US fast-food giant McDonald's said its 2008 net profit soared 80% from a year ago, lifted by growing demand from consumers seeking low-cost meals in a deepening global recession.
Net profit for the full year totalled $4.3 billion, compared with $2.3 billion in 2007, the Illinois-based company said. Excluding exceptional items, earnings per share were $3.76, widely exceeding consensus market forecasts of $3.63.
The robust annual results came despite a sharp 23% decline in fourth-quarter net profit to $985m, from $1.273 billion in the 2007 fourth quarter. Fourth-quarter earnings per share were 87 cents, above expectations of 83 cents.
The global fast-food giant said it saw growth in comparable sales and customer counts across all segment for ever quarter, and double-digit growth in operating income for the final quarter and the year.
Global comparable sales in 2008 increased 6.9%. That included rises of 4% in the US, 8.5% in Europe, and 9% in Asia/Pacific, Middle East and Africa, the company said.
Cost-focused companies such as McDonald's and budget retailers generally have weathered the global financial crisis better than others as consumers seek ways to stretch their money.
