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2011年10月30日 星期日

Gains at McDonald's continue, but menu prices could rise

麥當勞也賣燕麥粥!健康化帶動9季獲利成長


2011-10 Web only 作者:經濟學人

麥當勞於星期五表示第三季淨利成長9%。麥當勞在衰退之時、之後的表現都相當不錯,但麥當勞也提及牛肉、勞工成本上升等挑戰,並暗示今年可能會第三度調漲價格;想吃麥當勞的消費者可能得準備付更多錢了。

第三季淨利增至15.1億美元,也是麥當勞連續第九季獲利成長;每股盈餘為1.45美元,營收成長14%至71.7億美元,雙雙超出分析師的預測。麥當勞股價上漲3.7%,升至92.32美元。

麥當勞的成功關鍵在於快速適應消費者的口味變動,並將自已重塑為更新潮、更健康的餐廳。麥當勞在菜單中加入了冰沙、燕麥粥等品項,重新裝潢餐廳,並將更多門市改為24小時營業;麥當勞指出,這些改變帶來了更多顧客。

本季,麥當勞在美國的原料成本較去年同期增加了8%,比第一、二季的成長幅度都高。牛肉的成本通常會在夏天烤肉季結束後下滑,但目前仍舊維持於高檔,也出乎麥當勞意料。美國農業部預估,今年的牛肉和小牛肉價格將較去年增加8或9%。

麥當勞今年已二度調升價格以因應原料成本上升,但麥當勞的財務長表示,漲價並未使客戶減少。食品雜貨的漲幅比餐廳來得高,或許給了麥當勞一些漲價空間,因為消費者會覺得在家吃沒那麼划算。

費用增加的不只牛肉,國外稅額抵扣減少使得麥當勞的實際稅率上升,勞力等成本亦呈現上升。麥當勞也在中國投資新的門市,目前門市數量約為1400家,並希望能在2013年年底前增至2000家,顯示麥當勞的策略為投資新興市場。

©The Economist Newspaper Limited 2011


USA food: Gains at McDonald's continue, but menu prices could rise

McDonald's said Friday that its third-quarter net income rose by 9 percent as it kept defying a tough economy and attracting more customers. But those diners might want to get ready to pay more.

McDonald's, the world's largest hamburger chain, has performed well throughout the recession and its aftermath. But it noted potential challenges like the rising cost of beef and higher labor costs, and hinted that it could raise menu prices for the third time this year.

"The economists say we are officially out of the recession, but it hardly feels that way," Jim Skinner, the company's chief executive, said in a conference call with analysts. He referred to McDonald's gains as "hard won" victories.

The 9 percent rise in net income, to $1.51 billion, was McDonald's ninth consecutive quarter of earnings gains. Earnings per share of $1.45 beat analysts' expectations of $1.43. A 14 percent increase in revenue, to $7.17 billion, also beat the $7.02 billion predicted by analysts polled by FactSet.

McDonald's shares rose $3.31, or 3.7 percent, to close at $92.32.

McDonald's success has hinged on quickly adapting to customers' changing tastes and reshaping itself as a hip and more healthful place to eat. It has added menu items like smoothies and oatmeal, remodeled restaurants and converted more locations to 24-hour operations. All those moves, the company says, have brought in more customers.

The company's commodity costs in the United States spiked 8 percent this quarter compared with a year ago. That is higher than the second quarter's 6 percent and the first quarter's 1 percent increase.

The cost of beef, which normally declines at the end of the summer grilling season, stayed high, which McDonald's said it had not expected. The Department of Agriculture now predicts that consumers will end up paying 8 or 9 percent more for beef and veal in 2011 compared with 2010.

McDonald's has already raised prices to offset the higher ingredient costs, raising menu prices by an average of 1 percent in March and another 1.4 percent in May. The chief financial officer, Peter Bensen, said the company had experienced good "flow through" on the two price increases, meaning they had not driven away customers.

Grocery prices, which are increasing at a faster clip than restaurant prices, could also give McDonald's some room to raise prices because customers could view eating in as less of a value.

Beef was not the only expense to rise. McDonald's effective tax rate climbed because of some lower foreign tax credits. Labor costs rose, and the company invested in new restaurant openings in China, where it now has about 1,400 locations.

"Almost every category of costs is going in the wrong direction," Mr. Bensen said.

The store openings in China, where McDonald's hopes to have 2,000 locations by the end of 2013, signal its strategy to invest in emerging markets.

©The Economist Newspaper Limited 2011

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