In the U.S., McDonald’s saw a 2.5% same-store sales growth compared to the 2.6% estimated, while the same-store sales growth on a global level came at 1.9% versus 2.33% expected by Wall Street analysts. For reference, the company saw 12.6% growth in same-store sales in the same period of 2023.

Additionally, the company’s revenue came at $6.17 billion, slightly higher than estimates of $6.15 billion, but adjusted earnings per share missed the mark at $2.70 per share as analysts expected $2.72.

“Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending, which is putting pressure on the [quick-service restaurant] industry,” said CEO Chris Kempczinski during the earnings call.

After the quarterly results were made public, McDonald’s shares slipped more than 3% compared to the closing price of $274.00 per share on Monday. The stock quickly corrected and was trending towards its highest mark in April at $276.41. The company’s shares are currently 7.11% down year-to-date.

The post McDonald’s Reports Mixed Q1 Results, Misses on Sales Estimates appeared first on theprimarymarket.com.

It is still unclear how many people will be affected by the layoffs plans. McDonald’s is expected to “deliver staffing decisions virtually” and has instructed employees to cancel previously scheduled in-person meetings at its headquarters in Chicago, Illinois.

“During the week of April 3, we will communicate key decisions related to roles and staffing levels across the organization,” the company wrote in the internal mail sent out to the staff.

In early 2023, McDonald’s announced plans to have an organizational restructure as part of their long-term strategic plan. At the time, the company said that some jobs would be moved while others would be eliminated completely. It also added that the move is expected to bring money-saving results but didn’t detail how many jobs it plans to cut.

McDonald’s shares have seen a slight movement after the Wall Street Journal’s report came out. The stock made a jump of 1% on Monday, trading at $282.32 per share. The company’s shares are currently up by 7% year-to-date.

The post McDonald’s Temporarily Shuts US Offices Amid Layoffs Plans appeared first on theprimarymarket.com.

In the U.S., McDonald’s saw a 2.5% same-store sales growth compared to the 2.6% estimated, while the same-store sales growth on a global level came at 1.9% versus 2.33% expected by Wall Street analysts. For reference, the company saw 12.6% growth in same-store sales in the same period of 2023.

Additionally, the company’s revenue came at $6.17 billion, slightly higher than estimates of $6.15 billion, but adjusted earnings per share missed the mark at $2.70 per share as analysts expected $2.72.

“Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending, which is putting pressure on the [quick-service restaurant] industry,” said CEO Chris Kempczinski during the earnings call.

After the quarterly results were made public, McDonald’s shares slipped more than 3% compared to the closing price of $274.00 per share on Monday. The stock quickly corrected and was trending towards its highest mark in April at $276.41. The company’s shares are currently 7.11% down year-to-date.

The post McDonald’s Reports Mixed Q1 Results, Misses on Sales Estimates appeared first on theprimarymarket.com.

It is still unclear how many people will be affected by the layoffs plans. McDonald’s is expected to “deliver staffing decisions virtually” and has instructed employees to cancel previously scheduled in-person meetings at its headquarters in Chicago, Illinois.

“During the week of April 3, we will communicate key decisions related to roles and staffing levels across the organization,” the company wrote in the internal mail sent out to the staff.

In early 2023, McDonald’s announced plans to have an organizational restructure as part of their long-term strategic plan. At the time, the company said that some jobs would be moved while others would be eliminated completely. It also added that the move is expected to bring money-saving results but didn’t detail how many jobs it plans to cut.

McDonald’s shares have seen a slight movement after the Wall Street Journal’s report came out. The stock made a jump of 1% on Monday, trading at $282.32 per share. The company’s shares are currently up by 7% year-to-date.

The post McDonald’s Temporarily Shuts US Offices Amid Layoffs Plans appeared first on theprimarymarket.com.