McDonald's reported better-than-expected November sales on Monday, giving the company's stock price a much needed boost.
McDonald's same-store sales last month rose 2.4%, after decreasing by 1.3% in October, according to a statement released by the company. Analysts had thought McDonald's sales would decrease again this month, by 0.1%.
In Europe, same store sales grew 1.4 percent, and 0.6 percent in the chain's Asia/Pacific, Middle East and Africa division.
"We are strengthening our focus on the global priorities that are most impactful to our customers -- optimizing our menu, modernizing the customer experience and broadening accessibility to our brand to move our business forward," McDonald's CEO Don Thompson said in a statement.
Overall, same store sales increased 2.4 percent, beating expectations of a roughly flat performance. Company stock rose nearly 1 percent in early morning trading, to $89.35. The company reported the boost on the back of its breakfast business, value offerings, beverages and limited-time offers like the cheddar bacon onion sandwich.
The company, which thrived during the recession while quick-service competitors struggled, has made some uncharacteristic fumbles this year. In the third quarter, its profit tanked 3.5% after dropping 4.5% the previous quarter.
"Consumer spending has been pretty decent, so I'm always concerned: is this going to continue into next year? But I think that McDonald's results were pretty good for the outlook for the U.S.," said Paul Hogan, co-manager of the Equity Income Fund for Fenimore Asset Management, which oversees $1.5 billion in assets.
