McDonald's Corp. reported a higher-than-expected quarterly profit Thursday as the world's largest restaurant company posted March sales in all regions that topped analyst expectations.
Total revenue during the quarter that ended March 31, rose 9 per cent to $6.1-billion, with sales in Europe leading the way.
March sales at restaurants open at least 13 months were up 3 per cent in the United States, up 4.9 per cent in Europe and gained 0.5 per cent in McDonald's Asia/Pacific, Middle East and Africa unit. Globally they rose 3.6 per cent.
Analysts, on average, were looking for same-restaurant sales to rise almost 2 per cent in the United States, more than 3 per cent in Europe and 2 per cent in APMEA.
The United States contributes just over one-third of McDonald's overall revenue, compared with 40 per cent for Europe - its largest market for sales and one where it has more middle-class appeal.
McDonald's has been on a great run - outperforming most other U.S. restaurant chains and stealing market share from smaller rivals amid a slow U.S. economic recovery.
First-quarter profit rose 10.9 per cent to $1.21-billion, or $1.15 per share, from $1.09-billion, or $1 per share, a year earlier. That beat Wall Street expectations of a profit of $1.14 per share, according to Thomson Reuters I/B/E/S.
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