McDonald’s Expects Profit to Increase
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McDonald’s Corp., the world’s largest restaurant chain, said second-quarter profit will rise after six quarterly declines as European sales rose and the euro gained against the dollar.
Profit will be 38 cents or 39 cents a share, compared with 34 cents a year earlier, McDonald’s said. The average estimate of analysts surveyed by Thomson First Call was 37 cents.
Sales increased 9% in Europe in the first two months of the quarter, excluding the effect of currencies, as consumer concerns about “mad-cow” disease eased, McDonald’s said.
The euro has gained about 3.7% in the last year, boosting results when reported in dollars. Europe is McDonald’s second-biggest market after the U.S., generating about a third of sales.
Shares of McDonald’s rose 70 cents to $29.82 on the New York Stock Exchange.
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