The restaurant brand’s systemwide sales increased 3% in Q1 2024. Credit: Visual Karsa on Unsplash.

McDonald’s has reported a net income of $1.93bn for the first quarter of 2024, an increase of 7.04% compared with $1.8bn a year previously.

The company’s consolidated revenues for the period ending 31 March 2024 also saw an increase, rising by almost 5% to $6.16bn from $5.89bn in the same period of 2023.

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The fast-food company reported global comparable sales growth of 1.9%, driven by positive sales in the US and its international operated markets.

Despite slight negative sales in the international developmental licensed markets segment due to ongoing conflicts in the Middle East, overall sales figures remained strong.

In the US, comparable sales increased by 2.5%, and the international operated markets segment registered a 2.7% rise.

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However, the international developmental licensed markets segment saw a slight decrease of 0.2% in comparable sales.

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For Q1 2024, McDonald’s reported a 3% increase in systemwide sales and an 8% rise in consolidated operating income.

Its diluted earnings per share in Q1 2024 also grew by 9% to $2.66 from $2.45 in the same quarter of the previous year.

McDonald’s CEO Chris Kempczinski said: “Our global comparable sales growth in the first quarter marks 13 consecutive quarters of positive comparable sales growth with 30% growth over the last four years.

“As consumers are more discriminating with every dollar they spend, we will continue to earn their visits by delivering leading, reliable, everyday value and outstanding execution in our restaurants.

“As we look to the rest of 2024 and beyond, we remain focused on leveraging the competitive advantages within our Accelerating the Arches plan and growing QSR [quick service restaurant] market share to drive long-term growth.”