"The U.K. and Russia have been solid even throughout the economic challenges in Europe," he said. "The real question is whether they can get Germany going. The German consumer does tend to really be conservative and hunker down."
The outlook stateside is bleaker, Peter Saleh of Telsey Advisory Group told CNBC. McDonald's may need to raise prices by 2 percent to 3 percent to compensate for expected wage inflation, he said.
(Read more: McFail: McDonald's out-of-touch tipping advice)
"The good new for McDonald's is they still do a lot more traffic and a lot more volume than many of their competitors," Saleh said. "The bad news is that they're struggling to get that incremental traffic. We don't see that reversing anytime soon. We don't see any breakthrough product. The economy is improving but not enough to see a real push for McDonalds."
—By CNBC's Jeff Morganteen. Follow him on Twitter at
@jmorganteen and get the latest stories from "Squawk on the Street"