McDonald’s Sales Trail Estimates as Asia Results Drop – Bloomberg
By Courtney DentchDec. 8 (Bloomberg) -- McDonald’s Corp. fell the most in more than four months after global November sales showed the smallest monthly gain in at least five years, missing analysts’ estimates.
McDonald’s fell $1.66, or 2.7 percent, to $60.27 at 9:51 a.m. in New York Stock Exchange composite trading. Earlier it slipped as much as 3.1 percent, the biggest intraday drop since July 23. It had lost less than 1 percent this year before today.
Sales at global stores open at least 13 months rose 0.7 percent. U.S. sales declined 0.6 percent, while Europe climbed 2.5 percent, the Oak Brook, Illinois-based company said in a statement today. Sales in Asia, the Middle East and Africa fell 1 percent.
It was the second straight month of declines in U.S. sales as consumers curbed spending and as high unemployment rates trimmed sales at breakfast and lunch. Orders off the company’s dollar menu have been hurt by rivals’ offers, such as Burger King Holdings Inc.’s $1 double cheeseburger. The Asia region posted its first decline since August as Japan and China sales slowed.
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