Summary by Moomoo AI
McDonald's reported a 1.9% increase in global comparable sales in the first quarter of 2024, with U.S. sales up 2.5% and International Operated Markets up 2.7%. However, International Developmental Licensed Markets saw a slight decrease of 0.2%, attributed to the ongoing war in the Middle East. Total revenues rose by 5% to $6.169 billion, with a 6% increase in sales by Company-owned restaurants and a 4% increase in franchised restaurant revenues. Operating income grew by 8%, and diluted earnings per share increased by 9% to $2.66. Excluding certain charges, diluted earnings per share would have been $2.70, a 2% increase. The company's strategic growth plan, 'Accelerating the Arches,' focuses on marketing, core menu items, and the '4D's': Digital, Delivery, Drive Thru, and Restaurant Development. McDonald's plans to open over 2,100 new restaurants in 2024, contributing to nearly 4% new unit growth. The company expects capital expenditures between $2.5 and $2.7 billion for the year, with over half directed towards new restaurant expansion.
