McDonalds: Reports First Quarter 2024 Results

Chicago / IL. (mdc) McDonald’s Corporation announced results for the first quarter ended March 31, 2024. «Our global comparable sales growth in the first quarter marks 13 consecutive quarters of positive comparable sales growth with 30 percent growth over the last 4 years,» said CEO Chris Kempczinski. «As consumers are more discriminating with every dollar that they spend, we will continue to earn their visits by delivering leading, reliable, everyday value and outstanding execution in our restaurants. As we look to the rest of 2024 and beyond, we remain focused on leveraging the competitive advantages within our plan and growing QSR market share to drive long-term growth.»

First quarter financial performance

• Global comp. sales increased 1.9 percent, reflecting positive comp. sales in the U.S. and International Operated Markets segment. Comp. sales in the International Developmental Licensed Markets segment were slightly negative as the segment continued to be impacted by the war in the Middle East:
  • U.S. increased 2.5 percent
  • International Operated Markets segment increased 2.7 percent
  • International Developmental Licensed Markets segment decreased 0.2 percent
• Consolidated revenues increased 5 percent (4 percent in constant currencies).
• Systemwide sales increased 3 percent (3 percent in constant currencies).
• Consolidated operating income increased 8 percent (8 percent in constant currencies). Results reflected pre-tax charges of USD 35 million and USD 180 million for the current year and prior year, respectively, primarily related to restructuring charges associated with Accelerating the Organization. Excluding these current and prior year charges, consolidated operating income increased 2 percent (2 percent in constant currencies).
• Diluted earnings per share was USD 2.66, up 9 percent (9 percent in constant currencies). Excluding the current year charges described above of USD 0.04 per share, diluted EPS was USD 2.70, an increase of 2 percent (2 percent in constant currencies) when also excluding prior year charges.

For additional information please refer to the company’s news release (PDF | 164 KB):

20240503-MCDONALDS-Q12024.