McDonald's profits edge higher

McDonald's reported a 1 per cent rise in fourth-quarter earnings as sales at US stores rose, beating expectations.

The fast food operator reported earnings of $1.38 per share and $1.4bn in net income on $6.95bn in revenues, compared with $1.33 per share and $1.38bn in net income on $6.82bn in revenues during the same period last year. Analysts had expected earnings of $1.33 a share on sales of just under $6.9bn. More News From Financial Times
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Chemring alert takes edge off FTSE gains The company said in a statement that it would invest about $3.2bn in 2013 to open between 1,500 and 1,600 new McDonald's restaurants. Analysts expect its pipeline of new product launches to increase sales amid strong competition from rivals Burger King and Wendy's. Shares edged up 0.8 per cent in pre-market trading in New York. For the full year 2012, net income fell marginally to $5.46bn on a rise in revenues to $27.57bn, while earnings rose from $5.27 per share in 2011 to $5.36.