Here's why McDonald's shares just hit a record high

The company is regaining lost ground...

Here's why McDonald's shares just hit a record high

McDonald's, YouTube

McDonald's has reported stronger-than-expected quarterly results for the first three months of 2017.

After years of sluggish growth, the company has made a number of moves to boost sales - including the introduction of all-day breakfast menus in the US and Canada, table service in some outlets, and new products like a bigger Big Mac.

 

Its shares are at an all-time high, after rising by more than 5% today.

This comes despite the fact that its sales actually fell (but only marginally) for the eleventh quarter in a row - when compared to the same quarter last year.

The company's profits enjoyed a 8% bounce, growing to $1.2bn - this was helped by cost-cutting measures.

Its CEO Steve Easterbrook announced in late 2015 that he would transform the firm into a "modern, progressive burger company." Since then its performance has improved - its share price has risen by more than 15% so far in 2017. 

The next phase of that project will involve continued restaurant makeovers, new menu items, digital ordering, and its own delivery service to compete with apps like Just Eat and Deliveroo.

It has partnered with Uber to deliver food in some regions in the US - it’s now bringing deliveries to a number of "major international markets."

Mr Easterbrook commented on today's results: "There's a sense of urgency across the business as we take actions to retain existing customers, regain lapsed customers and convert casual customers to committed customers.

"We're continuing to build a more personalised and enjoyable visit, which delights customers with the taste and quality of our food and offers the highest level of convenience, in order to gain traffic in an increasingly competitive industry and deliver profitable growth."