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McDonald's posts higher second-quarter profit

NEW YORK
Wed Jul 23, 2008 8:16am EDT

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A McDonald's sign is seen in Times Square in New York June 9, 2008. REUTERS/Shannon Stapleton

NEW YORK (Reuters) - McDonald's Corp (MCD.N), the world's largest restaurant chain, posted a higher second-quarter profit on Wednesday, boosted by strong overseas sales.

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Net income came to $1.2 billion, or $1.04 per share, compared with its year-earlier loss of $711.7 million, or 60 cents per share, when it completed the sale of its businesses in Latin America and the Caribbean.

The company's emphasis on low-priced menu items have helped it weather the economic downturn, luring cash-strapped consumers away from higher-priced, sit-down restaurants. Overseas sales have been outpacing domestic results for some time at McDonald's.

(Reporting by Aarthi Sivaraman, editing by Maureen Bavdek)
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