McDonald's beat earnings estimates, boosted by higher menu prices

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CEO Chris Kempczinski said 2023 'is unfolding in line with our expectations.'

Global systemwide sales — which include sales at company-owned and franchised restaurants — increased 11%. Global same-store sales jumped 8.8%, higher than analysts' estimates of 7.79%, per Bloomberg consensus data.

CEO and President Chris Kempczinski said the results demonstrate the company's "strength as the industry leader" in the release. In the US, sales benefitted from higher menu prices, new marketing campaigns, and growing digital and delivery orders. Beginning in August, the company launched itsBaird analyst David Tarantino said McDonald's typically gains foot traffic when when there are "mounting macroeconomic uncertainties" in a note to clients, adding that the Golden Arches is "one of the best positioned brands...to navigate a tougher backdrop.

The company also reported systemwide digital sales — which includes sales made on the app, delivery or on the kiosk — totaled $9 billion across its six biggest markets, making up 40% of total sales. That's more than Q2, which saw $8 billion in digital sales.BRISTOL, UNITED KINGDOM - OCTOBER 18: Motorists queue to use the Drive Thru hatch of the fast food restaurant McDonald's. McDonald's also incurred pre-tax charges of $26 million, or $0.

 

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