McDonald’s global sales top estimates as new CEO seeks comeback
By Bloomberg
McDonald’s Corp. reported May sales that narrowly topped analysts’ projections, a sign the company is making progress under new Chief Executive Officer Steve Easterbrook.
Global same-store sales fell 0.3 percent in the period, the Oak Brook, Illinois-based company said in a statement Monday. Analysts predicted a 0.9 percent drop, according to Consensus Metrix.
Easterbrook, who took over the CEO job in March, has vowed to pull McDonald’s out of its prolonged slump and transform the world’s largest restaurant chain into a modern, progressive burger company. He announced a turnaround plan last month that includes reorganizing the company’s leadership, cutting costs and returning cash to shareholders.
McDonald’s shares rose in early trading after the results were released. The stock had gained 2 percent through the end of last week.
McDonald’s announced in May that it would stop providing monthly sales data. The company will give its June numbers -- along with its quarterly earning report in July -- but that will be it. Most other companies in the fast-food and retail industries already stopped making monthly sales numbers public.
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