McDonald’s Corp has reported a broad drop in global same-store sales and missed profit expectations as its restaurants were shut due to the COVID-19 pandemic, limiting operations to only drive-through and delivery.
Global same-store sales fell 23.9% in the second quarter, dragged down by big international markets, including the United Kingdom, France and Latin America.
Analysts had forecast a 23.24% fall, according to IBES data from Refinitiv.
In the United States, where the company operates more than a third of its restaurants, same-restaurant sales fell 8.7%, but were better than the anticipated 9.97% fall, as most locations were able to stay open with drive-through and delivery options.
On a conference call with investors, executives struck a cautious tone, but noted that US July sales have improved and should end “slightly positive” for the full month.
The second quarter “represents the trough in our performance as McDonald’s has learned to adjust our
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