Fast food giant McDonald’s Corporation (NYSE:MCD) hailed its best like-for-like (LFL) sales performance in six years in 2017.
The Big Mac seller reported a year-on-year LFL sales increase of 5.5% for the fourth quarter, with system-wide sales up 8% in constant currency terms.
Full-year LFL sales were up 5.3% on the year before.
Fourth year revenue tumbled 15% on a constant currency basis to US$5.34bn from US$6.03bn, reflecting the company’s strategic refranchising initiative.
On the earnings front, fourth-quarter net income fell 41% to US$698.7mln from US$1.19bn the previous year, down 44% on a constant currency basis.
Earnings per share (EPS) of 87 cents were down from US$1.44 the corresponding quarter of 2016, but adjusted EPS of US$1.71 was ahead of the consensus forecast of US$1.59.
"2017 was a strong year for McDonald's as customers responded to the many ways we are making their experience more convenient and enjoyable," claimed McDonald's president and chief executive officer, Steve Easterbrook.
"We served more customers more often, achieved our best comparable sales performance in six years, gained share in markets around the world and made tremendous progress with growth platforms such as delivery, mobile order and pay and Experience of the Future," he added.
Traders were lukewarm on the update and the shares dipped 0.8% to US$176.41 in pre-market trading.
In the regular session, shares lost 3.58% to US$171.44.