McDonald's Corp (NYSE:MCD) reported that its first-quarter 2023 revenue rose 4.1% to $5.9 billion, surpassing the FactSet consensus of $5.59 billion, aided by higher menu prices and its third consecutive quarter of US traffic growth.
The fast-food giant also recorded adjusted earnings per share, excluding restructuring charges, of $2.63, which also beat the analyst consensus estimate of $2.33.
As well, McDonald’s said all three of its divisions reported same-store sales growth of 12.6%.
“Comparable sales results benefited from strategic menu price increases and positive comparable guest count growth,” the company stated.
Internationally, McDonald’s also experienced better-than-expected sales growth, as its operated markets in countries such as the UK, France, Germany and Australia, beat the StreetAccount consensus estimate of an 8.5% same-store sales increase.
Shares of McDonald's rose about 1% in pre-market trading on Tuesday.
The stock, which closed at record highs the past two sessions, has gained 11.3% year to date as of Monday’s closing bell.
Contact Sean at sean@proactiveinvestors.com