) reported relatively flat global comparable sales for July, citing
a weak economy as a key setback. Shares fell around 3.3 percent in
premarket trading following the news.
Positive factors for the month included McDonald's breakfast and
McCafe Frappe line-ups, according to the company. However, these
factors were not strong enough to bring positive monthly comparable
"We are committed to driving the business over the long-term by
executing our proven Plan to Win strategy, despite softer global
comparable sales in July," said CEO Don Thompson in a
On March 21, it was announced that former CEO Jim Skinner was
retiring. Since that announcement, shares of McDonald's have
declined more than 10 percent, including Wednesday's premarket
trading. During the same period, shares of competitor Yum! Brands
) fell around 6 percent.
McDonald's reported second-quarter earnings per share that
missed analyst estimates on July 23. At that point, Thompson blamed
"persistent economic headwinds," and projected that the company
would see positive global comparable sales for July.
The company is expected to release August sales on September
Disclosure: At the time of this writing, I did not own shares of
any companies mentioned in this post.
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