McDonald's Corp. (MCD - Get Report) posted weaker-than-expected first quarter earnings Tuesday but noted that comparable store sales in both the U.S. and international markets improved thanks in part to promotions such as the Bacon Event and the 2 for $5 Mix and Match deal.
McDonald's Corp. said diluted earnings for the three months ending in March came in at $1.72 per share, essentially flat to the previous year period but 3 cents shy of the Street consensus forecast. Group revenues, McDonald's said, slipped 3.56% to $4.955 billion and topped analysts' estimates of $4.94 billion.
Comparable U.S. store sales rose 4.5%, McDonald's said, thanks to promotions and mixed-priced deals. while international comps were up 5.4%
"We started the year strong with our 15th consecutive quarter of positive global comparable sales, reflecting continued broad-based momentum across each of our global segments," said CEO Steve Easterbrook. "We remain focused on running better restaurants and elevating the experience for our customers by providing convenience on their terms through delivery, Experience of the Future, and our evolving digital channels."
McDonald's Corp. shares were marked 0.24% lower at the start of trading following the earnings release to change hands at $196.49 each, a move that trims the stock's year-to-date gain to her 10.65%.