Fast food giant McDonald's has reported a 4% rise in profits for the first quarter of 2009, despite a 10% decline in worldwide revenues.
McDonald's reported profits of $979m, though these were boosted by a once-off gain from the sale of a stake in the Redbox DVD rental business. The earnings amounted to 87 cents per share, roughly in line with market expectations.
Revenues fell 10% from a year earlier to just over $5 billion, but when the effects of new stores and closures were stripped out, sales increased by 4.3%. The firm said more consumers were looking for value during the economic crisis.
In the US market, operating profits rose 6%, with the company citing rising market share and increased sales of chicken, breakfasts and beverages.
Elsewhere, the company said it had 'solid' results in Europe led by Britain, France and Russia, with profits up 1%. In the Asia Pacific, Middle East and Africa region, operating profit increased 11%.
A company official said the lower revenues reflected currency factors and an increase in franchising which restructures company receipts.
