MCD - McDonald's Corporation (MCD) Q1 2024 Earnings Call Transcript

2024-04-30 11:14:07 ET

McDonald's Corporation (MCD)

Q1 2024 Earnings Conference Call

April 30, 2024 08:30 A.M. ET

Company Participants

Mike Cieplak - IR

Chris Kempczinski - President and CEO

Ian Borden - SVP and CFO

Conference Call Participants

David Tarantino - Robert W. Baird

Brian Harbour - Morgan Stanley

Dennis Geiger - UBS

John Ivankoe - J.P. Morgan Chase

David Palmer - Evercore ISI

Eric Gonzalez - KeyBanc Capital Markets

Sara Senatore - Bank of America

Lauren Silberman - Deutsche Bank

Brian Bittner - Oppenheimer & Co.

Andrew Charles - TD Cowen

Gregory Francfort - Guggenheim Securities

Brian Mullan - Piper Sandler & Co.

Jeffrey Bernstein - Barclays Bank

Presentation

Operator

Hello, and welcome to McDonald's First Quarter 2024 Investor Conference Call. At the request of McDonald's Corporation, this conference is being recorded. Following today's presentation there will be a question-and-answer session for investors. [Operator Instructions]. I would now like to turn the conference over to Mr. Mike Cieplak, Investor Relations Officer for McDonald's Corporation. Mr. Cieplak, you may begin.

Mike Cieplak

Good morning, everyone, and thank you for joining us. With me on the call today are President and Chief Executive Officer, Chris Kempczinski; and Chief Financial Officer, Ian Borden. As a reminder, the forward-looking statements in our earnings release and 8-K filing also apply to our comments on the call today. Both of those documents are available on our website, as are reconciliations of any non-GAAP financial measures mentioned on today's call along with their corresponding GAAP measures. Following prepared remarks this morning, we will take your questions. Please limit yourself to one question and then re-enter the queue for any additional questions. Today's conference call is being webcast and is also being recorded for replay via our website. And now, I turn it over to Chris.

Chris Kempczinski

Thanks Mike and good morning everyone. I join you today inspired from our recent worldwide convention, a time when McDonald’s comes together to celebrate the success of our system. The relevance of our brand, power of our Accelerating the Arches strategy and the collective strength of our system, we are on full display as we welcomed our global McDonald’s franchisees, restaurant teams, suppliers, and company employees to Barcelona. For the first time in our nearly 70-year history, we held this biannual reunion outside of North America, a testament to the global power of our brand. And we are joined by more than 15,000 attendees from nearly 100 markets to discuss how we are reimagining the future across our three-legged stool.

It is clear that McDonald’s continues to operate from a position of strength across nearly all areas of the business as we focus on executing the day to day at a high level and establishing strong platforms for long-term sustained growth. The first quarter of 2024 marks our 13th consecutive quarter of positive comparable sales growth with 30% growth over the last four years. This success was built by establishing a strong foundation with a strategic plan basing consumer insights and focused on creating relevant marketing campaigns with our brand connected to culture. At the same time, we are maximizing the strength of our core menu equities and building an industry leading royalty base. Combined with our modernized restaurant estate, strong franchisee alignment, engage restaurant employees, and strong restaurant level unit economics, McDonald’s is well positioned. ...

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