McDonald's Corporation (NYSE:MCD) today announced results for the third quarter ended September 30, 2019.
The Chicago-based fast-food conglomerate announced Tuesday revenues totaled $5.43 billion, compared to $5.36 billion in the prior-year quarter, a 1% improvement. Operating income registered at $2.409 billion, slightly less than $2.417 bililon.
The fast-food giant reported fiscal third-quarter net income of $1.6 billion, or $2.11 per share, unchanged from $1.6 billion, or $2.10 per share, a year earlier. Analysts were expecting earnings per share of $2.21.
Net sales rose 1% to $5.4 billion, narrowly missing expectations of $5.5 billion. The company reported global same-store sales growth of 5.9%, thanks to strong performance in its international markets.
U.S. same-store sales grew by 4.8% during the quarter, falling short of Wall Street’s estimates of 5.2%. McDonald’s said national and local promotions, menu price increases and tech-focused upgrades to stores drove domestic same-store sales growth. Traffic to U.S. locations, however, continues to decline.
McDonald’s competition has been generating more buzz when it comes to menu additions. With some help from social media, Popeyes Louisiana Kitchen, which is owned by Burger King’s parent Restaurant Brands International, sold out of its chicken sandwich in less than a month after its launch this summer.
CEO Steve Easterbrook, "Our third-quarter performance was strong, and broad-based momentum continued with our 17th consecutive quarter of global comparable sales growth.
"Globally, our customers are rewarding our commitment of running better restaurants and executing our Velocity Growth Plan by visiting more often."
Shares plummeted $7.45, or 3.6% to $202.41
