McDonald’s has reported revenues of $21.02bn for the fiscal year ending 31 December 2018 (FY2018), an 8% decline compared with $22.82bn for the same period the previous year.

This decrease is due to the impact of the company’s strategic refranchising initiative.

The chain reported an operating income of $8.82bn for FY2018, which is down by 8% compared with $9.55bn for FY2017.

Net income increased 14% to $5.92bn, compared with $5.19bn for FY2017, while diluted earnings per share were $7.54 for the full year, an 18% increase compared with $6.37 in 2017.

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McDonald’s president and CEO Steve Easterbrook said: “Our performance in 2018 was strong, driven by the Velocity Growth Plan with broad-based momentum across each of our global segments.

“Our performance in 2018 was strong, driven by the Velocity Growth Plan.”

“We continued to transform our business by making substantial progress on modernising our restaurants and offering more convenience, choice and value to our customers.

“We’ve now achieved 14 consecutive quarters of positive global comparable sales and our customers rewarded us with more visits in 2018, helping us to achieve two consecutive years of global guest count growth for the first time since 2012.”

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Global comparable sales increased by 4.4% and system-wide sales increased by 5% in constant currencies.

In addition, the company has posted a 5.4% increase in comparable sales and a 1% decrease in operating income for the US segment during Q4.

The company’s International Lead segment witnessed a 5.2% increase in comparable sales and an 8% increase in operating income for Q4 2018.

McDonald’s has more than 37,000 outlets in 100 countries, with nearly 93% of its restaurants owned and operated by independent local business people.