Ten days ago we reported [5]with much amusement that the "turnaround story" that is McDonalds has decided to pull the oldest trick in the collapsing business book, and would stop reporting its monthly comparable sales starting with the month of June.
Moments ago MCD reported its May comp store sales which confirmed what we cynically noted is the reason for the data halt, namely that no matter what it does, MCD simply can not "turnaround" its foundering business, and after a drop of -0.6% in April, May global comp sales dropped once again, this time by -0.3%. This was the 12th consecutive month of global comparable store declines. Next month will be the 13th. There won't be a 14th.
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The good news for Europe is that with a jump of 2.3% in May comp store sales, the European recovery is clearly taking hold and the tens of millions of unemployed youths can finally afford a 99 cent meal.
But perhaps the biggest irony is that the drop was driven not by Europe or Asia, where one would expect the strong dollar to be wreaking havoc on US-denominated sales, but in the US, where same store sales dropped -2.2%, more than the -1.7% expected.
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We wonder if the decline in USD-denominated US sales will also gain be blamed on the strength of the US currency?
Finally, as we have said all along, it really is time for MCD's new boss Steve Easterbrook to start wearing many more pieces of flair or he will join his predecessor Don Thompson in "retiring" prematurely any month now.
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