McDonald’s benefited from falling wholesale costs, and the company says falling costs of commodities such as vegetables and proteins helped margins. – ReuterspicIn a strong quarter for earnings, the big consumer stocks have shone even brighter, thanks to results from McDonald’s, Chipotle Mexican Grill and others that rank among the biggest surprises of the reporting cycle so far.
Discretionary stocks have performed strongly in 2023, proving their resilience at a time when the expectations of a US economic slowdown run high. A 4.9% rise in US gross domestic product in the third quarter further highlights the health of the consumer. McDonald’s benefited from falling wholesale costs, as its per-share earnings came in at an adjusted US$3.19, compared with consensus estimates for US$3 a share. The company said falling costs of commodities like vegetables and proteins helped margins.