Consumers continued to pick up chicken nuggets, burgers and fries from McDonald’s despite concerns that higher gas prices from the war with Iran would translate into eating out less.
Global sales at McDonald’s restaurants open at least a year rose 3.8 percent in the quarter that ended in March, compared with the same period last year, the company reported on Thursday. In the United States, same-store sales grew 3.9 percent from a year earlier.
Since the war with Iran began more than two months ago, investors and analysts have been increasingly concerned that consumers, particularly lower-income families, could cut back on their spending at restaurants. The average price of a gallon of regular unleaded gasoline rose 35 percent during March, according to the AAA auto club.
But McDonald’s solid results in the quarter echoed what several other large restaurant chains reported over the past week. Starbucks, Taco Bell and Burger King all reported strong sales in the first quarter of the year, suggesting that higher fuel costs did not cause customers to pull back their spending at restaurants.
Like other chains, McDonald’s has leaned heavily into its value meals to pull consumers through its doors. In April, McDonald’s expanded its value options with a new menu of items priced under $3 and a new $4 breakfast deal.
The chain’s global revenues, which include fees from franchisees, rose 9 percent from a year earlier to $6.5 billion. Net income increased 6 percent, to nearly $2 billion.
