We do indeed love our cheap burgers in down times.
confirmed as much today, announcing that its first-quarter profit was up 4% on improved sales in every region of the world.
Profit for the quarter was $979.5 million, or 87 cents per share, up from $946.1 million, or 81 cents a share, during the same period last year. The earnings exceeded expectations of analysts polled by Thomson Reuters, who predicted EPS of 82 cents.
Revenue was down 10% to $5.08 billion from $5.61 billion, primarily as a result of the strengthening dollar, which McDonald's said weakened results by 8 cents a share. Analysts had predicted revenue of $5.19 billion for the first quarter, and are predicting revenue of $5.67 billion for the second quarter.
McDonald's CEO Jim Skinner said in a statement that the company is expecting more good times in bad times, noting that April same-store sales so far are "at least as strong or better than first-quarter sales in every area of the world."
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