McDonald’s Corp. (NYSE: MCD) reported first-quarter 2015 results before markets opened Wednesday. The fast-food restaurant chain posted diluted earnings per share (EPS) of $0.84 on revenues of $5.96 billion. In the same period a year ago, the company reported EPS of $1.21 on revenues of $6.7 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.06 and $5.96 billion in revenues.

Reported EPS includes a negative impact of $0.09 per share in currency translation effects and charges totaling $0.17 per share for asset write-offs, store closures in China and Japan, and restructuring charges in the U.S. Eliminating the impact of these non-recurring items the company’s earnings per share would total $1.10.

U.S. same-store sales fell 2.6% year-over-year in the first quarter. McDonald’s blamed lower sales and less traffic due the company’s inability to overcome competitive activity. Operating income fell 11% reflecting the weak sales and the impact of restructuring and store closings.

European same-store sales were down 0.6% and operating income was down 20%, reflecting soft consumer sentiment and currency and inflation pressures in Russia, as well as ongoing macro-economic headwinds across much of Europe.

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In the company’s Asia/Pacific/Middle East/Africa segment same-store sales fell 8.3% and operating income dropped 80% due to strategic restaurant closings and other charges and negative operating performance in Japan and China.

Globally, same-store sales in the first quarter fell 2.3% and consolidated operating income was down 28% due to weaker operating performance and $195 million of strategic charges related to restaurant closings and other management actions.

New CEO Steve Easterbrook hinted at some big changes coming up:

As the world’s leading restaurant company, we are evolving to be more responsive to today’s customer. McDonald’s management team is keenly focused on acting more quickly to better address today’s consumer needs, expectations and the competitive marketplace. We are developing a turnaround plan to improve our performance and deliver enduring profitable growth. … We are committed to making McDonald’s a modern, progressive burger company delivering a contemporary customer experience.

Easterbrook said the company would announce its plan on May 4.

The company’s chief financial officer said McDonald’s expects April same-store sales to be negative.

McDonald’s said it returned $1.4 billion to shareholders through dividends and share buybacks in the first quarter.

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The consensus estimates for the second quarter call for EPS of $1.26 on revenues of $6.4 billion. The current full-year 2015 forecast calls for EPS of $4.91 on revenues of $25.2 billion.

McDonald’s shares traded up about 2.3% in premarket trading Wednesday, at $97.00 in a 52-week range of $87.62 to $103.78. Thomson Reuters had a consensus analyst price target of around $100.00 before the report.

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