McDonald's profits jump on higher price as more markets reopen

The fast-food giant pointed to the launch of a loyalty program as a driver of higher sales in the United States, its biggest market, as well as a boost from larger order sizes and menu price increases.

A McDonald's fast food restaurant. Picture: AFP

NEW YORK - McDonald's reported a jump in third-quarter earnings on Wednesday on strong US sales growth fueled in part by price increases on some popular items and fewer closures in several overseas markets.

The fast-food giant pointed to the launch of a loyalty program as a driver of higher sales in the United States, its biggest market, as well as a boost from larger order sizes and menu price increases.

McDonald's also benefited from higher sales in several international markets, despite a decline in comparable sales in China due to COVID-19 resurgence and continued restrictions in Australia.

The company said sales were especially strong in Britain, Japan and Latin America and solid in Canada, France and Germany.

Net income was $2.1 billion, up 22%, on 14% rise in revenues to $6.2 billion.

"Our global comparable sales increased 10% over 2019, which was delivered across an omnichannel experience that is focused on meeting the needs of our customers," said Chief Executive Chris Kempczinski.

McDonald's shares jumped 2.9% to $243.20 in pre-market trading.

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