Fast-food chain McDonald’s Corporation (NYSE: MCD) on Tuesday reported stronger-than-expected earnings for the second quarter of 2022, despite a decline in revenues. Global comparable store sales increased sharply.
The company said second-quarter adjusted profit increased to $2.55 per share from $2.37 per share in the comparable period of 2021. Analysts were looking for slower growth. Meanwhile, unadjusted earnings decreased to $1.19 billion or $1.60 per share in the June quarter from $2.22 billion or $2.95 per share a year earlier.
Global comparable store sales increased 10% annually. At $5.72 billion, second-quarter net revenue was down 3% year-over-year. The top line also missed analysts’ estimates.
“The McDonald’s System continues to demonstrate strength and resiliency. Our second quarter performance reflects outstanding execution against our Accelerating the Arches strategy. By focusing on our customers and crew, enabled by a rapidly growing digital capability, we delivered global comparable sales growth of nearly 10%,” said McDonald’s chief executive officer Chris Kempczinski.
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McDonald’s stock traded higher in the early hours of Tuesday’s session. The shares have gained about 3% in the past thirty days.