McDonald’s Corporation (NYSE: MCD) on Monday reported first quarter earnings results that beat analysts’ estimates, driven by strong growth in global markets.
The company said that global same-store sales rose 5.5 percent in the quarter ended March 31, 2018, beating analysts’ expectation of 3.7 percent. Comparable sales for the International market increased 7.8 percent in the first quarter, driven by the U.K. and Germany. In the U.S., comparable sales increased 2.9 percent, in line with analysts’ estimate. The company said the increase is driven by growth in average check resulting from menu price increases and product mix shifts.
"We continued to build upon the broad-based momentum of our business, marking 11 consecutive quarters of positive comparable sales and our fifth consecutive quarter of positive guest counts," said McDonald's President and Chief Executive Officer Steve Easterbrook. "More customers are recognising that we are becoming a better McDonald's, appreciating our great tasting food, fast and friendly service and compelling value as we execute our Velocity Growth Plan."
McDonalds try to attract more customers by offering new promotions, including dollar menus, discounts on beverage and limited-time menu items.
In the first quarter, revenue fell 9 percent to $5.14 billion, topping Wall Street expectation of $4.98 billion, according to Thomson Reuters. Excluding certain items, the company earned $1.79 per share.
McDonald’s shares rose over 5 percent to $166.38 per share in the early trading on Monday.