During the call the chain's chief financial officer, Ian Borden, explained just how well that has worked.

"MyMcDonald's Rewards is yet another example of how we've tapped into our marketing engine to deploy our loyalty platform throughout the system," the executive said.

"Now in 50 markets, loyalty is building even stronger relationships with our customers, and the results continue to shine. In our top six markets, digital sales now represent almost 40% of systemwide sales, or nearly $7.5 billion, growth of more than 30% over the last year."

McDonald's' digital-membership numbers are particularly strong when you compare them with Starbucks, the company generally considered the pioneer of app-based loyalty rewards programs and mobile order and pay.

Starbucks, which reports only U.S. loyalty program members, ended its most-recent quarter with more than 30 million active rewards members.

Across its top six markets, McDonald's has an even bigger membership base.

Eoin Treacy's view

Anything that gives consumers the impression they are saving money is going to be a benefit in an inflationary period. The reliability of fast-food revenue and the constancy of dividend growth is supporting their shares.

McDonalds has now also opened its first fully automated restaurant. That’s an indication of where the future is. The jump in wages demands at the low end of the spectrum is a push factor, but so is the choice of consumers to eat outside the restaurant.

The share is somewhat overbought in the short-term, but the medium-term trend will remain intact provided it continues to trade above the 200-day MA.



Yum Brands and Chipotle are also hitting new highs but the AdvisorShares Restaurant ETF (EATZ) is only beginning to build support. That is another example of how breadth is narrowing.