07/29/2024

McDonald’s Same-store Sales Fall for First Time Since 2020

Tapped-out customers appear to be holding on to their cash

They're not lovin' it.

McDonald's global same-stores fell for the first time in nearly four years in the second quarter as inflation-weary consumers skipped meals out or chose cheaper options. The company said it is working on fixes, like meal deals and new menu items, but it expects same-store sales to be down for the next few quarters.

"Consumers still recognize us as the value leader versus our key competitors, it's clear that our value leadership gap has recently shrunk," said McDonald's Chairman, President and CEO Chris Kempczinski said Monday during a conference call with investors. "We are working to fix that with pace."

Please select this link to read the complete article from The Associated Press.