McDonald's Profit Rises Despite Slowing US Sales

McDonald's reported a robust profit for its second quarter, even as sales growth in the United States showed signs of slowing due to consumer apprehension about spending. The company announced Tuesday that Skye Anderson will assume the role of president of McDonald's USA.

For the quarter ending June 30, McDonald's earned $2.36 billion, or $3.32 per share, an increase from $2.25 billion, or $3.14 per share, in the same period a year prior. Excluding one-time items, earnings per share were $3.38, surpassing the $3.32 expected by analysts surveyed by FactSet. Revenue for the quarter reached $7.1 billion, up from $6.84 billion in the previous year, though slightly below Wall Street's estimate of $7.13 billion.

Same-store sales in the U.S., a key metric for established restaurants, increased by a modest 0.8%. This represents a notable slowdown compared to the 2.5% rise recorded a year ago, which was partly boosted by a promotional meal tied to "A Minecraft Movie." Globally, same-store sales saw a 1.3% increase.

In May, McDonald's had previously indicated that factors such as high gasoline prices and consumer concerns related to geopolitical tensions could impact sales. The average price for regular gasoline in the U.S. peaked at $4.56 per gallon on May 21, according to AAA.

Shares of McDonald's saw a 1.7% increase in pre-market trading following the earnings announcement.