US: McDonald’s sees profit plunge

MCDONALD’S third-quarter profit fell 30 percent as US sales slumped for the fourth consecutive quarter, the largest restaurant chain, said. Net income dropped to $1.07 billion (R11.8bn) from $1.52bn a year earlier, the company said yesterday. Excluding some items, profit was $1.51 a share. The average of 21 analysts’ estimates was $1.36 a share. McDonald’s, which has been struggling to draw American diners amid steep competition, also is facing consumer backlash in China after a supplier was investigated for changing food expiration dates. Sales at McDonald’s US stores open at least 13 months fell 3.3 percent in the third quarter. – Bloomberg