Investing.com - Fast food giant McDonald’s reported disappointing second quarter earnings and revenue figures on Thursday, sending its shares lower in pre-market trade.
McDonald’s said earnings per share came in at $1.26 in the second quarter, beating expectations for earnings of $1.24 per share, but down from earnings of $1.40 a share in the same period a year earlier.
The company’s second quarter revenue totaled $6.49 billion, above forecasts for sales of $6.09 billion and down 9.6% from revenue of $7.18 billion in the second quarter of 2014.
Operating income for the quarter decreased 6%, reflecting the soft, top-line performance.
Global comparable sales decrease of 0.7%, reflecting negative guest traffic in all major segments.
In the U.S., second quarter comparable sales decreased 2.0%, worse than expectations for a decline of 1.5%, reflecting negative guest traffic as the featured products and promotions did not achieve expected consumer response amid ongoing competitive activity.
Europe's second quarter comparable sales increased 1.2% driven by solid performance in the U.K. and Germany, partly offset by negative results in France.
"We have made meaningful progress since announcing the initial steps of McDonald's (NYSE:MCD) turnaround plan in early May," said McDonald's President and Chief Executive Officer Steve Easterbrook.
"Looking ahead to third quarter, we expect positive global comparable sales led by growth in our newly-created International Lead Market segment and China's continuing recovery from the 2014 APMEA supplier issue," Easterbrook added.
Immediately after the earnings announcement, McDonald’s shares fell 1.1% in trading prior to the opening bell.
Meanwhile, U.S. stock market futures pointed to a flat open. The Dow futures indicated a loss of 0.05% at the open, the S&P 500 futures pointed to a rise of 0.05%, while Nasdaq 100 futures tacked on 0.15%.