The company’s shares fell less than 1% in pre-market trading.
Here’s what the company reported compared to what Wall Street expected, based on an analyst survey conducted by Refinitiv:
- Earnings per share: $ 2.37 adjusted vs. $ 2.11 expected
- Turnover: $ 5.89 billion against $ 5.6 billion expected
The fast food giant reported second-quarter net income of $ 2.22 billion, or $ 2.95 per share, from $ 483.8 million, or 65 cents per share, a year earlier.
Excluding strategic gains and UK tax benefits, McDonald’s earned $ 2.37 per share, exceeding the $ 2.11 per share expected by analysts polled by Refinitiv.
Net sales rose 57% to $ 5.89 billion, beating expectations of $ 5.6 billion. Global same-store sales jumped 40.5% year-on-year and 6.9% year-over-year.
Comparable store sales in the United States increased 25.9% in the quarter and 14.9% year over year. The company attributed the strong sales of its new chicken sandwich, which launched in February, and its “famous orders” promotion with K-pop group BTS, which includes an order for McNuggets and specialty sauces.
Outside of the United States, McDonald’s has experienced a strong recovery in many regions. Its internationally operated market segment, which includes the UK and France, saw same-store sales growth of 75.1% over last year, or 2.6% in two. years. McDonald’s said an easing of restrictions and fewer temporary closings had helped sales in this segment.
In the developing international licensed market segment, same store sales were roughly flat on a two year basis. The division, which includes Brazil and Japan, recorded positive same-store sales in all of its regions compared to a year ago.
Across McDonald’s six major markets, the company recorded approximately $ 8 billion in system-wide digital sales in the first half of the year. As the fast food chain seeks to retain the digital sales it acquired during the pandemic, it launched an American loyalty program in early July. So far, more than 12 million consumers have joined the program.
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