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The
company said its global same-store sales, or sales at locations
open at least a year, rose 3.8% in the January-March period.
That was better than the 3.7% increase Wall Street was
expecting, according to analysts polled by FactSet.
McDonald's shares rose nearly 3% before the opening bell
Thursday.
The limited-time Big Arch burger —- a 1,610-calorie behemoth
that went on sale in the U.S. last month — became a viral
sensation after McDonald’s CEO Chris Kempczinski posted a video
of himself taking a nibble from one. Kempczinski was mocked for
his tentative bite. Tom Curtis, president of rival Burger King,
posted his own video taking a vigorous bite of his chain’s new
Whopper.
But the Big Arch did capture peoples attention. McDonald’s said
U.S. customers spent more per visit in the first quarter than
the same period a year ago.
McDonald’s has leaned heavily into value menus in the U.S. and
abroad as prices, particularly gasoline prices, rise. Starting
April 21, McDonald’s U.S. stores began offering 10 items that
each cost less than $3.
The Chicago chain said its revenue rose 9% in the first quarter
to $6.52 billion. That was also higher than the $6.47 billion
Wall Street was expecting, according to FactSet.
McDonald’s net income rose 6% to $1.98 billion. Adjusted for
one-time items, the company earned $2.83 per share. That was
also higher than analysts’ forecast of $2.74.
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