McDonald's Corporation (NYSE: MCD) today announced global results for the quarter and nine months ended September 30, 2002.
Diluted earnings per share were $0.38 for the quarter, down 12% in constant currencies from the previous year quarter.
Total revenues were $4.0 billion for the quarter and $11.5 billion for the nine months, up 3% and 4%, respectively, in constant currencies.
Net Income was $486.7 million for the quarter and $1.237 billion for the nine months, down 14% and 11%, respectively, in constant currencies.
Systemwide sales totaled $10.9 billion for the quarter and $31.0 billion for the nine months, up 1% and 2%, respectively, in constant currencies.
During the quarter, McDonald's repurchased $154 million of its stock.
McDonald's announced a reallocation of capital spending for 2003, with a focus on building sales at existing restaurants and dramatically reducing traditional McDonald's restaurant additions to about 600.
Jack M. Greenberg, Chairman and Chief Executive Officer, said, "This year certainly has proven to be even more challenging than we had anticipated. Yet, we are seeing continued momentum in some areas of our business and some improvement in other areas, as we continue to respond to changing worldwide economic and competitive environments.”
"In addition, we firmly believe that there are untapped growth opportunities for our existing McDonald's restaurant business. We have always focused on achieving appropriate returns on each and every dollar invested. In today's world, it's even more critical that we do so,” Greenberg said.
The McDonalds Corporation Board of Directors also approved an increase in the annual dividend to 23.5¢, up 4.4%.
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