“McDonald’s Corp. (NYSE: MCD) reported first-quarter 2013 results before markets opened this morning. For the quarter, the fast-food restaurant chain posted diluted earnings per share (EPS) of $1.26 on revenues of $6.61 billion.
In the same period a year ago, the company reported EPS of $1.23 on revenues of $6.55 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.27 and $6.59 billion in revenues.
Globally, same-store sales in the first quarter fell 1%, and consolidated net income also fell 1%. U.S. same-store sales fell 1.2% and were down 1.1% in Europe and 3.3% in Asia. Results in China were “negative,” according to the company.
McDonald’s has an opportunity to improve its sales in China while competitor Yum! Brands Inc. (NYSE: YUM) struggles with both tainted chicken and bird flu at its KFC stores. But somehow, the company is flubbing it.
The company’s CEO said:
While the Company’s results for the quarter reflected difficult prior year comparisons and the ongoing impact of global economic headwinds, we continue our efforts to build market share and deliver sustained profitable growth for all stakeholders….”