McDonald's sales are still a mess
On Thursday morning, the fast food giant reported revenues of $6.49 billion, beating the consensus forecast for $6.43 billion according to Bloomberg. Adjusted earnings per share came in at $1.26, beating the forecast for $1.23.
Global sales at stores open for more than one year (or comparable sales) fell 0.7%, "reflecting negative guest traffic in all major segments," according to the company.
In the US, comparable sales fell 2% after some promotions did not get the response from customers that the company had expected.
In the statement, CEO Steve Easterbrook said: "We have made meaningful progress since announcing the initial steps of McDonald's turnaround plan in early May. To position the business for long-term growth, we've undergone significant organizational change and are streamlining our global resources to improve our efficiency and effectiveness. While our second quarter results were disappointing, we are seeing early signs of momentum."
McDonald's said it will continue to test all-day breakfast and simplify its menu.
In premarket trading, the stock was lower but little changed shortly after the numbers crossed. Year-to-date, the stock is up 4%.