ARCO - McDonald's franchisee Arcos Dorados says Q4 comparable sales rose nearly 36%

• Major Latin American McDonald's ( MCD ) franchisee Arcos Dorados ( NYSE: ARCO ) on Wednesday said its systemwide comparable sales grew 35.7% in Q4.
• Class A shares of ARCO rose 3.9% to $8.85 after hours.
• Revenue in Q4 surpassed $1B for the first time in a single quarter, the company said in a statement .
• ARCO said an increase in on-premise restaurant traffic along with record sales and profitability in Oct. 2022 due to marketing campaigns around the FIFA World Cup helped performance.
• On Tuesday, McDonald's ( MCD ) also posted a higher-than-expected jump in global comparable sales, citing menu price increases, positive guest counts and marketing campaigns.
• ARCO said it expects to open 75 to 80 restaurants in 2023, with capital expenditures for 2023 expected to be around $350M.
• ARCO will report its full Q4 quarterly results

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