McDonald's latest Q2 2024 financial report shows that revenue, net profit, and earnings per share for the quarter ending June 30, 2024 were all lower than market expectations. In the second quarter of this year, McDonald's achieved a revenue of 6.49 billion US dollars, lower than the expected 6.61 billion US dollars. Achieve a net profit of 2.022 billion US dollars, with a year-on-year decline of 10% without considering the impact of exchange rates. Adjusted earnings per share were $2.8, a year-on-year decrease of 10% without considering the impact of exchange rates.
The financial report shows that McDonald's global same store sales decreased by 1% in the second quarter, reflecting that comparable sales in all segmented markets were negative. Among them, the US market fell by 0.7%, the international operations market sector fell by 1.1%, and the international franchising market share decreased by 1.3%. McDonald's stated that the decline in same store sales performance in the US market in the second quarter was due to a decrease in customer traffic, which offset the increase in unit price caused by the rise in unit price. The performance of the international operating market has been affected by negative growth in multiple markets such as France. The international franchise market has been continuously affected by the Middle East war and the decline in same store sales in the Chinese market, offsetting the growth in the Latin American and Japanese markets.
Regarding the Chinese market, McDonald's stated that the company is still advancing its plan to open 1000 new restaurants in China by 2024.