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Stronger dollar hurts McDonald’s 3Q results
NEW YORK—Tough competition in the US and the weakening economy abroad was a double whammy for McDonald’s in the third-quarter, sending the burger chain’s net income down nearly four per cent. McDonald’s said it was adjusting some of its plans to deal with the pressures, including stepping up advertising for its dollar menu and bringing back the popular McRib sandwich nationally in December to drive traffic into US stores.
The world’s largest hamburger chain with 33,000 locations worldwide has thrived in boom and bust times by selling cheap eats and constantly updating its menu. But global economic pressures and intensifying competition are wearing at the company, which does two-thirds of its business overseas.
That news sent shares down US$4.14, or 4.5 per cent, to close at US$88.72 Friday. The stock had been down seven per cent since the beginning of the year.
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