McDonald's shares have fallen 7.5% over the last year, dragging its market value down to $197 billion.
Boycotts over the conflict in Gaza weighed on the chain's Middle East sales again.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Revenue: $6.17 billion vs. $6.16 billion expected
McDonald's reported first-quarter net income of $1.93 billion, or $2.66 per share, up from $1.8 billion, or $2.45 per share, a year earlier. The company recorded a pre-tax charge of $35 million tied to its reorganization, which was announced more than a year ago.Net sales rose 5% to $6.17 billion. The company's global same-store sales increased 1.9% in the quarter, falling short of StreetAccount estimates of 2.1%.
McDonald's reported U.S. same-store sales growth of 2.5%, missing expectations of 2.6%. The chain said that the average check grew thanks to higher menu prices. But by raising prices, McDonald's has also scared away some of its low-income customers. Demand in the company's international developmental licensed markets was even weaker. McDonald's said the segment's same-store sales fell 0.2%, marking the first time since the pandemic that one of the chain's divisions reported a same-store sales decline.However, the company said that same-stores sales in other licensed markets, like Japan and Latin America, grew for the quarter.
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