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Over the past three years, McDonald's same-store sales in Europe increased 2.6%, 5.8% and 7.6%, respectively. The primary countries contributing to the strong trends performance included France, Germany, Russia and the U.K. In total, Europe represents 38% of McDonald's 2007 operating income. Here is what we learned today about two important European economies:

According to Experian Group Ltd., the number of Britons visiting malls and town-center stores dropped in May as higher food costs, fuel prices and mortgage rates cut into disposable incomes. The shopping statistics in May dropped 1.5% from last year and 3.4% from April.

Retail sales in Germany, Europe's largest economy and McDonald's largest European market, unexpectedly dropped for a second consecutive month in April as faster inflation left consumers with less money to spend.

The three year stack in same-store sales is as difficult as it's ever been for McDonald's and European consumer spending is slowing.