McDonald’s (MCD) has reported mixed quarterly financial results as traffic across its U.S. restaurants declined.
The company known for its hamburgers and fries posted earnings per share (EPS) of $3.57 U.S., which topped the $3.38 U.S. that had been expected on Wall Street.
Revenue in the year’s third quarter totaled $7.16 billion U.S., which fell short of the consensus estimate that called for $7.29 billion U.S. Sales were up only 1% from a year earlier.
The Chicago-based company also reported a 0.2% decrease in sales at its U.S. restaurants that have been opened at least 13 months.
However, that decline was better than the 0.5% decline that Wall Street had anticipated from McDonald’s.
At an investor day held this September, McDonald’s executives warned that same-store sales in July and August were negative but they expected September to return to sales growth.
Like many restaurant chains, McDonald’s has leaned into discounts and value meals to attract budget-conscious consumers who are eating out less often.
Overall, the company’s same-store sales rose 1.5%, lifted entirely by its international segments. That growth beat analysts’ consensus expectations of a 1.3% increase.
Management has said that they remain focused on lowering prices and offering new menu items to attract diners who are struggling with cost-of-living pressures and high inflation.
MCD stock has declined 12% over the past year to trade at $263.04 U.S. per share.
