McDonald's Reported a 30% Drop In Sales And Revenue in Q2 2020
The volume of sales and revenue of the American McDonald's Corporation decreased significantly for the fiscal quarter ended June 30, 2020, according to the report published on the Corporation's website on Tuesday.
Following the document, as of June 30,96% of all McDonald's fast-food restaurants in the world resumed their work after a forced break due to the coronavirus pandemic. In the US, this figure was 99%. McDonald's global sales decreased by 30% compared to the same period last year, reaching $3.77 billion. The Corporation focused on the fact that in the previous fiscal quarter, the decline in this indicator was less than in April (minus 39%), May (minus 20.9%), and June (minus 12.3%).
Revenue for the last quarter also fell by 30% compared to the same period in 2019, from $5.409 billion to $3.761 billion. Net income fell 68%, from $1.516 billion to $483.8 million. Thus, McDonald's earnings were only $0.66 per share compared to the experts' forecast of $0.74. According to CNBC, the Corporation on this indicator allowed the largest lag from forecasts for more than 30 years.
McDonald's stock prices fell by $2.55 (minus 1.27%) to $198.7 before opening trading on the New York stock exchange on Tuesday.
McDonald's is an American Corporation that owns one of the world's largest fast-food restaurant chains founded in 1940 in San Bernardino, California. The company has a headquarter in Chicago, Illinois. The company owns more than 38 thousand restaurants in more than 100 countries.