McDonald’s Corp on Tuesday reported a broad drop in global same-store sales and missed profit expectations, as its restaurants were shut due to the COVID-19 pandemic, limiting operations to only drive-thru and delivery.
Shares of the Chicago-based burger chain sank more than 2.5%.
Global same-store sales fell 23.9% in the second quarter, dragged down by big international markets including the United Kingdom, France and Latin America.
Analysts had forecast a 23.24% fall, according to IBES data from Refinitiv.
In the United States, where the company operates more than a third of its restaurants, same-restaurant sales fell 8.7% but were better than the anticipated 9.97% fall, as most locations were able to stay open with drive-thru and delivery options.
On a conference call with investors, executives struck a cautious tone but noted that U.S. July sales have improved and should end “slightly positive” for the full month.