The burger giant McDonald’s (NYSE: MCD) reported its second-quarter financial results on Tuesday. The company's Q2 earnings beat estimates while its revenue fell 3% to $5.72B in the April-June period due to the closure of McDonald’s Russian and Ukrainian restaurants and coronavirus restrictions in China.
Earnings per share: $2.55🆚 $2.47 expected
Revenue: $5.72 billion 🆚 $5.82 billion expected
“By focusing on our customers and crew, enabled by a rapidly growing digital capability, we delivered global comparable sales growth of nearly 10%. Nonetheless, the operating environment across the competitive landscape remains challenging. We are planning for a wide range of scenarios; I am confident that our plans and people position McDonald’s to weather this environment better than others.” - McDonald’s CEO, Chris Kempczinski said.
McDonald’s reported that global comparable sales reported 9.7% increases overall, compared with the same period last year boosted by strong digital sales and international growth. In the US, the sales saw an increase of 3.7%, topping estimates of 2.8%. The company is still projecting 12% to 14% inflation for food and packaging through the end of the year across the United States as well.
Shares of the McDonald’s ended almost 3% higher on Tuesday, but the shares are down 6% since the start of the year.
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