McDonald's Corp (NYSE:MCD) posted fourth-quarter earnings before the bell Tuesday that beat expectations, but shares of the fast food giant have soured slightly nonetheless.
The company reported revenue of $5.93 billion, compared to Street expectations of $5.75 billion, and adjusted earnings of $2.59 per share, versus expectations of $2.44 for the three-month period to end December 2022.
US same-store sales grew 10.3% year-over-year, compared to an estimated 7.62%, while international same-store sales increased 12.6% compared to expectations of 7.56%. Brazil and Japan led the international segment, while China saw negative same-store sales due to ongoing COVID-19 restrictions.
READ: Hapbee Technologies highlights positive feedback from athletes on its stimulant-free sleep and recovery solution
The company attributed the growth to higher menu prices, increased guests and successful marketing efforts, all part of its broad “Accerlating the Arches” program.
Investors, though, may be worried about what future quarters will bring.
CEO Chris Kempczinski acknowledged that McDonald’s is facing “short-term inflationary pressures” that the company expects to continue into 2023.
Shares of the company were down 2.6% to $263.93 Tuesday morning.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel