McDonald’s First Quarter Financial Results Announced
McDonald’s Corporation (MCD) is the leading global food service retailer with nearly 37,000 locations in over 100 countries. The Corporation operates and franchises McDonald’s restaurants in the US and across the globe with over 90% of its restaurants owned and operated by local, independent business men and women.
The company reported its quarter one earnings of $1.72 per share on April 30, 2018. The reported earnings beat the estimates that called for $1.706 per share.
McDonald’s President and Chief Executive Officer Steve Easterbrook stated, “We continued to build upon the broad-based momentum of our business, marking 11 consecutive quarters of positive comparable sales and our fifth consecutive quarter of positive guest counts. More customers are recognising that we are becoming a better McDonald’s, appreciating our great tasting food, fast and friendly service and compelling value as we execute our Velocity Growth Plan.”
McDonald’s saw its global comparable sales increase 5.5%, but its consolidated revenues decreased 9% because of the impact of the company’s strategic re-franchising initiative. The consolidated operating income increased 5% because of growth in franchised market dollars, also a product of the strategic re-franchising initiative.
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