Business News

Oct 22, 2008, 16:36 GMT

McDonald's grows fat on lean times, in Europe too

Washington - The world's largest restaurant chain McDonalds is growing fat on lean times, reporting Wednesday an 11 per cent rise in third quarter profits compared to the same period last year. Cheap one-dollar cheeseburgers and other dollar-menu items brought in more consumers who are stretched by higher food costs at grocery stores and other restaurants, according to the company's statement. Earnings rose to 1.19 billion dollars, compared with 1.07 billion dollars a year ago, the Oak Brook, Illinois-based company said. Europe outpaced US demand for snack-sized chicken wraps in Germany and France and breakfast foods in Britain, the company said. McDonald's benefited from 'people having tough times right now, not spending as much money on discretionary food purchases,' Michael Yoshikami, chief investment strategist at YCMNet Advisors, was quoted as saying by Bloomberg financial news service. Sales increased 6.2 per cent to 6.27 billion dollars from 5.9 billion dollars.

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