McDonald’s beefs up profits by 53%

MCDONALD’S, the world’s largest restaurant chain, said fourth-quarter profit rose 53% on higher-priced items in the US and improved European sales.

Net income climbed to $608.5 million (€495.7m), or 48 cents a share, from $397.9m (€323.7m), or 31c, a year earlier. Sales increased 4.5% to $5.23 billion (€4.25bn), the company said yesterday.

McDonald’s said it plans to buy back $1bn (€810m) in stock this quarter.