CEO: Recession to Lift McDonald's
BOSTON (TheStreet) -- McDonald's (MCD) chief executive said Tuesday that despite the recession he doesn't foresee major consolidation -- whether its combinations between companies or store closures -- in the fast-food sector.
CEO James Skinner told an audience at Boston College's Chief Executives' Club that his company will be even stronger after the recession than it was going in, according to several news reports from the luncheon. He added that he has no plans to close any locations in the U.S.
The behemoth fast-food chain has been able to pick up market share as consumers decide to save money by trading down when they choose to dine out, Skinner said.
But one area the company has experienced weakness is at breakfast. Because of high unemployment, fewer people are stopping into McDonald's on their way into work, Skinner said.
Last week, McDonald's reported a 6% jump in third-quarter profit and a 2.5% climb in U.S. same-store sales. Rival Burger King (BKC) is expected to report its quarterly results Oct. 29. -- Written by Jeanine Poggi in New York Follow TheStreet.com on Twitter and become a fan on Facebook.Select the service that is right for you!
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