New Menu Gains Popularity with Successful Promotion Featuring BTS
[Asia Economy Reporter Yu Je-hoon] American fast food company McDonald's reported second-quarter sales and net income that exceeded market expectations, according to CNBC on the 27th (local time).
According to the report, McDonald's net sales in the second quarter increased by 57% year-on-year to $5.89 billion (approximately 6.7 trillion KRW). This surpassed Wall Street's forecast of $5.6 billion.
Net income also surged to $2.22 billion ($2.95 per share) compared to $483.8 million in the same period last year. Excluding UK income tax benefits, McDonald's second-quarter earnings per share were $2.37, also exceeding analysts' expectations of $2.11 per share.
U.S. market sales increased by 25.9% quarter-over-quarter. The company explained that this was driven by increased sales of the new chicken sandwich launched in February and promotions with Korean idol group BTS. Additionally, McDonald's showed strong recovery in overseas markets outside the U.S.
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