McDonald’s income fell brief of expectations in the 2nd quarter as coronavirus constraints shuttered shops in China and greater rates took a toll on U.S. need.
The Chicago hamburger giant stated its income fell 3% to $5.72 billion in the April-June duration. That was brief of Wall Street’s projection of $5.8 billion, according to experts surveyed by FactSet.
Same-store sales, or sales at shops open at least a year, were up almost 10% worldwide. That was greater than the 6.8% that experts had anticipated.
But there were double-digit decreases for equivalent shops in China, where diningestablishments were closed momentarily throughout the nation for most of the quarter.
U.S. same-store sales increased 3.7%. McDonald’s stated most of that boost was due to greater costs, with shop traffic staying flat.
Chief Financial Officer Kevin Ozan stated McDonald’s is seeing some trade-down to moreaffordable products and lower sales of combination mea