McDonald’s Q4 and full year income up
Oakbrook, Ill. -- McDonald’s Corp. said net income for the fourth quarter, ended Dec. 31, 2010, rose 2.1% to $1.24 billion from $1.22 billion a year earlier.
Revenue increased 4% to $6.21 billion in the fourth quarter from $5.97 billion a year earlier. Global same-store sales rose 5% in the quarter, reflecting increases of 4.4% in the United States, 3.4% in Europe and 5.5% in the Asia/Pacific, Middle East and Africa division.
For the full year, McDonald’s reported net income of $4.95 billion, up 9% from $4.55 billion in fiscal 2009. Revenue rose 6% to $24.07 billion in 2010, compared with $22.74 billion a year earlier.
McDonald’s chief executive Jim Skinner said that the company would take much of its cash flow and deploy it in 2011 for capital expenditures related to upgrading and reimaging restaurants around the world, a key long-term initiative for the brand.
“In 2011, we plan to invest about $2.5 billion of capital -- roughly half dedicated to opening approximately 1,100 new McDonald’s restaurants and the other half allocated to investing in our existing locations, including reimaging,” Skinner said.