McDonald's sales trail estimates
McDonald's, the world's largest restaurant chain, said sales at stores open at least 13 months rose 3.7 per cent in August amid growth in China and Australia.
Analysts projected an increase of 3.9 per cent, the average of 17 estimates compiled by Consensus Metrix.
Sales in the company's Asia Pacific, Africa and Middle East region climbed 5.7 per cent last month, McDonald's said today in a statement.
Analysts estimated a gain of about 4 per cent for stores there.
Chief executive officer Don Thompson has tried to lure diners with value lunches and dinners in China amid a slowing economy and more competition from local brands.
McDonald's, which gets about 22 per cent of its revenue from the Asia Pacific, Africa and the Middle East unit, plans to open as many as 250 stores in China this year.
"They're working on more value right now everywhere in the world, including China," Larry Miller, an Atlanta-based analyst at RBC Capital Markets, said in an interview.
McDonald's comparable-store sales increased 3 per cent in the US and 3.1 per cent in Europe.
Analysts estimated gains of 3.1 per cent and about 3.3 percent, respectively, according to a survey by Consensus Metrix, which is owned by Wayne, New Jersey- based Kaul Advisory Group.
McDonald's rose 0.8 per cent to $92 at 8.35am in New York. The shares slid 9 per cent this year through yesterday.
Same-store sales fell 2.5 per cent in Japan last month. Comparable-store sales are an indicator of a retailer's growth because they include only older locations.