McDonald’s posts better-than-expected first quarter sales. But higher gas prices threaten demand

McDonald’s posted better-than-expected sales in the first quarter but said high gas prices and consumer anxiety over the Iran war could dent sales this spring.

The average price of a gallon of gas in the U.S. was $4.55 on Thursday, according to AAA. That was 44% higher than a year ago.

McDonald’s Chairman and CEO Chris Kempczinski said the company has been making progress bringing lower-income customers back into its stores with value meals. But fast food visits by customers...