McDonald's global sales slip in Q1

By Mucahithan Avcioglu

ISTANBUL (AA) - McDonald's global sales fell 1% year-on-year in the first quarter, according to the company's financial results that were released Thursday.

The US fast-food chain's US sales also dipped 3.6% -- its largest decline since 2020.

The company's sales in the “International Operated Markets” segment also fell 1%, while in the “International Developmental Licensed Markets” segment, which includes restaurants where the company licenses franchising rights to strategic partners, increased 3.5%.

McDonald's revenues were down 3% to $5.96 billion in the quarter, also below the London Stock Exchange Group's (LSEG) forecasts of $6.09 billion.

The restaurant’s net profit also fell 3% to $1.87 billion.

The company's earnings per share, which was $2.66 in the first quarter last year, was down to $2.60 this year.

CEO Chris Kempczinski said consumers are “grappling with uncertainty … but they can always count on McDonald’s for both exciting new menu items and delicious favorites for exceptional value, from a brand they love."

"McDonald's has a 70-year legacy of innovation, leadership, and proven agility, all of which give us confidence in our ability to navigate even the toughest of market conditions and gain market share," he noted.