Read More About
Greenberg's news caused McDonald's stock to rise 76 cents to $29.88 per share. The company's strong gains gave the market a much needed boost.
McDonald's credits strong European sales, which rose 9 percent in the first two months of the quarter, for the encouraging earnings forecast. European sales are on track for high single-digit revenue growth. The company also expects operating income to grow in the high single digits to low double digits for 2002.
"Last year, sales in Europe were down to a number of issues such as the Mad Cow scare. The comps were not great. Business has recovered and then some," said a spokeswoman for McDonald's told reporters.