McDonald's Corporation (NYSE:MCD) Q3 2023 Earnings Conference Call October 30, 2023 8:30 AM ET

Company Participants

Mike Cieplak - IR

Chris Kempczinski - President and CEO

Ian Borden - CFO

Conference Call Participants

John Ivankoe - JPMorgan

David Palmer - Evercore

David Tarantino - Baird

Jeff Bernstein - Barclays

Eric Gonzalez - KeyBanc

Dennis Geiger - UBS

Lauren Silberman - Deutsche Bank

Brian Bittner - Oppenheimer

Brian Harbour - Morgan Stanley

Jon Tower - Citi

Andrew Barish - Jefferies

Brian Mullan - Piper Sandler

Operator

Hello, and welcome to McDonald's Third Quarter 2023 Investor Conference Call. At the request of McDonald's Corporation, this conference is being recorded. [Operator Instructions]

I would now like to turn the conference over to Mr. Mike Cieplak, Investor Relations Officer for McDonald's Corporation. Mr. Cieplak, you may begin.

Mike Cieplak

Good morning, everyone, and thank you for joining us. With me on the call today are President and Chief Executive Officer, Chris Kempczinski; and Chief Financial Officer, Ian Borden. As a reminder, the forward-looking statements in our earnings release and 8-K filing also apply to our comments on the call today. Both of those documents are available on our website, as are reconciliations of any non-GAAP financial measures mentioned on today's call along with their corresponding GAAP measures. Following prepared remarks this morning, we will take your questions. [Operator Instructions] Just one other piece of housekeeping today before I turn it over to Chris.

As many of you are aware, we'll host an investor update on our McDonald's headquarters on Wednesday, December 6, where Chris and Ian will be joined by members of our senior leadership team to provide an update on our strategic priorities followed by a Q&A session. I ask that you please be mindful of this with your questions on the call today and focus questions on our quarterly results in the current year.

We'll spend more time on 2024 and our strategic priorities in December with plenty of time for Q&A on that day. Details for the event and how to tune in can be found on the Investor Events section of our website. Today's conference call is being webcast and is also being recorded for replay via our website.

And now I'll turn it over to Chris.

Chris Kempczinski

Thanks, Mike, and good morning.

Over the past quarter, we've seen yet again the broad-based momentum across the McDonald's business despite continued headwinds and a challenging macro environment. Around the world, we're operating from a position of strength as the industry's market share leader. In Q3, we achieved comparable global sales of nearly 9%. As we expected and as we mentioned in prior earnings calls, our top line growth, while strong across each of our segments and at an elevated level versus historical norms, has continued to moderate. However, we continue to outpace our competitors, thanks to our system's outstanding execution of our Accelerating the Arches strategy.