McDonald’s Loving It … 80% Profit in 2008 … Also Home Sales Rebound Up

BIG MAC … BIG PROFITS!!!

It does not look like everyone had a bad business year in 2008. Fast food giant McDonald’s is truly “Loving It” as they posted an 80% profit in 2008. Gotta love the dollar menu. McDonald’s proves recession resistant.

US 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 dollars, compared with 2.3 billion in 2007, the Oak Brook, Illinois-based company said in a statement.

The robust annual results came despite a sharp 23 percent decline in fourth-quarter net profit to 985 million dollars, from 1.273 billion in the 2007 fourth quarter. Fourth-quarter earnings per share were 87 cents, above expectations of 83 cents.

In another rather pleasant surprise, Sales of previously owned homes in the U.S. unexpectedly rose. Rather interesting that home sales rose even with complaints that bail out banks have not been loaning mortgage money.

Purchases rose 6.5 percent to an annual rate of 4.74 million from 4.45 million in November that was less than previously estimated, the National Association of Realtors said today in Washington. The median price dropped 15 percent from a year ago, the biggest decline since records began in 1968 and probably the biggest in seven decades, according to the group.

Home prices plunge record 18.2 percent in November