The Canadian Press

Fast food giant McDonald's swings to second-quarter profit

Wed Jul 23, 8:21 AM

By The Associated Press

OAK BROOK, Ill. - McDonald's says it swung to a profit in its second quarter, helped by a gain from selling its interest in a gourmet sandwich chain and strong sales of breakfast items, chicken sandwiches and beverages.

America's No. 1 hamburger chain says it earned US$1.19 billion, or $1.04 per share, compared with a loss of $711.7 million, or 60 cents per share last year. The Oak Brook, Ill.-based company says revenue rose four per cent to $6.08 billion from $5.84 billion.

The results include a gain of 10 cents per share from the sale of its interest in Pret A Manger. A year ago, the results were weighed down by charges from selling its Latin America and Caribbean businesses.

Thomson Financial says analysts expected earnings of 86 cents per share on revenue of $5.92 billion.

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