McDonald’s Corporation today reported a worldwide comparable sales growth of 3.5% in the month of August. In the U.S., the company’s comparable sales grew 3.9%, while in Europe; its comparable sales grew 2.7%. Its comparable sales fell 0.3% in Asia Pacific, Middle East and Africa.
Jim Skinner , CEO of McDonald’s, said that August marks the company’s 100th straight month of global comparable sales growth, showing the ongoing customer appeal of McDonald’s great tasting food, offered at an outstanding value in modern and convenient restaurants.
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Despite the rise in worldwide comparable sales, McDonald’s shares are down sharply today. At last check, the stock was trading 5.35% lower at $83.87. McDonald’s shares have gained 9.37% so far this year.
The good news is that McDonald’s competitors are facing the same higher commodity prices, and will either have to absorb the costs, or pass them on to consumers as McDonald’s has done, ultimately hurting their sales figures. Burger King , Wendy’s , Yum! Brands , Darden Restaurants , Starbucks , Jack in the Box , and Tim Hortons are all facing declining revenue as higher prices, combined with wary consumers, are hurting sales.