The company’s global comparable sales during the latest quarter were up by 8.8%. Credit: McDonald’s.

McDonald’s has reported a net income of $2.32bn for the third quarter of 2023, an increase of 16.9% compared to $1.98bn a year earlier.

Its diluted earnings per share (EPS) were $3.17 during the quarter, an increase of 18% compared to last year.

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For the period which ended 30 September 2023, the company’s consolidated revenues rose by 14% to $6.69bn from $5.87bn last year.

Its global comparable sales during the quarter rose by 8.8%, reflecting strong comparable sales across all segments.

The comparable sales in the US increased by 8.1% and in the internationally operated markets segment, it grew by 8.3% while the international developmental licensed markets segment registered a growth of 10.5%.

During the quarter, the company’s global systemwide sales grew by 11%.

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The digital systemwide sales across the company’s top six markets were nearly $9bn, representing more than 40% of its systemwide sales.

The company’s consolidated operating income rose by 16% year-on-year to $3.21bn.

The company also declared a 10% increase in its quarterly cash dividend to $1.67 per share this quarter.

McDonald’s president and CEO Chris Kempczinski said: “With global Systemwide sales growth of 11%, our third quarter results reflect our position of strength as the industry leader.

“The macroeconomic environment is unfolding in line with our expectations for the year and we continued to deliver convenience and value for our customers.

“Thanks to the entire McDonald’s System’s outstanding execution of Accelerating the Arches, we remain confident in our future and the strategic direction of our business.”