for its all-day breakfast, the McPick 2 for $2 promotion and the introduction of Chicken McNuggets without artificial preservatives. Analysts polled by research firm Consensus Metrix had expected a gain of 1.2% in the US. McDonald’s, under CEO Steve Easterbrook, has introduced all-day breakfasts, simplified sprawling menus and improved service to turn around its business, amid intense competition from Burger King, Dunkin’ Donuts and smaller upstart chains. McDonald’s said global sales at restaurants open for at least 13 months rose 3.5% in the third quarter ended September 30, handily beating the 1.5% gain expected on average by analysts. The world’s largest fast-food chain r...
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