McDonald’s missed second-quarter earnings and revenue estimates.
The company’s same-store sales fell for the first time since the fourth quarter of 2020.
McDonald’s is leaning on value meals to bring back customers as it deals with a worsening consumer pullback.
McDonald’s
on Monday reported quarterly earnings and revenue that missed analysts’ expectations as same-store sales declined across every division.
“Industry traffic has declined in major markets like the U.S., Australia, Canada, and Germany. In several markets, we also continue to be negatively impacted by the war in the Middle East,” McDonald’s CEO Chris Kempczinski said on the company’s earnings call. “These external pressures certainly weighed on our performance for the quarter, with declines in comparable sales globally and across each of our segments, but there were also factors within our control that contributed to our underperformance, most notably, our value execution.”
www.cnbc.com/2024/07/29/mcdonalds-mcd-q2-2024-earnings.html