CHICAGO (US) – McDonald’s Corp said on Tuesday that it recorded a biggher-than-expected slump in sales, missing profit expectations. This was the result of outlets remaining closed during the pandemic, restricting operations to only drive-through and delivery.
The Chicago-based restaurant chain’s shares dropped by 2% before the opening bell.
Sales of global same-store also slumped by 23.9% for the second quarter ended June 30.
According to IBES data from Refinitiv, analysts predicted a fall of 23.24%.
Same-restaurant sales registered a drop of 8.7% in the US where more than a third of its outlets are situated.
“Our strong drive-thru presence and the investments we’ve made in delivery and digital over the past few years have served us well through these uncertain times,” Chief Executive Officer Chris Kempczinski said.
In a bid to boost recovery, the restaurant chain said face masks would be mandatory at its outlets in the US and staff will offer one to guests entering without a mask.
The group said 96% of its restaurants were operating with drive-thru, delivery or reduced seating capacity.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field