McDonald’s Corporation (NYSE:MCD) announced super-sized second-quarter results, topping Wall Street estimates on sales and earnings but US sales didn’t quite cut the mustard.
The fast-food giant reported earnings of US$1.99 per share on revenue of US$5.35bn compared with US$1.70 EPS on revenue of US$6.05bn in the previous year’s second quarter.
The Illinois-based company beat analyst estimates of US$1.92 EPS on revenue of $5.32bn.
Its global same-store sales beat estimates as well, coming in at 4% growth versus estimates of 3.5%.
"We're seeing good performance across our business as our customers tell us that they value and appreciate the moves we're making to elevate the McDonald's experience," said CEO Steve Easterbrook in a press release.
Despite the 4% in global comparable sales, revenue dropped like a sack of potatoes, falling 12% as same-store sales in the US slowed.
US same-store sales growth came in at 2.6%, below the analyst expectation of 3% growth.
The company pointed to product mix shifts, like its signature crafted burgers and updated value menu, as well as menu price increases.
Shares of the chain were down slightly to US$158.20 in Thursday pre-market trading.