McDonald’s said on Thursday that traffic at its U.S. restaurants is increasing, allowing the fast-food giant to beat analysts’ quarterly earnings and sales estimates.
Other companies have reported decreased traffic after hiking menu pricing; thus, the company is bucking the trend. Many restaurants, notably McDonald’s and its franchisees, have raised their prices to offset rising food and labor expenses, while inflation-weary customers have reduced their eating out to save money.
In premarket trade, the company’s shares rose around 2%.
In the third quarter, the firm recorded a net income of $1.98 billion, or $2.68 per share, down from $2.15 billion, or $2.86 per share, the previous year.
Same-store sales increased 9.5% globally, above StreetAccount projections of 5.8% growth. McDonald’s three divisions outperformed Wall Street’s estimates for same-store sales growth.
