McDonald's U.S. Sales Rebound From Covid-19 Pandemic
April 29 2021 - 6:29AM
Dow Jones News
By Heather Haddon
McDonald's Corp. said new menu items helped it beat sales
expectations in the U.S., while business abroad remained volatile
because of shifting Covid-19 restrictions.
Busy drive-throughs and a focus on menu staples have helped
propel sales in the U.S. despite the pandemic, the chain said. In
recent months, McDonald's has introduced meals in collaboration
with celebrities such as the musician Travis Scott, added a new
crispy chicken sandwich and rolled out a spicy-nuggets promotion to
increase sales.
On Thursday, McDonald's said same-store sales for the quarter
ended in March increased 13.6% from a year earlier, beating
expectations and bolstering results overall. Global same-stores
sales were up 7.5% during the period.
Much of the world has had less access to Covid-19 vaccines than
the U.S., leaving dining restrictions in place in many countries.
Year-over-year sales increased in the U.K., China, Japan, Canada
and Australia during the quarter, while they fell in Germany and
France, McDonald's said.
McDonald's reported sales of $5.1 billion for the quarter, up 9%
from a year earlier and more than the first quarter of 2019.
McDonald's said the online and delivery sales to which it gave
priority during the pandemic helped lift U.S. sales. The company is
testing a loyalty program. Starbucks Corp. said earlier this week
that such a program has aided in its pandemic recovery.
For its first quarter, McDonald's reported earnings adjusted for
one-time items of $1.92 a share. Analysts polled by FactSet
expected earnings of $1.81 a share by that metric. The chain
reported net income of $1.54 billion.
Write to Heather Haddon at heather.haddon@wsj.com
(END) Dow Jones Newswires
April 29, 2021 07:14 ET (11:14 GMT)
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