McDonald’s reports first drop in sales since 2020 as customers pull back spending

Category: Business

McDonald’s reported its first sales drop since the pandemic, with US same-store sales down 0.7% in Q2, missing analyst estimates. The company introduced a $5 value meal to attract customers amid rising prices, but international sales also fell by 1.1%. Revenues reached $6.5 billion, below expectations, and adjusted earnings per share decreased to $2.97. CEO Chris Kempczinski noted that inflation has led consumers to be more selective with their spending.

Keywords: McDonald's, sales drop, inflation

Source: New York Post

Update At: 7/29/2024

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