McDonald's reported global May same-store sales of 5.1% vs. consensus of 4.2%. The notable standout was MCD USA which was significantly below consensus 2.8% vs. consensus at 3.6%. Europe reported a solid 7.6% vs. consensus at 4.3% and APMEA 6.4% vs. consensus of 5.4%.
With MCD running 4%+ pricing (including the change to the $$ menu) the 2.8% is disappointing. The early read on MCD's coffee strategy is not good! Given the coffee push the traffic trends should be much better.