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Steve Easterbrook

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McDonald’s has reported better than expected sales in Q4 of 2015, boosted by the launch of all-day breakfasts in the US.

The fast food giant extended US breakfasts beyond 10:30am in October 2015, saying it was customers’ number one request.McDonalds all day breakfast

The company, working to turnaround its business under chief executive Steve Easterbrook, said the breakfast change helped US sales grow 5.7%.

Q4 revenue fell 4% to $6.4 billion due to the strong dollar, but profits rose 10% to $1.2 billion, McDonald’s said.

Steve Easterbrook, who was appointed a year ago, said: “We took bold, urgent action in 2015 to reset the business and position McDonald’s to deliver sustained profitable growth.”

McDonald’s said sales in its “high growth” markets, which include Russia and China, rose 3%.

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McDonald’s CEO Steve Easterbrook has announced a major shakeup after the fast-food chain reported poor results for Q1 2015.

The world’s largest rest chain it will restructure its business and increase its number of franchised restaurants globally.

Steve Easterbrook said he wanted to move away from its “cumbersome” structure and increase “digital engagement”.

“The numbers don’t lie,” he said.

“I will not shy away from the urgent need to reset this business… and how we galvanize competitive threats.”McDonald's major shakeup

After two months into his CEO term, Steve Easterbrook said the turnaround plan was aimed at creating a leaner management structure with more “hard-edged accountability” that was less built around geography and more on “commercial logic”.

“In the last five years, the world has moved faster outside the business than inside,” he added.

“We’re not on our game.

“We’d like less simple talk of millennials [people born between 1980 and the mid-2000s] as though they are one simple group with shared attitudes.”

McDonald’s also announced it would be focusing more on regions that earned it the most – namely the US, which brings in 40% of operating income.

Steve Easterbrook also said its top international markets, such as Australia, Canada, France and the UK, would become a priority.

McDonald’s also identified high-growth markets in countries such as China and Poland, where new stores will be opened to boost its share in the market of “IEO” – Informal Eating Out.

Steve Easterbrook added: “We can no longer afford to carry legacy commitments, legacy structure or legacy attitudes.”

McDonald’s was the Dow Jones share index’s biggest faller, with shares down 1.7% to $96.13.

Standard & Poor’s cut its rating on McDonald’s from “A” to “A-“.

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McDonald’s CEO Don Thompson has stepped down after two and a half years in the job.

McDonald’s Corp said Don Thompson will retire as its chief executive and be replaced by Steve Easterbrook, effective March 1.

British-born Steve Easterbrook is the company’s current chief brand officer.

The move comes as McDonald’s continues to struggle with a declining customer base in the US.

In a press release, Don Thompson, a 25-year veteran, said: “It’s tough to say goodbye to the McFamily.”

McDonald’s recently reported disappointing results.McDonald's CEO Don Thompson

Q4 2014 earnings were $1.1 billion, down 21% from a year earlier. The company also reported its fifth consecutive decline in sales.

Sales in the lucrative US market were down by 4.1%, as consumers continue to eschew McDonald’s, in favor of so-called “fast-casual” restaurants like Chipotle and Shake Shack.

After the earnings were released on January 23, McDonald’s said its profits would remain under pressure for the next several months as it sought to lure back consumers with menu changes.

McDonald’s is also facing a labor issue in the US, where efforts to unionize fast food workers have led to a spate of lawsuits.

Don Thompson was paid $9.5 million in 2013, the most recent year for which data is available.

His successor, Steve Easterbrook, grew up in Watford, UK, and previously ran the Pizza Express and Wagamama restaurant chains.

He attended Watford Boys Grammar School and studied Natural Sciences at Durham University, before becoming an accountant at Price Waterhouse.

Steve Easterbrook will become McDonald’s first ever non-US chief executive.

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