McDonalds said today its first-quarter profit fell on weak sales, charges taken for an accounting change and the closure of underperforming restaurants.
The world's largest restaurant company posted quarterly net income of $253.1 million compared with $378.3 million a year earlier.
Sales, which include company-owned and franchised restaurants, edged up to $9.7 billion from $9.65 billion last year.
In its interim update on March 22nd, McDonald's had lowered its earnings per share target for the first quarter to 29 cents to 30 cents per share, excluding charges.