Investing.com – Shares in McDonald’s (NYSE:MCD) traded lower in pre-market trade on Thursday as investors digested a decline in consolidated revenues.
The Dow component reported diluted earnings per share, excluding some items, of $1.99 in the April to June period. Analysts had forecast $1.93 per share. The company also reported revenues of $5.35 billion. Economists had estimated revenues of $5.33 billion.
Global comparable sales rose 4%, which the company attributed to positive growth in all segments.
However, the company noted that consolidated revenues decreased 12% (14% in constant currencies) due to the impact of the company's strategic refranchising initiative.
“We're pleased with the results of our international business and the progress we're making in the U.S. on executing on our Velocity Growth Plan priorities,” Steve Easterbrook, McDonald’s president and chief executive officer said, in the press release.
“We've now marked 12 consecutive quarters of positive comparable sales, and we are confident that we're executing the right strategy to achieve long-term, profitable growth," he added.
At 8:17 AM ET (12:17 GMT), shares in McDonald’s (NYSE:MCD) lost 0.57% to $158.00, compared to the previous closing price of $158.89.