McDonald's Corporation MCD reported on Monday a global same-store sales decline of 0.5 percent in October. U.S. comps were down by 1.0 percent while European comps were lower by 0.7 percent.
Asia Pacific, Middle East and Africa saw a 4.2 percent comp decline, mostly attributed to Japan and China supplier issues.
John Glass of Morgan Stanley commented in a mid-day note that McDonald's same-store-sales metrics "improved" but were still "challenged."
"In the U.S., same-store-sales of -1 percent suggest a marked improvement month over month from the -4.1 percent reported in September, as the gap to Quick Service Restaurant peers improved from -6.3 percent in September to -4.8 percent in October," Glass wrote.
The analyst adds that McDonald's Monopoly promotion was the main contributor to the acceleration. In addition, breakfast continues to add positively to the compass despite increased competition.
Glass also points out that McDonald's also lapped the Mighty Wings promo and guest counts remain negative.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in