Fast-food giant beats Wall Street expectations for fourth quarter
(MAINNEWS) – McDonald’s doesn’t expect inflation to cool this year despite beating Wall Street’s predictions for fourth quarter earnings,
Chief executive Chris Kempczinski said in a press release, the fast food chain’s accelerating the Arches strategy helped drive over 10% comparable sales growth and 5% in comparable guest count growth globally in 2022.
“While we expect short-term inflationary pressures to continue in 2023, we remain highly confident in Accelerating the Arches, which now includes a greater emphasis on new restaurant openings,” Kempczinski added.
According to the company release, the Accelerating the Arches project will work alongside the recently announced Accelerating the Organization initiative, enabling the restaurant to be faster, more innovative and efficient.
McDonald’s 4Q and 2022 rundown
The fast-food chain recorded fourth-quarter earnings of $2.59 a share on $5.93 billion in sales, after a FactSet survey predicted earnings of $2.46 a share on revenue of $5.72 billion.
Meanwhile, global comparable sales ballooned 12.6%, and reflected improvements in all areas including a 10.3% pop in U.S. sales and a 5% jump in systemwide sales.
In 2022, global comparable sales went up 10.9%, including a 5.9% increase in the U.S. and a 13.3% jump in international operated market segments.
Systemwide sales also moved 5% higher on the year, while consolidated revenues were flat.
By Joe Toppe