Shrek glassesMcDonald's (MCD), the world's largest fast food chain reported that same-store sales growth rose 4.8% in May. Europe led the charge, up 5.7%, compared to a 3.4% growth rate in the U.S. and a 3.8% boost in Asia/Pacific, Middle East and Africa.

Several items, including Frappes, McWraps and the Shrek-themed Chicken McNugget and Happy Meal promotions helped drive the growth. But a massive recall of cadmium-tainted Shrek glasses will likely reverse a bit of those gains.

With a refund of $3 a pop and 7 million of the 12 million glasses sold, McDonald's is facing a charge of up to $21 million as it returns the cost of the glasses, plus additional compensation, to consumers.

However, May still rounded out a strong month. CEO Jim Skinner said the results demonstrated "the ongoing appeal of McDonald's unique combination of convenience, value and variety."

But it's not all good.

Based on current foreign currency rates, particularly the Euro, McDonald's expects the foreign currency translation to have a negative impact on its profit for the full year.

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