McDonald’s revenues totalled $5.369bn for the third quarter (Q3) of this year ending 30 September, a 7% decline compared with $5.754bn for the same period last year.
The revenue decrease is due to the impact of the company’s strategic refranchising initiative.
The fast-food company reported an operating income of $2.417bn, a 21% decrease compared to $3.079bn for the same period in the previous year.
Net income decreased 13% from $1.883bn last year to $1.637bn in the third quarter. Diluted earnings per share of the company were $2.10 for the quarter, a 9% decreased compared to $2.32 in the previous year.
McDonald’s president and CEO Steve Easterbrook said: “In addition to achieving 13 consecutive quarters of positive global comparable sales, we have made substantial progress modernising restaurants around the world, enhancing hospitality and elevating the experience for the millions of customers we serve every day.
“We remain confident that our strategy will drive long-term, profitable growth.”
Global comparable sales increased by 4.2% and system-wide sales increased by 5% in constant currencies.
The company has also reported a 2.4% increase in comparable sales and a 3% increase in operating income for the US segment during the third quarter.
The company has witnessed a 5.4% increase in comparable sales and a 3% increase in operating income for the International Lead segment.
McDonald’s has more than 37,000 outlets throughout 100 countries, with 90% owned and operated by independent local business people.