Updated to include additional comments from McDonald's CEO Steve Easterbrook.
NEW YORK (TheStreet) -- In a pre-taped 23-minute video, and live presentation for Wall Street, new McDonald's (MCD) CEO Steve Easterbrook laid out the future of the Golden Arches but also acknowledged it will take some time to turn the business around.
"Our business model strength is enduring," said Easterbrook in a taped video, before he stepped in front of franchisees from around the globe at McDonald's headquarters in Oakbrook, Ill., on Monday. But, he admitted, "our recent performance has been poor; the numbers don't lie." To bolster performance, Easterbrook outlined such things as a menu that is easier to order from inside the restaurant and via the drive-thru, and more availability to personalize one's burger.
However, Easterbrook cautioned that in spite of the company's new turnaround initiatives, he expects sluggish sales to "persist through at least the first half of the year."
Dealing with mounting concerns by consumers on food quality and their preferences for "healthy" fast food from the likes of Chipotle (CMG) and Shake Shack (SHAK), McDonald's U.S. same-store sales have fallen for six straight quarters. Overseas, regions like McDonald's Japan and China have seen pressure on sales as a result of these food-quality concerns. The company also faces greater pressure from Starbucks (SBUX) and chains owned by Yum! Brands (YUM), such as KFC.