McDonald's revenue falls 30% despite progress at U.S. restaurants. $MCD
Fast-food chains like McDonald's have been recovering faster than the overall restaurant industry.Customers sit at McDonald's outdoor seating in Union Square as the city moves into Phase 3 of re-opening following restrictions imposed to curb the coronavirus pandemic on July 7, 2020 in New York City.on Tuesday reported its quarterly revenue was slashed by nearly a third as coronavirus lockdown measures outside the U.S. weighed on sales for its French fries and cheeseburgers.
Here's what the company reported for the quarter ended June 30 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Revenue: $3.77 billion vs. $3.68 billion expected Excluding items, McDonald's earned 66 cents per share, missing the 74 cents per share expected by analysts surveyed by Refinitiv.
Sequentially, the company's global same-store sales improved. In its home market, same-store sales shrank by 19.2% in April but were down just 2.3% by June. About 2,000 of its U.S. restaurants have reopened their dining rooms, but the company halted those reopenings in early July as coronavirus cases surged again.
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