The world-renowned fast-food chain McDonald’s presented today its Q3 2020 financial results and the figures topped the estimates.
In Q3, McDonald’s had an EPS of $2.22 on revenue of $5.42 billion. Both of them topped the $1.90/ share and $5.4 billion expected by the market.
The net income increased from last year’s $1.61 billion to $1.76 billion. McDonald’s announced that it would increase its quarterly cash dividend by 3% to $1.29/share.
In the US, the Travis Scott promotion made the same-store sales to grow by 4.6%. However, overall, the same-store sales lost 2.2% in Q3 due to the slow post-pandemic recovery.
For the future, McDonald’s expects roughly 950 new restaurant openings; around 400 new locations are in China alone. The rest is divided between the US, France, and the UK. Moreover, it is considering more collaborations with celebrities and more chicken on the menu.
Following the report, McDonald’s stock price gained nearly 5%. Year-to-date, it went up 10%.
Sources: cnbc.com