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McDonald’s experiences first global sales decline in over three years


McDonald’s CEO Chris Kempczinski has acknowledged a decline in global sales, attributing it to low-income consumers eating at home and looking for ways to save money due to inflation. The fast food giant reported a 1 percent drop in sales in the April-June period, the first decrease since the last quarter of 2020 during the COVID-19 pandemic.

Sales in international markets operated by licensees fell by 1.3 percent, particularly in China and the Middle East where weak consumer sentiment and boycotts impacted sales. Kempczinski noted that consumers are being more selective with their spending, with low-income consumers dropping out of the market and finding ways to economize.

Despite facing challenges, McDonald’s is working to address the issue by launching promotions like a $5 meal deal that exceeded expectations. The company is determined to regain market share and improve value for customers. McDonald’s shares rose 4.5 percent following Kempczinski’s reassurance about the company’s strategy to turn things around.

While the drop in sales is a setback for McDonald’s, the company is optimistic about its ability to bounce back and attract more customers. Kempczinski emphasized the importance of regaining share growth in all major markets, highlighting the company’s commitment to improve its value proposition and continue to innovate. McDonald’s is confident that with the right strategies in place, it will see a rebound in sales and regain its position as a leading fast-food chain.

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Photo credit www.aljazeera.com

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