As the restaurant reopened, the fast-food giant introduced new products such as crispy chicken sandwiches, attracting customers.
As the restaurant reopened and new products such as crispy chicken sandwiches attracted customers, McDonald’s sales in the second quarter were better than expected.
Between April and June, revenue increased by 57% to nearly $5.9 billion. Analysts surveyed by FactSet said that this exceeded Wall Street’s forecast of $5.6 billion.
Global same-store sales or sales of stores that have been open for at least one year increased by 40.5% year-on-year. This is a simple comparison. The second quarter of 2020 was the low point of the McDonald’s pandemic, when the lockdown closed stores and sales fell by 30%.
But even compared to 2019, the year before the pandemic hit the United States, same-store sales increased by 7%.
Rising menu prices, as well as chicken sandwiches and meal promotions from the Korean band BTS, stimulated sales growth in the US. Food and beverage promotions — which also include part of a series of meals provided by rapper Travis Scott — have been a big sales driver over the past year.
This quarter, the McDonald’s restaurant in the United States quickly reopened.
Outside the United States, McDonald’s said that the relaxation of COVID restrictions in markets such as the United Kingdom and France has also boosted sales.
The Chicago burger giant’s net income in the second quarter was $2.2 billion. After adjusting for one-off items, the company’s earnings per share were $2.37. This is much higher than Wall Street’s forecast of $2.11.
In pre-market trading on Wednesday, McDonald’s shares were flat at $246.25.