McDonald's Q2 earnings down on tepid global sales
July 24, 2014, 12:08 am TWN
NEW YORK -- McDonald's Tuesday said profit slipped in the second quarter amid fairly flat global sales as it pledged to take action against any wrongdoing in an Asian food safety scare.
McDonald's posted net earnings for the second quarter of US$1.39 billion, down 0.7 percent from the year-ago period.
That translated into adjusted earnings per share of US$1.40, four cents below expectations.
The U.S. restaurant chain characterized global comparable sales as "relatively flat" with lower consumer traffic in all major segments.
Comparable sales dropped 1.5 percent in the United States and 1.0 percent in Europe, while they grew in the Asia/Pacific, Middle East and Africa segment by 1.1 percent, due in part to strong performance in China and some other markets.
All three regions reported drops in comparable sales in June.