McDonald's (MCD) met estimates for its earnings and revenue in the first quarter, but same-store sales were sluggish amid the need to keep prices down and customer traffic up.
The company said Friday it had sales of $6.60 billion, with a profit per share of $1.26, in the January through March period. In the same quarter last year, McDonald's earned $1.23 a share on revenue of $6.55 billion. Analysts surveyed by FactSet and Bloomberg were looking for $1.26 on the bottom line, while the Reuters consensus outlook was $1.27. The sales expectation was right around $6.6 billion.
Directionally, same-store sales were a different matter. Comparable sales worldwide were down 1%, a number that was actually slightly better than the 1.1% decline projected by analysts. Still, it continues several months of shallow comparable sales for the Oak Brook, Ill., Big Mac seller. Whether it's a surprise in a slightly positive manner is secondary to the fact that comps aren't staying as elevated as McDonald'sRead More »from McDonald’s: Economic Woes Keeping Sales in Check