McDonald's can't keep up with its all-day-breakfast launch
McDonald's reported fourth quarter earnings on Monday, beating expectations across the board.
Adjusted earnings per share for the quarter came in at $1.44, slightly higher than analysts' expectations of $1.41 per share. Additionally, revenue was just head of expectations of expectations at $6.03 billion against projections of $6.00 billion.
Sales crushed expectations with a 2.7% gain year-over-year for same-store sales, much higher than the expectations of 1.4% growth.
Sales in the US, however, slid by 1.3%. The company said this was due to "challenging comparison against the prior year launch of the very successful All-Day Breakfast" according to the press release.
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The company also warned that the first quarter of 2017 may also face similar challenges because it is being compared to a strong quarter in 2016 that "benefited from leap year, favorable weather and continued momentum from All-Day Breakfast in the US," said the press release.
"Our efforts yielded a more streamlined and focused organization that generated solid fourth quarter and full year results, including our strongest annual global comparable sales growth since 2011 along with record franchisee cash flows in many of our major markets," said CEO Steve Easterbrook in a statement accompanying earnings. "I am confident that we're on the right path as we pursue our goal of being recognized by our customers as the modern, progressive burger company."
Following the announcement, McDonald's stock was down slightly, falling by 0.72% in pre-market trading as of 8:32 a.m. ET.
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