McDonald’s: Quarterly net income dips

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McDonald’s posted second-quarter profit yesterday that trailed behind estimates after a US sales slump lingered. Net income fell less than 1 percent to $1.39 billion (R14.8bn), or $1.40 a share, the largest restaurant chain by sales said. Revenue rose 1.4 percent to $7.18bn, below the estimate for $7.29bn. McDonald’s US business faces a crowded field and last year it added new items, slowing down its kitchens. Its US same-store sales fell 1.5 percent, compared with a 1.7 percent decline in the previous quarter. Analysts estimated these sales would be little changed, according to Consensus Metrix. The shares fell 1.7 percent by 10am in New York yesterday. – Bloomberg

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