Proactive Investors - McDonald's Corp (NYSE:MCD) said its 'Accelerating the Arches' strategy, a growth strategy adopted in 2020, is paying off as it served up second-quarter revenue and earnings comfortably ahead of analysts’ expectations.
The quick-service restaurant giant said US sales benefitted from strategic menu price increases ad more guests at its restaurants. In its international operated markets, it reported strong comparable sales in most markets, led by the UK and Germany.
Revenue for the quarter to June 30, 2023, grew by 14% to $6.5 billion, ahead of the $6.27 billion expected by the Street.
Adjusted earnings per share (EPS) jumped 24% to $3.17, topping the $2.77 consensus estimate of analysts, according to Zacks Investment Research.
"Our second-quarter results reflect consistently strong execution of our 'Accelerating the Arches' strategy, with global comparable sales growth of 11.7% and double-digit comparable sales growth across each of our segments," president and CEO Chris Kempczinski said in a statement.
"The McDonald's brand has never been stronger and I remain inspired by the ability of the McDonald's System to create cultural conversations and develop industry-leading innovations.”
The company’s shares rose 1.9% to $297.38 in pre-market trading.