McDonald's CEO announced a "Velocity Growth" plan in 2017 to improve lackluster sales that we believe is gaining its most strength this year. Initiatives including national and local deal offerings, core menu improvements, and its "Experience of the Future" (EOTF) unit remodels helped the company increase global comparable sales by 6.5% in the second quarter ended June 30, 2019, which was ahead of our expectations. We believe domestic efforts including value promotions like the 2 for $5 Mix and Match deal and improved ingredient quality will remain top-line drivers in the U.S., with higher franchised margin dollars flowing to the bottom line amid continued refranchising efforts. McDonald's is primarily a franchisor, with close to 95% of its restaurants now owned
