Same-store sales for McDonald’s Corp. (NYSE: MCD) could have been worse in July but it’s really hard to see how. The company reported Friday morning that U.S. same-store sales fell 3.2% compared with July 2013 and the company’s Asia/Pacifice, Middle East, and Africa (APMEA) sales dropped 7.3%. Sales in Europe rose 0.5%.

The tainted meat issue gets the blame for the dive in APMEA sales. A Chinese supplier was selling outdated and mislabeled meat to McDonald’s stores in China and Japan. The supplier, Shanghai Husi Food Co. Ltd., a Chinese company owned by Illinois-based OSI Group Inc., also supplied meat products to Yum! Brands Inc. (NYSE: YUM) restaurants, Starbucks Corp. (NASDAQ: SBUX), and Burger King Worldwide Inc. (NYSE: BKW).

When McDonald’s reported second-quarter earnings in late July, the company’s CEO said:

While near-term results are expected to remain muted, sizable growth opportunities remain, and we are committed to pursuing these opportunities through continuous improvement in everything we do …

In today’s announcement of same-store sales CEO Don Thompson said:

Although July’s results were not in-line with McDonald’s expectations, we intend to strengthen our performance by addressing the current business headwinds with the discipline and conviction that inspire our customers’ trust and loyalty.

Neither statement invokes any confidence that McDonald’s has a clue about how to turn its business around. Sure the tainted meat problem in China is an issue, but U.S. sales were down 1.7% in the first quarter of this year and another 1.5% in the second quarter. Global same-store sales were down 1% on a constant currency basis but “relatively flat” on a nominal basis.

McDonald’s answer was to announce a huge increase in its share buyback program and hope investors would pay no attention to the man behind the curtain. A recent ruling from the National Labor Relations Board that the corporation does indeed share in the responsibility with franchisees for decisions involving employment and wages is a potentially huge overhang on the company’s prospects. The company’s future is crowded with problems and the company’s management appears to be bereft of solutions. This is not a recipe for growth, but income investors will take solace in the 3.2% dividend yield and the stock buybacks.

McDonald’s shares are down about 0.6% in pre-market trading Friday morning at $92.72 in a 52-week range of $92.22 to $103.78.

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