Arcos Dorados Holdings Inc. (NYSE: ARCO), the world’s largest independent McDonald’s franchisee, reported second-quarter revenue that beat analysts’ expectations, sending shares slightly higher 0.99% in pre-market trading on Wednesday.
The restaurant operator Latin America reported revenue of $1.11 billion for the quarter, beating analysts’ estimates of $1.06 billion. However, earnings per share were $0.13, beating analysts’ expectations of $0.14.
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System-wide comparable sales increased by 40.8% year-on-year, driven by strong guest volume growth. Digital channels accounted for more than 57% of system-wide sales in the period, the company said.
Marcelo Rabach, CEO of the company, said: “We believe that the results of the second quarter of 2024 show our ability to perform strongly in any operational context.” “Sales growth and profitability through June have been in line with our strategy, especially when we take into account the harder-than-expected macroeconomic and consumer environments we face this year.”
Adjusted earnings before interest, tax, depreciation and amortization increased 7.9% year-on-year to $118.8 million. The company opened 15 new ‘Experience the Future’ restaurants this quarter, including 10 in Brazil.
The company said it remains on track in its restaurant development plans for this year, with a strong line of openings and updates planned for the second half of 2024.
This article was translated with the help of an artificial intelligence program after an editor’s review. For more details please refer to Banha Terms and Conditions
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