While American titans of commerce like Lehman Brothers, Citi, GM, Ford, and Circuit City (to name a very brief few), another American company had a banner year in 2008. You, of course, already know. Fast-food giant McDonald’s said Monday its 2008 net profit soared 80 percent from a year, lifted by growing demand from consumers seeking low-cost meals in a deepening global recession.
Net profit for the full year totaled $4.3 billion, compared with $2.3 billion in 2007.
“2008 was a strong year for McDonald’s… Our model remains recession resistant,” Chief Executive Jim Skinner said on a conference call with analysts yesterday.
McDonald’s said its U.S. business benefited from the addition of the Southern Style Chicken biscuit and sandwich, improved service at its drive-through windows, and the expansion of its high-end coffee drinks.
With the extraordinary 2008, McDonald’s did however warn of international slowdown in net income citing what company executives believe to be the world’s other largest economies are sliding simultaneously into recession stemming from the American recession.
Hell, I probably hadn’t eaten at McDonald’s since I saw Super Size Me, but for some reason I did hit up the golden arches a few times last year solely on price, convenience, and fast service. I was not proud of it, but for some reason I did it. And I assume many others did the same with these astounding figures being reported.
So sleep easy knowing that at least one American company is prospering in this merciless economic climate.
