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Monday September 23, 2019

updated - September 23, 2019 Monday EDT

McDonald's First Quarter Earnings Drop Due to Bad Weather and 'Challenging Industry Dynamics'

Apr 22, 2014 05:17 PM EDT | By Staff Reporter
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McDonald's posts disappointing quarterly results(Photo : Reuters)

McDonald's announced on Tuesday profit slipped compared to the same time in 2013 following a 1.7 percent comparable store sales drop in the U.S.

The fast-food giant's sales earnings was $1.2 billion, or $1.21 a share, compared to $1.27 billion, or $1.26 a share, in the year-ago period. Revenue climbed 1.4 percent to $6.7 billion, while expenses rose .3 percent.

"In the near term, we are prioritizing our efforts around those elements of the restaurant experience that are most impactful - offering the best food and beverage options and delivering outstanding service," McDonald's CEO Don Thompson said in a statement Tuesday morning.

"We are intent on pursuing initiatives that will strengthen our relationship with our customers to reignite our business momentum."

According to the company, the U.S. saw a 1.7 percent drop in comparable store sales drop in the U.S. which is due to "challenging industry dynamics" as well as winter's bad weather. 

Meanwhile, comparable sales in Europe rose 1.4 percent on strength in the U.K., France and Russia. The Asia/Pacific, Middle East and Africa saw a 0.8 percent increase in same-store sales.

McDonald's shared dropped 35 cents or 0.35 percent at the close of the bell, ending at $99.32 for the day.

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