McDonald's May sales up but sees euro drag on profit |
| Reuters - Jun 8, 2010 |
About 25 percent of McDonald's consolidated operating income originates in countries that use the euro currency. Based on current exchange rates, McDonald's expects currency conversion to hurt full-year net income per share, versus its previous expectation for a slightly positive impact. It gave no further details.
On Tuesday, the euro hovered near a four-year low against the dollar on concerns over a widening European debt crisis that has struck financial markets and could constrict consumer demand.
McDonald's rival Burger King on Monday said it expected unfavorable foreign exchange rates, primarily related to the euro, to reduce earnings for the current quarter 1 to 2 cents a share.
However, McDonald's does not expect the weak euro will hurt results for its second quarter, which will end June 30. The world's largest hamburger chain said May sales at McDonald's restaurants open at least 13 months rose 3.4 percent in the United States and were up 5.7 percent in Europe.
Read Full Article from Reuters
- Posted: 2010-06-08 10:17:12
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