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McDonald's profit in line
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April 22, 1999: 10:43 a.m. ET
Fast-food chain posts 11% earnings gain in 1Q on 8 % sales increase
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NEW YORK (CNNfn) - McDonald's Corp. said Thursday earnings rose 11 percent in the first quarter, in line with forecasts on Wall Street, as sales grew 8 percent.
The world's largest restaurant chain said net income rose to $403 million, or 29 cents a diluted share, from $362 million, or 26 cents a share, a year earlier. The results met estimates of 29 cents a share, according to First Call, which tracks analysts' profit forecasts.
Sales grew to $3.04 billion from $2.80 billion.
The Oak Brook, Ill.-based company cited two promotions aimed at children during the quarter and its new serving system, called Made for You, that it said lowered costs and improved quality.
Profits rose in all regions except Latin America, the company said.
The company had 24,955 restaurants system-wide at the end of the quarter, up from 23,346 a year earlier. The figures include franchises and company-owned and affiliated units. System-wide sales rose 8 percent to $8.82 billion.
Shares of McDonald's (MCD), one of the 30 stocks in the Dow industrials, rose 3/8 to 45-3/4 in early trading. 
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McDonald's
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