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APRIL 30 (Reuters) – McDonald's Corp. announced Tuesday a rise in quarterly sales in US restaurants far better than expected, boosted by the latest promotions and menu additions from the hamburger chain, bringing its shares up about 4%.
During the first quarter, McDonald's launched a new bid for two for $ 5, modified its breakfast menu to add donut sticks and offered smoked apple bacon with a selection of its burgers and sandwiches .
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The company is modernizing its stores by introducing digital menus and adding wooden tables and imitation leather chairs, in order to attract diners to a competitive market.
These efforts contributed to a 4.5% growth in US store sales, exceeding the 3.03% increase expected by analysts, according to Refinitiv IBES. The beat was also his first in four quarters.
Net income fell to $ 1.33 billion, or $ 1.72 per share, in the first quarter ended March 31, from $ 1.38 billion, or $ 1.72 per share, a year earlier.
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Excluding non-recurring items, the company realized a profit of 1.78 USD per share. Total revenue fell about 4% to $ 4.96 billion, due to its transfer to a majority of its restaurants.
Analysts were expecting a profit of $ 1.75 per share for a $ 4.93 billion business figure.
(Report by Nivedita Balu in Bengaluru, edited by Shinjini Ganguli)
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