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McDonald’s to weather recession, says CEO

McDonald’s Corp is shielded against recession and has hardly been hit by the international financial crisis, Jim Skinner, chief executive, said in a newspaper interview.

business Updated: Nov 13, 2008 20:45 IST

McDonald’s Corp is shielded against recession and has hardly been hit by the international financial crisis, Jim Skinner, chief executive, said in a newspaper interview on Thursday.

“Worldwide turbulence is barely affecting our business,” Skinner told Germany’s Bild daily. “We are growing worldwide, especially in Europe we have significant gains at the moment — also in Germany.”

Skinner said the fast-food chain would be in a better position without the global financial crisis and the significant rise in food prices, but added: “McDonald’s seems well positioned for recession. In bad times, people think twice about where to spend money when going out for food.”

Last month McDonald’s results showed it growing faster than rivals as US consumers visit fewer restaurants, with the world's largest hamburger chain posting a quarterly profit that beat Wall Street estimates, helped by a 7 per cent jump in global sales.