McDonald's to Meet Estimates

The company says it should earn 37 cents a share in the second quarter.
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(MCD) - Get Report

said total systemwide sales increased 11% to $3.9 billion last month and 10% to $11.5 billion for the quarter ended June 30, and the fast-food chain believes it will meet analysts' earnings estimates for the second quarter.

In constant currencies, systemwide sales rose 5% in June and 4% for the quarter. McDonald's same-store sales increased 2.1% last month and 1.2% for the quarter, compared with declines of 2.2% and 2.5% in 2002.

The company's U.S. business had a same-store sales increase of 7% for the month and 4.9% for the quarter. In Europe, comparable sales declined 2.2% for June and 1.8% for the second quarter.

"We are still in the early stages of our revitalization plan and will continue to take steps around the world to reaffirm McDonald's leadership in customer service, product innovation and marketing," the company said in a press release.

The company expects second-quarter earnings of 37 cents a share, in line with the estimate carried by Thomson First Call. The results include $50 million of pretax costs associated with McDonald's restructuring plan. The company will release its second-quarter earnings on July 29.

Shares of McDonald's were up 22 cents to $22.80 on the

New York Stock Exchange