Apr 30, 2020 (Baystreet.ca via COMTEX) -- McDonald's Corp. /zigman2/quotes/203508018/composite MCD +0.95% reported a 16.7% slide in quarterly profit as most of its restaurants across the globe limited their services to deliveries and takeout amid the coronavirus pandemic.
The world's largest fast-food company said three-quarters (75%) of its about 39,000 restaurants around the world were operational, including almost all of its nearly 14,000 restaurants in the United States. The company also said it has resumed operations in China, where the virus was first detected, although demand remained low as consumers had not fully returned to their daily routines.
"The global crisis caused by the COVID-19 pandemic has significantly disrupted our business, and we continue to operate in a very challenging and unpredictable environment," Chief Executive Officer Chris Kempczinski said in a written statement announcing the quarterly results.
The health crisis, which has infected over one million people in the United States, has forced a government-led lockdown, bringing dine-in businesses for several restaurants to a halt towards the end of the first quarter. Earlier this month, McDonald's withdrew its outlook for the year, joining other restaurant chains, citing uncertainties related to the health crisis and its impact on global economic conditions.
The burger chain, which had pre-announced a 3.4% fall in first-quarter comparable store sales earlier this month, said net income fell to $1.11 billion, or $1.47 per share, in the first quarter ended March 31 from $1.33 billion, or $1.72 per share, a year earlier. Revenue fell 6.2% to $4.71 billion, compared with Wall Street estimates of $4.65 billion.
McDonald's stock plunged $5.03, or 2.7%, to $182.99