Fast-food giant McDonald's today announced a rise in net profit in the third quarter and said its sales were strong in October despite the economic turmoil worldwide.
The group said net profit totaled $1.19 billion in the third quarter, an increase of 11% compared with the same time last year. Sales rose 7.1% on a comparable basis to $6.3 billion, with growth in all regions.
'As we enter the final quarter of the year, October sales trends remain strong and I am optimistic about McDonald's outlook,' CEO Jim Skinner said.
Widespread recession fears in the US and in other countries have hit consumer confidence and are expected to lead to cutbacks in spending.
Analysts say cost-focused companies such as McDonald's or budget retailers will fare better than others as consumers search for ways to make their money go further.
