Arcos Dorados, the Uruguay-headquartered franchiser of McDonald’s restaurants in Latin America and the Caribbean, has reported an attributable net income of $55.8m for the fourth quarter of 2023, an increase of 2.3% compared to the previous year.

For the quarter ending 31 December 2023, total revenues were $1.2bn, a jump of 15.4% in US dollars compared to the same quarter of 2022.

The company’s systemwide comparable sales increased 32.4%.

Consolidated adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the quarter was $132.6m, an increase of 16.3% compared to the same quarter of 2022.

Arcos Dorados’ consolidated adjusted EBITDA margin was 11.3%, an increase of 10 basis points versus Q4 2022.

The company opened 36 restaurants in the quarter, including 31 free-standing locations and 18 new restaurants in Brazil.

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Arcos Dorados CEO Marcelo Rabach said: “We are very pleased to report that we had a solid finish to a very strong year in 2023. Our Three Ds strategy of Digital, Delivery and Drive-through continues to evolve while leveraging the industry’s largest free-standing restaurant portfolio.

“We have adapted to changes in consumer preferences over the last several years to provide the most compelling value, experience and convenience proposition in the region’s quick service restaurant industry.

“Results in 2023 reflect how this led to increased visit frequency and market share gains across our markets. And we feel like we are just getting started with the Three Ds strategy driving sustainable sales growth, supported by restaurant volume and average check.”