US fast food company McDonald’s announced, Wednesday, that it earned a cumulative profit of $5.906 million in the first nine months of the year, up 76% from the same period in 2020.
According to a statement, the company reported sales between January and September of $17.213 million, an increase of 24% year-on-year, recently driven by an increase in its bid prices to offset higher costs.
In the third quarter, McDonald’s made 2,149 million, up 22% from the same period a year earlier, as sales rose 14%, to 6,201 million.
The company’s CEO, Chris Kempczynski, noted that the previous results of the coronavirus pandemic had been overtaken and attributed them to “the company’s size and agility.”
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In this sense, McDonald’s global sales in the third quarter were up 12.7% year over year and 10.2% compared to 2019 data, with growth in all of its markets.
The highest annual growth rate (13.9%) occurred in international markets, which lifted restrictions against COVID-19, led by the United Kingdom, Canada, France and Germany.
In the US, growth was 9.6% and the company attributed this to large orders and increases in menu prices, as well as celebrity promotions and its new loyalty program.
Coca-Cola earns $7,357 million through September, up 17%
The multinational soft drink and food company Coca-Cola earned $7,357 million in the first nine months of 2020, up 17% from the $6,291 million recorded in the same period the previous year.
The net operating income of the Atlanta (US)-based group between January and September was 29,191 million, up 20% year-on-year, the company said Wednesday in a statement.
In the third quarter, which was most followed by Wall Street analysts, Coca-Cola posted a net profit of $2,471 million, up 42% from the 1,737 it made in that section of 2020.
Operating bills between July and September were 10,042, an increase of 16% year over year.
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Coca-Cola described its third-quarter results as “strong”, as well as its performance in the first nine months of the year, and emphasized that the past three months had been favorable with new “momentum”.
“Our strategic transformation allows us to navigate effectively in a dynamic environment and emerge stronger from the pandemic,” the company’s CEO, James Quincey, said in the memo.
Quincy also noted that although recovery from the crisis caused by the COVID-19 pandemic is occurring at different rates around the world, the company is investing in growth to “create long-term value.”
By geography, Coca-Cola had its highest growth rate in the fourth quarter in Latin America, with net sales up 41%, followed by Europe, the Middle East and Africa as a whole, which grew by 13%, and North America, which rose by another 13%, Asia Pacific saw a 3% recovery.
For the full year, Coca-Cola expects its net income to rise between 1 and 2%. As for the year ahead, the multinational is confident of the momentum in its business, although it indicated that it will not present its forecast until it announces its fourth-quarter results.
And the results announced by the company today exceeded the expectations of investors, and after the opening of Wall Street, its shares rose by 2.17%.
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