McDonald’s (MCD) posted first-quarter earnings that beat expectations, as more consumers turned to value options amid a challenging economic environment, News.Az reports, citing Yahoo Finance.
The company posted global same-store sales growth of 3.8%, which was slightly below analyst expectations according to Bloomberg consensus data.
In the United States, same-store sales rose 3.9% for the fourth consecutive quarter, driven by higher average check sizes, although growth slowed from a 7% increase in the previous quarter.
Adjusted earnings per share came in at $2.83, exceeding Wall Street forecasts of $2.75. Revenue increased 9% year over year to $6.52 billion, also slightly above the expected $6.46 billion.
“McDonald's delivered this quarter … proving that we can drive results even in a challenging environment,” Chairman and CEO Chris Kempczinski said in the earnings release. “Our value leadership, breakthrough marketing, and menu innovation continue to serve up what customers want.”
As of Thursday morning, McDonald’s stock was down 7% year to date, compared with the S&P 500’s 7% gain.
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