McDonald’s Corporation (NYSE: MCD) reported first quarter financial results that ended March 31st, 2020. Mcdonald’s delivered strong global comparable sales for the two months ended February 2020. The coronavirus pandemic resulted in operational impacts such as restaurant closures, limited operations and dramatic changes in consumer behavior that led to a decline in sales in the second half of March that significantly impacted the first quarter financial results. On April 8th, Mcdonald’s withdrew its 2020 outlook due to the uncertainty revolving the impact of COVID-19 on a global scale.
“Following our strong performance in 2019, McDonald’s began 2020 with exceptional global momentum, and our January and February sales were reflective of that trend. Since then, the global crisis caused by the COVID-19 pandemic has significantly disrupted our business, and we continue to operate in a very challenging and unpredictable environment,” said McDonald’s President and Chief Executive Officer Chris Kempczinski. “McDonald’s has seen a lot over our 65 years and I’m confident that the actions we’re taking will enable us to emerge from this crisis in a position of competitive strength. The determination and team spirit across the McDonald’s System is evident as we continue to offer affordable, convenient food while at the same time providing for the safety of our crew and customers and continuing our legacy of supporting local communities in which we operate.”
On a global scale, comparable sales fell 3.4% as consolidated revenues decreased 6% while diluted earnings per share decreased 15% to USD 1.47.