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US sales boost McDonald’s Q1 profits despite boycotts hampering other markets | Scoop

Despite weak sales from emerging markets due to the war on Gaza, McDonald’s sees boosted quarterly earnings through its US market. – Abdul Razak Latif/Scoop file pic, April 30, 2024

US sales boost McDonald’s Q1 profits despite boycotts hampering other markets

Fast-food giant sees 7% increase in profits, 5% increase in revenue after taking a hit in 2023 due to the war on Gaza

Scoop Reporters

Updated 30 April, 2024

30 April, 2024

11:48 PM MYT

KUALA LUMPUR – Higher sales in the United States have bolstered the quarterly earnings of McDonald’s Corporation despite weak revenue from emerging markets due to the Middle East conflict.

The fast-food giant continued to take a hit as the conflict dragged down positive comparable sales in Japan, Latin America and Europe.

The company credited the higher sales in the US to price increases, while Britain and Germany offset the negative sales in France.

Profits in the first quarter soared 7% to US$1.9 billion while revenue rose 5% to US$6.2 billion.

Nearly a month ago, McDonald’s announced the acquisition of 225 of its restaurants in Israel amid ongoing global boycotts due to the war on Gaza.

However, McDonald’s did not disclose the terms of the deal with Alonyal. Alonyal has operated McDonald’s restaurants in Israel for more than 30 years.

In its 2023 earnings report in February, McDonald’s said the war in Gaza had affected its financial performance, especially in Muslim-majority regions.

The increased calls for a boycott were triggered when the franchise in Israel announced on Instagram that it was giving thousands of free meals to hospitals and troops in the Israel Defence Forces. – April 30, 2024

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