In 2023, McDonald’s net profit increased by 37% – Kommersant
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Yesterday, February 5, McDonald’s reported (.pdf) for the fourth quarter and 2023 as a whole. Quarterly revenue increased by 8%, to $6.4 billion. Net profit increased by 7%, exceeding $2 billion. In 2023, McDonald’s revenue increased by 10%, to $25.5 billion. Net profit increased by 37%, reaching $8.5 billion
The quarterly results turned out to be worse than analysts’ forecasts, so the company’s shares fell by almost 4% after the publication of the results. Comparable sales (that is, sales at existing locations excluding new ones opened over the past year) of McDonald’s outside the United States rose 3.4% in the fourth quarter, which was significantly worse than the forecast for growth of 4.7%.
The company noted that the war in the Middle East had a “significant impact” on sales in the fourth quarter. In some countries in the region, the company was accused of being pro-Israel and called for a boycott. Sales also remain relatively weak in China, McDonald’s second largest market after the United States. There this is due to the fact that the economy is recovering from the pandemic more slowly than expected. US comparable sales increased 4.2%, also worse than expected.
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