Citi's Jon Tower on McDonald's Q2 results: The product momentum continues to build from here

Financial Performance - McDonald's earnings per share and revenue exceeded expectations [1] - Global same store sales increased by 38%, surpassing the street's expectation of 26% [1] Menu Innovation & Strategy - McDonald's is accelerating the pace of menu news with IP tie-ins [3] - The company is pulsing value more aggressively than it has been coming out of the pandemic, with the $5 meal deal demonstrating traction [4][5] - Product momentum and product cycle continue to build, with organizational rejiggering to address this [7] - McDonald's is focusing on product innovation, hiring restaurant experience captains to focus on specific menu categories [11] - New product launches are expected, including McDonald's Land, Adult Happy Meal, and a kid's Happy Meal [13] Market & Consumer Trends - International stores outperformed US stores in growth [2] - Customers in the United States are spending more per visit [2] - Value offerings are resonating with families and individuals [6] - McDonald's is regaining its footing after a period of being "offsides" on value and lacking strong product innovation post-COVID [8][9][10] Future Outlook - The company expresses confidence that the current product cycle will persist throughout the year [12][13] - Potential future menu items include Monopoly promotions and the return of the Chicken Big Mac [14]