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McDonald’s stock hit an all-time high on Friday as Wall Street welcomed the company’s third-quarter results.

The stock hit about $274 on Friday, up about 3% on the day.

On Thursday, McDonald’s reported third-quarter consolidated sales of about $5.87 billion. That’s a year-on-year decline that isn’t adjusted for currency, beating Wall Street’s expectations and starting to hit new levels for stocks. The company went public in his 1965.

Cohen raised his target price from $280 to $293 as a result. In a note Thursday, Cowen restaurant analyst Andrew Charles wrote: [McDonald’s] A proven playbook that drives US outperformance. ”

The burger chain has seen success with recent promotions focused on core products such as happy meals for adults and meals for celebrities. In the third quarter, sales at McDonald’s U.S. stores that have been open for at least 13 months increased 6.1%.

McDonald's stock hit an all-time high on Friday.

Hamburger chains were able to boost sales by raising prices. McDonald’s US prices averaged about 10% year-over-year in the third quarter.

All companies are raising the prices of their products, so you have to be careful not to scare away too many customers. Companies such as Coca-Cola (KO) and PepsiCo (PEP) are offering food and beverages in smaller packages to offer customers cheaper options (as trade in those commodities worsens). and). PepsiCo’s (PEP) stock also hit a record high on Friday.

Another way to keep customers while raising prices is to focus on value.

“Consumers see McDonald’s as an affordable brand and are willing to accept price increases,” CEO Chris Kempczinski said on an analyst conference call Thursday about third-quarter results. I got

In fact, McDonald’s is increasing its share “among low-income consumers,” CFO Ian Borden said on a conference call.

McDonald’s is “positioned as a leading brand in terms of value for money and affordability,” Borden said, adding that some customers buy value-added items as a way to save money from buying meals. The company uses a rewards program to generate more loyal customers. “Our loyalty program drives growth and exceeds expectations,” said Kempczinski.

And McDonald’s has a track record of doing well during economic downturns.

Referring to the 2008 and 2009 financial crises, Boden said, “Our business did well in the last recession. We expect to do well in this environment on a relative basis to our competitors. I am.”

— Paul R. La Monica of CNN Business contributed to this report.

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