McDonald's has reported a net income of $2.31bn for the second quarter (Q2) of 2023, a surge of 94% compared with $1.18bn a year ago.
For the period ended on 30 June 2023, the company’s consolidated revenues rose by 14% to $6.49bn from $5.71bn last year.
During the quarter, the fast food giant achieved global comparable sales growth of 11.7%, with double-digit growth across each segment.
Same-store sales increased by 10.3% in the US, the company’s biggest market. Additionally, McDonald's stated that for the fourth consecutive quarter, more people visited its US restaurants.
In internationally operated markets, the company’s systemwide sales rose by 12% compared to 13% last year. Its digital systemwide sales across its top six markets were more than $8bn for the quarter.
The company noted that the performance of the division was largely driven by the UK and Germany. However, the company's sales in France were hurt by the turmoil.
In international developmental licensed markets, same-store sales registered 14% growth versus 16% last year. The growth was driven by increased demand in China, where the economy is still recovering from protracted Covid lockdowns.
Commenting on the result, McDonald's president and CEO Chris Kempczinski said: “Our second quarter results reflect consistently strong execution of our Accelerating the Arches strategy, with global comparable sales growth of 11.7% and double-digit comparable sales growth across each of our segments.
“The McDonald's brand has never been stronger and I remain inspired by the ability of the McDonald's System to create cultural conversations and develop industry-leading innovations.
“While global macroeconomic challenges persist, we continue to invest in our growth drivers and our brand to meet the customer needs of tomorrow.”
Meanwhile, in another development, McDonald’s is reportedly planning to create a spinoff restaurant brand called CosMc’s, reported Fox Business.
At the company’s conference call, McDonald's CEO Chris Kempczinski said that the new concept will be tested at select limited locations in early 2024. Further details will be outlined at its investor day in December this year.
CosMc's name is said to have been taken from a McDonald's mascot that appeared in its advertisements in the 1980s and early 1990s.
