Customers spending more at McDonald’s

McDonald’s ended 2021 on a high note, with U.S. customers spending more and fewer restaurant closures in Europe.

The burger giant said Thursday that global same-store sales rose 12.3% for the quarter. Analysts polled by FactSet were expecting a 10.5% increase.

But McDonald’s was still stung by rising prices and higher labor costs, which cut into profits. The Chicago company reported adjusted earnings of $2.23 per share, 11 cents short of Wall Street expectations.

McDonald’s says it expects higher costs for food and paper to persist in the first half of this year.