McDonald's sales fell for the first time since 2020 as the world's biggest restaurant chain plays catch-up with rivals.
McDonald's global sales slumped in the second quarter, marking the first decline for the fast-food giant since 2020 as inflation-weary consumers pull back on eating out.In the U.S., McDonald's same-store sales between April and June fell almost 1%, a dip management attributes to slowing foot traffic as low-income consumers in particular pare spending on food outside the home. Grocery store prices, while also elevated even as inflation cools, have risen slower than restaurants'.
Despite the move to cut costs, McDonald's was sluggish in rolling out the offering, and left playing catch up with other chains, according to AB Bernstein restaurant analyst Danilo Gargiulo.'McDonald's hasn't been able to communicate value as well as other restaurants, from a pure coordination standpoint with franchisees. Everyone went their own way and there was no national program, so they played defense in launching the $5 meal deal,' he told CBS MoneyWatch.
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