Everybody's gotta eat, right? As the world's largest fast-food chain, McDonald's (MCD -0.91%) is a global food service powerhouse with over 40,000 locations across 100 countries. Here's why I'm bullish on this consumer discretionary stock today.

Consistency in any economy

McDonald's enjoys a loyal worldwide following that has contributed greatly to its long-term success. And the consistency under those golden arches has kept customers returning time and again.

Talking about the first-quarter results released last month, CEO Chris Kempczinski said, "What's notable about this earnings call is McDonald's consistency -- consistency in the strength of our numbers, consistency in the powerful drivers of our business, and consistency in the excitement that exists across the system about the opportunities that lie in front of us."

McDonald's has remained a reliable food option throughout the pandemic, providing affordable, dependable, and undeviating service. Kempczinski added: "Whether you're in a boom cycle or whether you're in a more challenging macro environment like I think we are in right now, our business has to continue to perform."

Growth in all segments last quarter

First-quarter results indicate that McDonald's retained its customers during the period and perhaps gained a few new ones. Even though macroeconomic challenges persisted and rising expenses continued to pressure both businesses and consumers alike, McDonald's drove substantial growth last quarter.

According to Chief Financial Officer Ian Borden, "The first quarter of 2023 was yet another demonstration of McDonald's at its best," saying that it was able to increase its market share via its "chicken portfolio," contributing to sales growth in China and Canada.

U.S.-based and international markets all saw a 12.6% increase in same-store sales. Borden said that last quarter's growth reflected robust consumer demand "despite a challenging operating environment and historically low consumer sentiment in many markets."

Year over year, first-quarter revenue increased by 4% to reach $5.9 billion. Earnings rose more dramatically, finishing 66% higher year over year to hit $2.45 per share.

Looking ahead

After reaching an all-time high of $298.86 last month, the stock now sits around $287. But I think it's only a matter of time before recent sales growth translates into new highs for the stock. 

According to Seeking Alpha, the analyst consensus calls for full-year revenue to exceed $25 billion. If McDonald's delivers on that number, it would mark an 8% improvement over 2022. 

Besides its rising stock price, McDonald's has raised its dividends to shareholders annually for 46 years. In the most recent hike, last October, the quarterly payout increased by more than 10% to hit $1.52. The stock currently yields 2.16%, higher than what the S&P 500 offers.

Overall, McDonald's is a stable long-term investment with a growing dividend -- a company that Kempczinski likes to think performs well "in good times and in bad."

To top it all off, the chain recently unveiled a new shake for the first time in five years: a purple concoction in honor of its Grimace character, which just marked its 52nd birthday.