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OAK BROOK, Ill. -- McDonald’s Corp.’s first quarter profits rose almost 4 percent, according to a report by The Associated Press.
The company said profit for the quarter ending March 31, rose to $979.5 million, from $946.1 million. This rise surpassed estimates from analysts polled by Thomson Reuters.
Though the company stated the strong dollar had hurt results by eight cents per share, the fast food chain showed a rise in global same-store sales in every area of the world, with a 4.7 percent climb in the U.S., where the recession has dampened sales in many restaurants.
McDonald's Chief Executive Jim Skinner said in a statement the company's strong sales are likely to persist with April same-store sales looking "at least as strong or better than first-quarter sales in every area of the world."
However, overall revenue has not been as strong, mainly due to the upswing in value of the U.S. dollar. With the dollar’s increased value, the process of converting foreign currency into dollars has resulted in less overall revenue.
The boost is partially attributed to McDonald’s new menu items as well as espresso-based drinks and the sale of its minority interest in Redbox Automated Retail LLC.
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