Summary by Futu AI
On April 30, 2024, McDonald's Corporation reported its financial results for the first quarter ending March 31, 2024. The company saw a 1.9% increase in global comparable sales, marking the 13th consecutive quarter of positive growth. McDonald's CEO Chris Kempczinski highlighted the company's focus on value and execution to drive long-term growth. The U.S. and International Operated Markets segments experienced comparable sales increases of 2.5% and 2.7%, respectively, while the International Developmental Licensed Markets segment saw a slight decrease of 0.2%, attributed to the ongoing war in the Middle East. Consolidated revenues rose by 5% to over $6 billion, and systemwide sales to loyalty members reached nearly $25 billion for the trailing twelve-month period. Operating income increased by 8%, and diluted earnings per share grew by 9% to $2.66. Excluding restructuring charges related to the company's Accelerating the Organization initiative, operating income and diluted earnings per share both increased by 2%. The financial performance was driven by strategic menu price increases, successful marketing, and growth in digital and delivery services.