McDonald’s Corp reported a higher-than-expected third-quarter profit on Friday as new menu items and renovations lifted sales during a summer of extreme economic volatility, and its shares rose nearly 3 percent.
The world’s biggest restaurant company and its franchisees have been investing in the business at a time when diners are reacting to economic volatility by carefully managing their spending. The strategy has helped McDonald’s win market share from rivals that are smaller and have less financial heft.
By adding Dollar Menu items and introducing high-margin beverages such as coffee and fruit smoothies, McDonald’s has broadened its appeal beyond the young men who account for the biggest share of sales at most other fast-food chains.