Fast-food chain McDonald’s Corporation (NYSE: MCD) on Tuesday reported an increase in adjusted earnings for the first quarter of 2023 when its revenues rose 4%.
The company said first-quarter adjusted profit increased to $2.63 per share from $2.28 per share in the comparable period of 2022. Unadjusted earnings rose to $1.80 billion or $2.45 per share in the March quarter from $1.10 billion or $1.48 per share a year earlier.
Global comparable store sales moved up 12.6% annually. At $5.89 billion, first-quarter net revenue was up 4% year-over-year.
“We have refocused on operational excellence through our global Performance and Customer Excellence (PACE) initiative, and we’ve seen significant customer satisfaction improvement around the world. Amidst a challenging operating environment, customer demand for McDonald’s Brand remains strong,” said McDonald’s chief executive officer Chris Kempczinski.