There is not much to say about McDonald’s (MCD) other than to state that it is clearly recession-proof and has the best management in its industry.
Global comparable sales increased 4.3% even though the quarter had one less day than the period a year ago. Taking out the effects of currency, MCD sales rose 2% to $5.1 billion. Net income moved up 13% to $980 million. Currency exchange rate hurt GAAP results by about 8% compared with last year.
The company keeps shipping cash back to shareholders. CEO Jim Skinner said, “McDonald’s continues to demonstrate its ongoing commitment to driving shareholder value. Through first quarter 2009, the Company returned $12.9 billion toward the $15 billion to $17 billion targeted cash return to shareholders by the end of 2009. Given our strong balance sheet and operating performance, we fully expect to meet the target this year.”
Douglas A. McIntyre
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