CORRECTED-UPDATE 1-McDonald's Oct same-restaurant sales miss as Japan drags
(Corrects paragraph 4 to fix source of analyst estimate to Thomson Reuters from Consensus Metrix. The error also appeared in an earlier version of the story)
* Global same-restaurant sales growth 0.5 pct in Oct vs est. 0.6 pct
* U.S same-restaurant sales growth 0.2 pct vs est. 0.7 pct
Nov 8 (Reuters) - McDonald's Corp reported lower-than-expected comparable-restaurant sales for October as sales fell in Japan and remained weak in the United States.
The world's largest hamburger chain warned a few weeks ago that global sales at established restaurants would be relatively flat in October, and signaled that weakness would continue in the fourth quarter amid stiff competition and a halting economic recovery.
Analysts have also raised concerns the company is suffering from execution issues rather than external factors as its results over the past year show it has been slower in adapting to changing consumer demands compared to Wendy's Co and Burger King Worldwide Inc.
McDonald's global sales at restaurants open for more than a year rose 0.5 percent in October, but the growth was below the average analyst estimate of 0.6 percent, according to nine analysts polled by Thomson Reuters.
Comparable-restaurant sales grew 0.2 percent in the United States, falling short of the 0.7 percent expected by analysts.
In Europe, sales rose 0.8 percent as more customers ate at its restaurants in the UK, France and Russia.
McDonald's said sales in Asia Pacific region, the Middle East and Africa fell 2.8 percent, mainly due to negative results in Japan. The company did not elaborate on its Japan performance.
McDonald's has been reporting weak sales in Japan for the past six months.
The Oakbrook, Illinois-based company's shares fell 0.3 percent to $97.14 at the opening on the New York Stock Exchange. (Reporting by Siddharth Cavale in Bangalore; Editing by Kirti Pandey)
- Man called Bitcoin's father denies ties, leads LA car chase
- Ukraine standoff intensifies, Russia says sanctions will 'boomerang' |
- Florida mayor fights backyard gun ranges in 'Gunshine State'
- Apple loses bid for U.S. ban on Samsung smartphone sales
- 'Everything is fine', Pistorius told guard after shooting girlfriend |