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McDonald's key revenue metric rises in August, but falls short of Wall Street's expectations
OAK BROOK, Ill. (AP) ' McDonald's Corp.'s revenue at restaurants open at least 13 months climbed 3.5 percent in August, led by strength in the U.S. and Europe. But the performance missed Wall Street's expectations and its stock fell in premarket trading.
Analysts predicted a 4.9 percent increase in the figure, which is a key gauge of a restaurant operator's performance because it excludes results from restaurants recently opened or closed.
Shares of the Oak Brook, Ill., company slipped $1.74, or 2 percent, to $86.87 before the market open.
The world's biggest hamburger chain said Friday that U.S. customers continued to snap up its McCafe drinks and were drawn to items like its new Premium Chicken sandwiches.
Results in the Middle East, Africa and the Asia/Pacific dipped 0.3 percent, hurt by softness in Japan.