McDonald’s just announced its Q2 financial results, and the numbers look disappointing.
Earnings came in at $US1.40 per share, missing expectations for $US1.44.
Global comparable store sales were flat, which was weaker than the modest 0.8% gain expected.
U.S. comparable store sales tumbled 1.5%, which was worse than the 0.3% decline expected.
“Results for the quarter reflected negative comparable guest traffic amid ongoing broad-based challenges,” said management.
“Heading into 2014, we acknowledged that we did not expect any material changes to the operating environment this year,” said CEO Don Thompson. “As such, full year 2014 global comparable sales are expected to be relatively similar to year-to-date June performance, with July global comparable sales expected to be negative. While near-term results are expected to remain muted, sizable growth opportunities remain, and we are committed to pursuing these opportunities through continuous improvement in everything we do – from the food we serve, to our engagement with our customers, to the management of our financial resources.”
Management noted that June comparable store sales plunged 2.5% versus a 0.8% increase expected.
The stock is down by around 2.5% in premarket trading.
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