McDonald’s appears to be bouncing back from its coronavirus woes.
Share’s of the fast food giant were up nearly 2 percent in early trading on Tuesday after it reported that global sales in May were down just 5 percent — a significant improvement from March, when they plummeted 19.2 percent.
Global sales fell by 30 percent for the first quarter through May 31, the company said. But investors were heartened by signs of a recovery at the company, which has reopened nearly all of its restaurants except for those in malls.
“Our strong foundation and the unique advantages of the McDonald’s System, including a high percentage of drive-thru restaurants and investments in delivery and digital, have enabled us to adapt to the changing landscape presented by the COVID-19 outbreak,” CEO Chris Kempczinski said in a statement.
One area of weakness, however, has been breakfast, the company said. US diners are back to eating Big Macs but not Egg McMuffins because they are sticking to breakfast at home.
“Comparable sales and guest counts [in the US] remained negative, particularly the breakfast daypart,” the company said in a regulatory filing on Tuesday.