Arcos Dorados Holdings, Inc. (ARCO), a prominent restaurant chain and McDonald's franchisee, announced on Wednesday a decrease in net income attributable to the company for the first quarter. The net income fell to $28.51 million or $0.14 per share, compared to $37.41 million or $0.18 per share in the same period last year.
Despite this, total revenues for the quarter increased by 9.1 percent to $1.08 billion, up from $990.79 million in the corresponding quarter of the previous year. When measured in constant currency, revenue surged by 46.8 percent. Systemwide comparable sales experienced a significant growth of 38.6 percent in the first quarter.
