McDonald's profits drop due to strong dollar

  • McDonald's has reported weaker third-quarter profits on the back of a stronger dollar and increasing competition.

    A stronger dollar means international sales are worth less after profits are repatriated.

    Net income dropped to $1.46 billion for the quarter, compared to $1.51 billion the previous year.

    Total sales sat at $7.15 billion, marginally down from $7.17 billion last year.

    Meanwhile, global sales at stores open at least 13 months increased by 1.9 percent, below expectations of a 2 percent rise.