2024-02-05 07:06:47 ET
McDonald’s Corp is trading down in premarket on Monday after reporting disappointing revenue for its fiscal fourth quarter.
The fast-food chain attributed weakness in its recently concluded quarter to an industry-wide decline in foot traffic in the last two months of 2023.
Israel-Hamas war, it added, also weighed on sales in Q4 as many on social media called for a boycott after its Israeli franchisee announced discounts for soldiers. Still, Chris Kempczinski – the chief executive of McDonald’s said in a press release today:
By evolving the way we work across the System, we remain confident in the resilience of our business amid macro challenges that will persist in 2024.
The multinational saw its same-store sales come in 3.4% up in Q4 versus a whopping 10.9% increase it had reported in the same quarter last year.
Earned $2.04 billion versus the year-ago $1.9 billion
Per-share earnings also climbed from $2.59 to $2.80
Adjusted EPS $2.95 printed at as per the press release
Revenue jumped 8.0% year-over-year to $6.41 billion
Consensus was $2.82 a share on $6.45 billion in revenue
This is a developing story. Check back in a few minutes for more updates!
The post McDonalds come in shy of revenue estimates in Q4 appeared first on Invezz
