McDonald’s Speeds Up Plan to Close 200 Stores

McDonald’s announced it will be accelerating its existing plans to close 200 lower-volume stores, about half of which are located within Walmart stores.

“The U.S. is accelerating some restaurant closures previously planned for future years,” CFO Kevin Ozan said on McDonald’s second-quarter earnings call for a generally downbeat report.

Data from McDonald’s second-quarter report revealed:

• Global comparable sales declined 23.9%, though the company that The U.S. and International Operated Markets segment and global monthly comparable sales sequentially improved throughout the second quarter.
• Consolidated revenues decreased 30% (29% in constant currencies).
• Systemwide sales decreased 24% (23% in constant currencies).
• Diluted earnings per share was $0.65.

“Our strong drive-thru presence and the investments we’ve made in delivery and digital over the past few years have served us well through these uncertain times,” said McDonald’s president and CEO Chris Kempczinski.  “We saw continued improvement in our results throughout the second quarter as markets reopened around the world.”