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| Edited By: |Source: Reuters |Updated: Mar 17, 2018, 06:34 AM IST
McDonald's Corp reported weaker-than-expected December sales at established US and European restaurants as poor weather hurt demand, and said its food costs would rise in 2011.
Shares of the world's largest hamburger chain fell about 1.7% in premarket trading on Monday as the company also reported a fourth-quarter profit in line with expectations.
McDonald's said global sales at restaurants open at least 13 months rose 3.7 percent overall in December. They gained 2.6% in the United States, slid 0.5% in Europe and rose 8.9% for Asia-Pacific, Middle East and Africa.
Wall Street had expected December same-restaurant sales to be up 3.9% in the United States, up 3.4% in Europe and gain 5.7% in APMEA, according to Janney analyst Mark Kalinowski.
For January, the company expects global same-restaurant sales to increase in a range of 4% to 5%.
Net income in the fourth quarter rose to $1.24 billion, or $1.16 a share, compared with $1.22 billion, or $1.11 a share, in the year-earlier quarter. The profit matched what analysts polled Thomson Reuters IBES had expected.
McDonald's shares dropped to $73.73 in premarket trading from Friday's closing price of $75.01 on the New York Stock Exchange.
