McDonald's reported earnings on Tuesday, July 28.
The company said adjusted profits for the three months ending in June came in at 66 cents per share, down 68% from the same period last year and well shy of the Street consensus forecast of 74 cents per share. Group revenues, McDonald's said, fell 30.5% to $3.76 billion, just ahead of analysts' estimates of $3.68 billion.
Global comparable sales fell 23.9% from last year, McDonald's said, and were down 8.7% in the United States, with breakfast service particularly affected by stay-at-home orders and business closures.
"Throughout our history, McDonald's has demonstrated the strategic foresight necessary to position our business for the future. Our strong drive-thru presence and the investments we've made in delivery and digital over the past few years have served us well through these uncertain times," said CEO Chris Kempczinski. "We saw continued improvement in our results throughout the second quarter as markets reopened around the world."
"I'm especially proud of the way the McDonald's System continues to provide a safe environment for both customers and crew, building on our 65 year legacy as a responsible and reliable choice for safe food," he added. "We're confident that the strong foundation we've built, combined with the unique advantages of our System, position us well to continue operating successfully during this pandemic and emerge even stronger."
And on the earnings call that followed the initial release, Kempczinski said, "In many markets around the world, most notably in the U.S., the public health situation appears to be worsening."
What does Jim Cramer make of the earnings? Cramer said that McDonald's should have followed in Chipotle's footsteps in investing more heavily in pickup.
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