NEW YORK (Reuters) - McDonald's Corp reported a better-than-expected quarterly profit on Monday though revenue fell short of Wall Street expectations due to a stronger dollar, and its shares fell more than 2 percent.
The world's largest hamburger chain also said it would open 1,000 restaurants this year.
Fourth-quarter net income fell about 23 percent to $985.3 million, or 87 cents per share, from $1.27 billion, or $1.06 per share, a year earlier, when results included a large tax-related benefit.
Analysts on average were expecting earnings of 83 cents per share, according to Reuters Estimates.
Revenue in the quarter that ended December 31, fell 3 percent to $5.57 billion, below the nearly $5.7 billion expected by Wall Street. McDonald's said it was hit by a stronger dollar in many foreign markets, including Canada, Europe, Britain and Australia.
Global sales at restaurants open at least 13 months, or same-store sales, rose 7.2 percent. Same-store sales rose 10 percent in the Asia/Pacific, Middle East and Africa markets, 7.6 percent in Europe and 5 percent in the United States.
The company 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.
The company has also seen more traffic in its fast-food restaurants as recession-weary consumers seek low prices.
For 2009, the company said it plans to invest $2.1 billion of capital to open about 1,000 new McDonald's restaurants and reinvest in its existing locations.
McDonald's shares fell $1.20, or about 2.07 percent, to $56.82 in early New York Stock Exchange trading. McDonald's shares are up about 9.5 percent from the same time last year.
(Reporting by Martinne Geller; Editing by Lisa Von Ahn and Maureen Bavdek)
