Jim Cramer: Wendy's Is the Real Winner From Breakfast, Not McDonald's
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McDonald's reported earnings before the bell Thursday, April 30.
The company posted earnings for the three months ending in March of $1.47 per share, down 14.5% from the same period last year, and 10 cents shy of the Street consensus forecast.
Revenues, however, rose modestly, to $5.02 billion and topped analysts' estimates even as comparable-store sales fell 3.4% amid 'dramatic changes' in consumer behavior due to the COVID-19 pandemic.
"Following our strong performance in 2019, McDonald's began 2020 with exceptional global momentum, and our January and February sales were reflective of that trend. Since then, the global crisis caused by the COVID-19 pandemic has significantly disrupted our business, and we continue to operate in a very challenging and unpredictable environment," said CEO Chris Kempczinski. "McDonald's has seen a lot over our 65 years and I'm confident that the actions we're taking will enable us to emerge from this crisis in a position of competitive strength."
Watch the full video above for Jim Cramer's full take.
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