McDonald’s profit beat forecasts as weak US sales triggered leadership shake-up
What’s new: U.S. same-store sales rose 0.8%, while traffic fell and only about 60% to 65% of stores had rolled out the under-$3 menu.
McDonald’s topped Wall Street’s profit estimates in the second quarter but fell short on revenue as its U.S. business underperformed, prompting a change atop its home-market operations. The company earned $3.38 a share adjusted on $7.1 billion in revenue for the quarter ended June 30, compared with analyst expectations of $3.32 a share and $7.13 billion in revenue. Net income rose to $2.36 billion from $2.25 billion a year earlier. Global same-store sales increased 1.3%, while U.S. same-store sales rose 0.8% as average checks climbed but customer traffic declined. McDonald’s named Skye Anderson president of McDonald’s USA, replacing Joe Erlinger, as it pushes more digital offers and tries to improve execution of its value strategy.