McDonald’s, Domino’s reveal global Q1 results

McDonalds Dominos global results
The Accelerating the Arches strategy is working, says CEO. (Source: Bigstock)

McDonald’s Corporation reported global comparable sales lifting by 12.6 per cent in the first quarter of 2023.

Chris Kempczinski, McDonald’s president and chief executive officer, said “Our strong first quarter results demonstrate that our Accelerating the Arches strategy is working, as comparable sales grew 12.6 per cent through a healthy balance of strategic menu price increases and positive traffic growth.

“Running great restaurants is fundamental to our business momentum. We have refocused on operational excellence through our global Performance and Customer Excellence (PACE) initiative, and we’ve seen significant customer satisfaction improvement around the world. Amidst a challenging operating environment, customer demand for McDonald’s brand remains strong.”

Systemwide sales increased nine per cent. Australia, Canada, France, Germany and the UK led the market lift internationally.

Sales rise at Domino’s

Domin’s Pizza saw global retail sales grow 2.2 per cent in Q1, without adjusting for the impact of foreign currency.

In the US, same store sales grew 3.6 per cent during the first quarter of 2023. International same store sales (excluding foreign currency impact) increased by 1.2 per cent over the same period.

Domino’s grew its footprint worldwide by a net 128 stores: 22 in the US and 106 internationally.

Russell Weiner, Domino’s chief executive officer, said “I can’t help but be encouraged by the resilience of our business model and the competitive advantage our franchisees and team members bring to Domino’s Pizza.

“We grew by doing what we said we were going to do: drive value and step up our pace of innovation. Our continued evolution from a US delivery business to a global pizza company with strength in both delivery and carryout keeps me bullish on our future.”