Fast-Food giant, McDonald’s Corporation (MCD) first-quarter net sales topped pre-pandemic levels, beating Wall Street estimates. The company reported adjusted earnings per share of $1.92 versus $1.81 expected. Fiscal first-quarter net income stood at $1.54 billion, or $2.05 per share, up from $1.11 billion, or $1.47 per share, a year earlier. Revenue of $5.12 billion was reported versus $5.03 billion expected. Net sales rose 9% to $5.12 billion, beating expectations of $5.03 billion. Global same-store sales climbed 7.5% in the quarter, surpassing 2019 levels.
Same-store sales increased 13.6%, with sales growth led by the United States. The company also expects next quarter’s U.S. same-store sales to outpace 2019 levels, in line with the first-quarter performance. Outside the U.S, earnings were mixed as some countries extended lockdowns.
This quarter Covid-19 restriction weighed on Germany and France, while the U.K., Canada, and Australia saw positive same-store sales growth. The company raised its sales outlook for 2021 from growth in the low double digits to the mid-teens.
McDonald’s Corporation (MCD) is the leading global foodservice 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 businessmen and women. To learn more about McDonald’s Corporation (MCD) and to track its progress please visit the Vista Partners McDonald’s Coverage Page.
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