McDonald's profit slips amid weak sales - New York News

McDonald's profit slips amid weak sales

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NEW YORK (AP) — McDonald's reported a lower profit for the first quarter as the world's biggest hamburger chain saw global sales remain weak.

The Oak Brook, Ill.-based company said global sales edged up 0.5 percent at established restaurants. In the U.S., the figure fell 1.7 percent as customer traffic declined. The company cited "challenging industry dynamics and severe winter weather."

It said global sales for April are expected to be modestly positive.

For the quarter ended March 31, net income fell to $1.2 billion, or $1.21 per share. Analysts expected $1.24 per share. A year ago, the company earned $1.27 billion, or $1.26 per share.

McDonald's Corp. noted that the year-ago results were boosted by income tax benefits.

Revenue edged up to $6.7 billion, shy of the $6.71 billion Wall Street expected.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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