McDonald's has announced a strong financial performance for the fourth quarter of 2023, with a notable increase in net income and consolidated revenues.

For the fourth quarter that ended on 31 December 2023, the company's net income reached $2.03bn, a 7% rise from the $1.90bn reported a year previously

The fast-food giant's diluted earnings per share also climbed by 8%, standing at $2.80, compared to 2022.

The growth is part of a broader trend of increased revenues, which saw a jump to $6.40bn, up by 8% from $5.92bn in the fourth quarter of 2022.

Global comparable sales for McDonald's saw an uptick of 3.4%, driven by a strong performance across all segments.

In the US, comparable sales increased by 4.3%, while internationally operated markets experienced 4.4% growth.

The international developmental licensed markets segment saw a more modest rise of 0.7%, influenced by the ongoing conflict in the Middle East.

The company's global systemwide sales rose by 6%, and its operating income saw an 8% increase, reaching $2.80bn.

McDonald's president and CEO Chris Kempczinski said: “Our global comparable sales growth of 9% for the year is a testament to the tremendous dedication of the entire McDonald's system.

“Strong execution of our Accelerating the Arches strategy has driven over 30% comparable sales growth since 2019 as our talented crew members, and the industry's best franchisees and suppliers, have demonstrated proven agility with a relentless focus on the customer.

“By evolving the way we work across the system, we remain confident in the resilience of our business amid macro challenges that will persist in 2024.”