McDonald’s momentum, which has been surging since shortly after CEO Steve Easterbrook took office in March 2015, seems to have slowed.
The company reported its second-quarter earnings on Thursday, and while the company beat expectations for earnings and revenue—earnings were $1.99 in adjusted earnings per share while revenue was $5.35 billion, beating the $1.93 and $5.33 billion forecast—its U.S. comparable sales growth fell short of expectations. McDonald’s reported an increase of 2.6 percent in U.S. comparable sales, while analysts had predicted 3 percent.
Global comparable sales, meanwhile, were up 4 percent, with positive growth in all segments.
Easterbrook noted in a statement that this reflects 12 consecutive quarters of positive comparable sales.
“We’re seeing good performance across our business as our customers tell us that they value and appreciate the moves we’re making to elevate the McDonald’s experience,” he said. “We’re pleased with the results of our international business and the progress we’re making in the U.S. on executing on our Velocity Growth Plan priorities.”
According to the company, U.S. growth could be attributed to a growth in average check, which was partly due to menu price increases.
“We remain focused on delivering the most enjoyable experience for every customer, every visit,” Easterbrook said. “Whether that is when they visit a modernized restaurant with inviting hospitality or through the convenience of having delicious food delivered to their home, we know that our fundamental day-to-day commitment to our customers is running great restaurants.”
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