McDonald's Reports a 0.3 Percent Drop in February Sales, U.S. Down 1.4 percent
McDonald's (NYSE: MCD) on Monday reported disappointing global comparable sales, down 0.3 percent in February.
McDonald's comparable sales in the United States were decreased 1.4 percent. The company noted the “challenging industry dynamics” and severe weather in February.
Europe's comparable sales were up 0.6 percent, but were unable to hedge the Asia/Pacific, Middle East and Africa (APMEA) segment which was down 2.6 percent. McDonald's reported that performance in the United Kingdom and France remain strong despite weakness in Germany. For the APMEA segment, the company commented on numerous factors including negative results in Australia, weakness in Japan, and a shift in the Chinese New Year's timing.
In the press release, McDonald's Chief Financial Officer Pete Bensen noted, “We are diligently focused on strengthening our performance, however our relatively flat year-to-date global comparable sales will pressure margins in the first quarter. Looking ahead, we believe that we are taking the right actions to more clearly align with our customers' needs and build momentum to drive long-term profitable growth.”
On March 11, 2014, Pete Bensen will speak at the Bank of America Merrill Lynch Consumer and Retail Conference at 8:50 a.m. (EST) in New York. Investors and the general public can see the webcast live and available for replay at www.investor.mcdonalds.com.
Shares of McDonald's closed at $95.50 on Friday.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.