Shares of McDonald's (NYSE:MCD) fell slightly in Thursday trading, on the back of the Q1 of fiscal 2020 results it published that morning.
For the quarter, the company recorded just over $4.71 billion in revenue, 6% below the Q1 2019 figure. That was on the back of comparable-restaurant sales that declined by 3.4%. Net income came in at nearly $1.11 billion, or $1.47 per share, down 13% from the same period a year ago.
On average, the numerous prognosticators following the stock estimated only $4.65 billion in revenue, but a per-share bottom line of $1.57.
As with many other companies, McDonald's would have likely posted more impressive numbers had the SARS-CoV-2 coronavirus outbreak not swept across the world.
Its January and February performances were robust, with comparable-restaurant sales advancing at a brisk 7.2% pace (although the latter month benefited from having an extra day because of leap year). Although the company has retrenched better than rival restaurant-chain operators thanks to its many drive-thru-equipped restaurants and an effective mobile device-ordering system, it still suffered from closing its dining areas.
Earlier this month, McDonald's pulled its guidance for this current fiscal year. It has not yet reinstated the former outlook or presented a modified version.
Still, the company sounded an optimistic note about its proximate future. "McDonald's has seen a lot over our 65 years and I'm confident that the actions we're taking will enable us to emerge from this crisis in a position of competitive strength," it quoted CEO Chris Kempczinski as saying.
McDonald's closed 0.1% lower on Thursday, a drop that was not as steep as that for many fellow consumer goods stocks or the major equity indexes.