McDonald’s Q1 sales surpass pre-COVID 2019 levels

McDonald’s Corp. reported first-quarter net income of $1.54 billion, or $2.05 per share, up from $1.01 billion, or $1.47 per share, last year. Excluding strategic gains, adjusted EPS was $1.92, ahead of the FactSet consensus for $1.81. Revenue totaled $5.125 billion, up from $4.714 billion last year and also ahead of the FactSet consensus of $5.036 billion. Global comparable sales rose 7.5%, with U.S. comparable sales rising 13.6%. The FactSet consensus was for a global comparable sales increase of 4.9%. “Our first quarter 2021 global comparable sales and revenues surpassed first quarter 2019 levels, even as resurgences and operating restrictions persist in many parts of the world,” said Chris Kempczinski, chief executive of McDonald’s, in a statement, adding that the company is focused on “marketing in a culturally relevant way” and “doubling-down on digital, delivery and drive thru.” McDonald’s stock slipped 0.9% in Thursday premarket trading, though shares have gained 8.3% for the year to date. The Dow Jones Industrial Average is up 10.5% for 2021 so far.

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