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McDonald’s pulls 2020 outlook as quarterly comparable sales fall 3.4{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}

FILE PHOTO: Delivery couriers practice social distancing while waiting for orders at a McDonald’s open for take away following the implementation of stricter social-distancing and self-isolation rules to limit the spread of the coronavirus disease (COVID-19) in Sydney, Australia, April 6, 2020. REUTERS/Loren Elliott

(Reuters) – McDonald’s Corp (MCD.N) posted a steeper-than-expected decline in quarterly comparable store sales and the company pulled its full-year forecast as coronavirus-led lockdowns forced it to shutter stores and stick to delivery or take-out.

The world’s largest burger chain also said it raised $6.5 billion in the first quarter ended March 31 and suspended share buybacks to bolster its cash reserves.

Comparable sales fell 3.4{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in the quarter, missing analysts’ expectations of a 0.91{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} drop, according to IBES data from Refinitiv.

In March alone, global comparable sales fell 22.2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} as most of its nearly 14,000 U.S. stores closed dine-in operations.

“This unprecedented situation is changing the world we live in, and we will need to adapt to a new reality in its aftermath,” Chief Executive Officer Chris Kempczinski said in a statement.

Reporting by Nivedita Balu in Bengaluru; Editing by Shailesh Kuber and Sriraj Kalluvila

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