McDonald’s reported stronger-than-expected sales in the third quarter, boosted by larger orders and higher prices on the menu.
The company has had to raise prices like other major restaurant chains to cover rising costs of commodities and labor, but it may have dodged at least some of the most severe labor shortages that have dogged companies like Domino’s.
Sales at stores open at least a year rose 12.7%, surpassing pre-pandemic levels and easily topping the 10% increase Wall Street had been expecting as coronavirus restrictions eased in most markets.
Revenue jumped 14% to $6.2 billion in the July-September period, the Chicago burger giant said Wednesday. That beat Wall Street’s forecast of $6 billion, according to analysts polled by FactSet.
McDonald’s net income rose 22% to $2.1 billion for the quarter. Per-share earnings of $2.86 also beat analysts’ forecast of $2.46.