McDonald’s Corp. reported a lower quarterly profit on Friday that missed analysts’ expectations, as the weak global economy and the strong U.S. dollar weighed on results, pushing its shares lower in premarket trading.
The world’s biggest fast-food chain also said that global comparable sales are down so far in October as it feels pressure from the global economy and competitors.
Shares of McDonald’s fell to $90.73 in premarket trading after closing at $92.90 on Thursday.
Income at the world’s biggest fast-food chain fell to $1.46-billion, or $1.43 per share, during the third quarter, from $1.51-billion, or $1.45 per share, a year earlier.
Analysts, on average, had expected McDonald’s to earn $1.47 per share, according to Thomson Reuters I/B/E/S.
Total sales slipped to $7.15-billion from nearly $7.17-billion.
Global sales at restaurants open at least 13 months rose 1.9 per cent during the third quarter, falling just short of the 2-per-cent gain analysts polled by Consensus Metrix had expected.