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McDonald's profit slips on foreign exchange rates
Posted: Jul 23, 2012 5:15 AM by Associated Press
NEW YORK (AP) - McDonald's Corp. says it net income slipped 4 percent in the second quarter as a result of unfavorable foreign currency exchange rates. Revenue fell short of Wall Street expectations as the fast-food chain cited a slowing global economy.
The world's biggest hamburger chain says it earned $1.35 billion, or $1.32 per share, in the period ended June 30. That compares with $1.4 billion, or $1.35 per share, in the year-ago period.
Total revenue for the quarter was $6.92 billion, up from $6.91 billion a year ago.
Analysts polled by FactSet on average expected $1.38 per share on revenue of $6.94 billion.
The Oak Brook, Ill.-based company has more than 33,000 stores around the world and is often seen as a bellwether for the industry.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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