McDonald’s announced a record annual turnover of $27bn

Mike Mozart/Flickr

(qlmbusinessnews.com via telegraph.co.uk – – Sat, 8 July 2017) London, Uk – –

McDonald’s, the fast food chain, announced a record annual turnover of $27bn as it continued to win market share around the world and vowed to open 1,300 new outlets this year.

The company, which has enjoyed a stellar few years following the economic crisis, said that its turnover had increased by 12pc to $27bn, with net income increasing 11pc to $5.5bn.

This is the ninth consecutive year that sales have increased after it suffered from a crisis of confidence at the end of the 1990s.

In the US like-for-like sales increased by 7.1pc in the final quarter and 6pc for the year, its highest level of growth since 2006.

Its European restaurants continued to perform well as it won over consumers on a budget – both families trading down from pizza restaurants and commuters buying cheap coffee on the way into work. European sales jumped 10pc on a like-for-like basis, the company said.

Jim Skinner, the chief executive, said: “As we begin 2012, we are intensifying our efforts toward the global priorities that represent our greatest opportunities under the Plan to Win – optimising and evolving our menu, modernising the customer experience and broadening accessibility to our Brand.”

He said that the company would invest about $2.9bn of capital – roughly half dedicated to opening more than 1,300 new McDonald’s restaurants. It has about 33,000 restaurants already, just a small number fewer than Subway, the sandwich chain.

The financial results came as the company announced it would create 2,500 jobs this year in the UK, with about 30pc of them going to first-time workers.

Jill McDonald, chief executive officer of McDonald’s UK, said: “Despite these difficult economic conditions, our continued emphasis on good quality food at affordable prices, and improving the experience for our customers and our people, has meant that we are able to continue to invest in the business and create jobs.”

By Harry Wallop