McDonald's Q1 sales up despite struggles in China and Russia

McDonald’s said higher U.S. menu prices and easing COVID restrictions elsewhere helped offset troubled markets like China and Russia in the first quarter

Higher U.S. menu prices and easing COVID-19 restrictions elsewhere helped McDonald’s offset troubled markets like China and Russia in the first quarter.

Revenue rose 11% to $5.66 billion in the January-March period, topping Wall Street expectations of $5.57 billion, according to analysts polled by FactSet.

The Chicago burger giant announced in early March that it would temporarily close 850 stores in Russia. It continues to pay its 62,000 employees in the country. It also closed 108 restaurants in Ukraine in February and is paying its employees there as well.

McDonald’s spent $27 million on salaries, leases and supplier payments in Russia and Ukraine during the quarter. The company also said it has $100 million worth of inventory it will probably dispose of since its restaurants are closed.