|McDonald’s Profit Slips|
|Monday, 23 July 2012 12:50|
NEW YORK — McDonald’s recently recorded a four-per-cent dip in net income.
McDonald’s Corp. reports net income slipped four per cent in the second quarter, due to unfavourable foreign currency exchange rates and increasingly budget-conscious diners.
Citing a sluggish global economy, company revenue didn’t meet expectations. The rising cost of ingredients, partly due to a U.S. drought, has also caused concern.
According to reports, the global company says it earned US$1.35 billion, or $1.32 per share, for the period ending June 30. That compares with $1.4 billion, or $1.35 per share, one year ago. Total revenue for the quarter was $6.92 billion, up from $6.91 billion one year ago.
According to AP, CEO Don Thompson is hopeful a distinct menu and renovations across the chain will attract more customers.